M&A Deal Summary

TPG, Welsh Carson Anderson & Stowe and Humana Acquire Kindred

On December 19, 2017, private equity firm TPG, private equity firm Welsh Carson Anderson & Stowe and Humana acquired healthcare services company Kindred for 4.1B USD

Acquisition Highlights
  • This is TPG’s 14th, Welsh Carson Anderson & Stowe’s 28th and Humana’s 21st transaction in the Healthcare Services sector.
  • This is TPG’s 18th, Welsh Carson Anderson & Stowe’s 3rd and Humana’s largest (disclosed) transaction.
  • This is TPG’s 203rd, Welsh Carson Anderson & Stowe’s 78th and Humana’s 26th transaction in the United States.
  • This is TPG’s 1st, Welsh Carson Anderson & Stowe’s 3rd and Humana’s 2nd transaction in Kentucky.
Investment Fate
  • Kindred was sold to a strategic buyer in 2021.

M&A Deal Summary

Date 2017-12-19
Target Kindred
Sector Healthcare Services
Buyer(s) TPG
Welsh Carson Anderson & Stowe
Humana
Deal Type Going Private
Deal Value 4.1B USD
Advisor(s) Barclays Investment Bank
Guggenheim Securities (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Kindred

Louisville, Kentucky, United States
website
Kindred is a healthcare services company based in Louisville, Kentucky. Kindred provides healthcare services in 2,353 locations, including 97 transitional care hospitals, five inpatient rehabilitation hospitals, 98 nursing centers, 21 sub-acute units, 153 Kindred at Home hospice, home health and non-medical home care locations, 104 inpatient rehabilitation units (hospital-based), and a contract rehabilitation services business, RehabCare, which serves 1,875 non-affiliated facilities. Kindred was founded in 1985 and is based in Louisville, Kentucky.

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Buyer(S) 3

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 305 of 400
Sector (Healthcare Services) 14 of 23
Type (Going Private) 32 of 35
State (Kentucky) 1 of 1
Country (United States) 203 of 268
Year (2017) 32 of 33
Size (of disclosed) 18 of 100
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 Xponential

Irvine, California, United States

Xponential is a curator of boutique fitness brands across multiple verticals. Through its mission to make boutique fitness accessible to everyone, the Company has built and curated a diversified platform of nine boutique fitness brands spanning across verticals including Pilates, indoor cycling, barre, stretching, rowing, dancing, boxing, running, and yoga. Xponential was founded in 2017 and is headquartered in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Precision Medicine Group

Bethesda, Maryland, United States

Precision Medicine Group is a specialized services company supporting next-generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. Precision Medicine Group was founded in 2012 and is based in Bethesda, Maryland.

Buy -
Buyer

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1979
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 81 of 97
Sector (Healthcare Services) 28 of 32
Type (Going Private) 6 of 7
State (Kentucky) 3 of 3
Country (United States) 78 of 92
Year (2017) 2 of 2
Size (of disclosed) 3 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-30 Aptuit

Greenwich, Connecticut, United States

Aptuit LLC is a provider of integrated early discovery to mid-phase drug development services in the pharmaceutical industry including Drug Design & Discovery, API Development and Manufacture, Solid State Chemistry, CMC, Preclinical and IND enabling GLP/GMP programs. Fully integrated drug discovery & development services are available from our facilities in the UK, Italy, and Switzerland.

Sell $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 GetWellNetwork

Bethesda, Maryland, United States

GetWellNetwork, Inc. is a provider of patient engagement solutions that help health care providers engage, educate and empower patients along the care continuum. Our patient-centered platform, delivered across multiple technology platforms including mobile devices, computers and televisions, enables providers to implement a revolutionary care delivery model called Interactive Patient Care™ to improve performance and patient outcomes. The company further extends the value of existing IT investments by integrating seamlessly with electronic medical record and patient portal applications.

Sell -
Buyer

Humana

Louisville, Kentucky, United States

website


Category Company
Founded 1961
Sector Healthcare Services
Employees67,100
Revenue 92.9B USD (2022)
DESCRIPTION

Humana is a managed health care company that markets and administers health insurance. Humana operates through three segments. These include Retail, Employer Group, and Healthcare Services. The Retail segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, marketed directly to individuals. The Employer Group segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and voluntary benefit products. The Healthcare Services segment includes services offered to health plan members as well as to third parties, including pharmacy, provider services, home based services, integrated behavioral health services, and predictive modeling and informatics services. Humana was formed in 1961 and is based in Louisville, Kentucky.


DEAL STATS #
Overall 26 of 33
Sector (Healthcare Services) 21 of 27
Type (Going Private) 1 of 1
State (Kentucky) 2 of 2
Country (United States) 26 of 33
Year (2017) 2 of 2
Size (of disclosed) 1 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Centerwell Home Health

Atlanta, Georgia, United States

CenterWell Home Health provides comprehensive home healthcare that’s completely centered on patients and their families. The company provides the skilled care, education, and tools needed to help patients remain independent at home and get back to doing the things they love. It provides care to more than 350,000 patients annually and offers a full range of home health services, including nursing, physical therapy, occupational therapy, speech-language pathology, assistance with daily activities, and social work support. CenterWell Home Health is based in Atlanta, Georgia.

Buy $800M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Curo Health Services

Mooresville, North Carolina, United States

Curo Health Services is a provider of home healthcare and hospice services throughout various communities across the country. Guided by a patient’s physician, Curo’s team of clinicians combine clinical expertise with dedicated and compassionate care to help patients increase their independence and live a better quality of life.

Buy $1.4B