Simpson Thacher is representing EQT VII fund and Press Ganey in EQT’s agreement to sell Press Ganey to a consortium of Ares Management, L.P., Leonard Green & Partners, L.P., GIC and other co-investors. The transaction is subject to customary approvals and is expected to close in the third quarter of 2019. The transaction value was not disclosed. The sale of Press Ganey marks the first portfolio company exit by EQT’s U.S. Private Equity strategy. Simpson Thacher previously represented EQT in its $2.35 billion acquisition of Press Ganey in a public-to-private transaction in 2016, which marked EQT Equity’s first direct investment in North America.
Press Ganey is a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the U.S. The company serves over 41,000 healthcare facilities, more than 75% of U.S. acute care hospitals and over 2,500 outpatient facilities.
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 U.S. with total sales of more than EUR 21 billion and approximately 127,000 employees.
The Simpson Thacher team includes Robert Langdon, Michael T. Holick, Mark Myott, Philip Cooper, Rex Hupy and Ben Carson (M&A); Jennifer Hobbs and Eli Isak (Banking and Credit); Ryan Bekkerus (Capital Markets); Jonathan Goldstein and Morgan Otway (Tax); David Rubinsky, Jeannine McSweeney and Jake Phillips (Executive Compensation and Employee Benefits); Marcela Robledo and Corina McIntyre (IP); Sara Razi, Ellen Frye and Tomi Mendel (Antitrust); Timothy J. Mulvihill (Environmental); and Krista McManus (Real Estate).