BOSTON–(BUSINESS WIRE)–Press Ganey Associates, Inc., a leading provider of safety, quality,
patient experience and workforce engagement solutions for healthcare
organizations, announced that it has entered into a definitive agreement
to be acquired by private equity funds managed by Leonard Green &
Partners, L.P. (“LGP”) and affiliates of Ares Management Corporation
(NYSE:ARES).
“We are very excited about our future partnership with Ares Management
and LGP. These are two top flight firms that share our passion for
supporting health care organizations to ensure that every patient and
caregiver has a safe, high-quality experience. They both bring
incredible expertise and resources to Press Ganey and we believe will
allow us to execute on our vision through investments in product
innovation and acquisitions,” said Patrick T. Ryan, Executive Chairman
of Press Ganey. “The team at Press Ganey has been fortunate to have a
fantastic partnership with EQT, and their firm has played a critical
role in our success. We will always be appreciative of their vision,
insight, and friendship.”
“Press Ganey is a best-in-class provider of transformational solutions
for the healthcare industry and we look forward to supporting them as
they develop new innovations that improve patient care,” said Pete
Zippelius, Partner, Leonard Green & Partners.
“We are excited to partner with the Press Ganey management team and
support the company’s mission to transform the patient experience and to
improve the quality and efficiency of our nation’s healthcare system,”
said Kevin Ryan, Partner in the Ares Private Equity Group.
“Press Ganey plays an integral role in the US healthcare system, and we
have been proud to support its mission of delivering safe, high quality
care for patients, and supporting the caregivers that serve them,” said
Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII. “It
has been a pleasure to work with the management team, which has done a
fantastic job in continuing to advance thought leadership and product
innovation across the industry.”
Barclays and Goldman Sachs are acting as financial advisors to Press
Ganey.
Terms of the deal were not disclosed. The transaction is subject to
customary approvals and is expected to close in the third quarter of
2019.
About Press Ganey
Press
Ganey pioneered the healthcare performance improvement movement
more than 30 years ago. Today Press Ganey offers an integrated suite of
solutions that enable enterprise transformation across the patient
journey. Delivered through a cutting-edge digital platform built on a
foundation of data security, Press Ganey solutions address safety,
clinical excellence, patient experience, and workforce engagement. The
company works with more than 41,000 healthcare facilities in its mission
to reduce patient suffering and enhance caregiver resilience to improve
the overall safety, quality, and experience of care.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $137 billion of assets
under management as of March 31, 2019 and 18 offices in the United
States, Europe, Asia and Australia. Since its inception in 1997, Ares
has adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
About Leonard Green & Partners, L.P.
Leonard Green & Partners, L.P. is a leading private equity investment
firm founded in 1989 and based in Los Angeles. The firm partners with
experienced management teams and often with founders to invest in
market-leading companies. Since inception, LGP has invested in over 90
companies in the form of traditional buyouts, going-private
transactions, recapitalizations, growth equity, and selective public
equity and debt positions. LGP primarily focuses on companies providing
services, including consumer, business, and healthcare services, as well
as retail, distribution, and industrials. For more information, please
visit www.leonardgreen.com.
About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised
capital across 29 funds and around EUR 40 billion in assets under
management. EQT funds have portfolio companies in Europe, Asia and the
US with total sales of more than EUR 21 billion and approximately
127,000 employees. EQT works with portfolio companies to achieve
sustainable growth, operational excellence and market leadership. More
info: www.eqtpartners.com.
Contacts
For Press Ganey:
Patricia Cmielwski, 781-234-8439
[email protected]
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management Corporation
Carl Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
For
Leonard Green & Partners:
Erika Spitzer, 310-954-0451
[email protected]
For EQT Partners:
Eric Liu, Partner at EQT Partners,
Investment Advisor to EQT VII, +1 917 281 0850, [email protected]
US
inquiries: Stephanie Greengarten, +1 646 687 6810, [email protected]
International
inquiries: EQT Press Office, +46 8 506 55 334, [email protected]
