Press Ganey — the Boston-based company that helps hospitals gauge patient experience — is being sold to a Swedish investment group.
Private equity firm EQT announced plans Tuesday to acquire Press Ganey for some $2.35 billion, or $40.50 per share. This is the first such acquisition in the U.S. for EQT, which also owns about 70 companies globally, in a variety of different industries, from women’s wear to quickie marts.
Press Ganey declined interviews Wednesday, but in a statement said its sale will allow the firm to accelerate innovation for customers, which include about 26,000 health care organizations.
“We are very excited about this transaction as it delivers value for our shareholders and allows Press Ganey to accelerate our investment in both acquisitions and product innovation that best serve our clients,” CEO Patrick Ryan said in a statement. “I have tremendous respect for EQT as a top flight investment firm, and I look forward to partnering with them as we develop new solutions to advance patient-centered care in the United States and internationalize the business in the next phase of our development.”
EQT has shown a “commitment to investing in market-leading health care companies,” officials said in the press release, with ownership in everything from device manufacturing in Germany to a credentialing company in China. EQT was founded back in 1994 by the billionaire Wallenberg family in Sweden.
The sale will now enter a “go-shop” period during which other companies have the chance to make counter offers for Press Ganey, which has been around for more than 30 years and went public on the New York Stock Exchange last year. EQT and Press Ganey hope to close the deal during the fourth quarter of this year.