M&A Deal Summary

Tenet Health Acquires Vanguard Health Systems

On June 24, 2013, Tenet Health acquired healthcare services company Vanguard Health Systems from Metalmark Capital and The Blackstone Group for 4.3B USD

Acquisition Highlights
  • This is Tenet Health’s 4th transaction in the Healthcare Services sector.
  • This is Tenet Health’s largest (disclosed) transaction.
  • This is Tenet Health’s 4th transaction in the United States.
  • This is Tenet Health’s 2nd transaction in Tennessee.

M&A Deal Summary
Date 2013-06-24
Target Vanguard Health Systems
Sector Healthcare Services
Buyer(s) Tenet Health
Sellers(s) Metalmark Capital
The Blackstone Group
Deal Type Add-on Acquisition
Deal Value 4.3B USD
Advisor(s) J.P. Morgan Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Vanguard Health Systems

Nashville, Tennessee, United States
Vanguard Health Systems, Inc. owns and operates acute care hospitals and complementary facilities. Since 1998, the company has acquired or developed 16 acute care hospitals with a total of 3,784 beds. In addition, the company owns a Medicaid health plan serving 94,600 members and a capitated health plan serving 47,600 members.

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Buyer(S) 1

Buyer

Tenet Health

Dallas, Texas, United States
Category Company
Founded 1967
Sector Healthcare Services
Employees85,800
Revenue 20.5B USD (2023)
DESCRIPTION

Tenet Health is a provider of health care services company, through its subsidiaries operates 77 hospitals, 187 outpatient centers, and Conifer Health Solutions, a provider in business process solutions for health care providers serving more than 700 hospital and other clients nationwide. Tenet Health was founded in 1967 and is based in Dallas, Texas.

DEAL STATS #
Overall 4 of 6
Sector (Healthcare Services) 4 of 6
Type (Add-on Acquisition) 3 of 5
State (Tennessee) 2 of 2
Country (United States) 4 of 6
Year (2013) 3 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-21 Emanuel Medical Center

Turlock, California, United States

Emanuel Medical Center, Inc.is a 209-bed acute care hospital. It provides emergency, critical care, pediatric, cardiovascular services, cancer diagnosis and treatment, women’s health services and surgical services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 United Surgical Partners International

Addison, Texas, United States

United Surgical Partners International, Inc. is a develops ambulatory surgery centers primarily in partnership with hospitals and with physicians in the U.S.

Buy -

Seller(S) 2

SELLER

Metalmark Capital

New York, New York, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 8.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Metalmark Capital is an independent private equity group focused on large company transactions in a wide range of industries. Metalmark is a hands-on investment firm looking to build long-term value in its portfolio companies. Broad areas of interest include natural resources/energy, healthcare services, industrials, food, transportation, and financial services. Metalmark was established in 2004 by the former principals of Morgan Stanley Capital Partners to manage the Metalmark Capital and Morgan Stanley Capital Partners funds. Metalmark is based in New York City.

DEAL STATS #
Overall 25 of 40
Sector (Healthcare Services) 3 of 4
Type (Add-on Acquisition) 13 of 20
State (Tennessee) 2 of 2
Country (United States) 24 of 37
Year (2013) 1 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-04 Maxum Petroleum

Greenwich, Connecticut, United States

Maxum Petroleum, Inc. is a provider of logistics and energy management services in the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-01 Renewable Biofuels

Houston, Texas, United States

Renewable Biofuels owns and operates the largest biodiesel production facility in North America. Renewable Biofuels was founded in 2006 and is based in Houston, Texas.

Buy -
SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 75 of 173
Sector (Healthcare Services) 3 of 5
Type (Add-on Acquisition) 28 of 67
State (Tennessee) 3 of 3
Country (United States) 51 of 105
Year (2013) 5 of 13
Size (of disclosed) 10 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-19 SeaWorld

Orlando, Florida, United States

United Parks & Resorts is a theme park and entertainment company focused on delivering personal, interactive and educational experiences that blend imagination with nature and enable customers to celebrate, connect with and care for the natural world. SeaWorld owns or licenses a portfolio of globally recognized brands including SeaWorld, Shamu and Busch Gardens. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for guests. United Parks & Resorts was formed in 1959 and is based in Orlando, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-16 iSight Partners

Dallas, Texas, United States

iSight Partners is a global cyber threat intelligence firm that delivers intelligence services and insight to leading enterprises in business and government. With a global network of security analysts and geographic research and analysis centers in Washington DC, The Netherlands, Brazil, Ukraine, India and China, iSIGHT Partners is uniquely positioned to monitor and mine the cyber threat ecosystem and deliver proprietary intelligence products and services specific to the threats its clients face.

Buy -
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