CorroHealth Announces Strategic Partnership with Patient Square Capital
CorroHealth, a leading revenue cycle management (RCM) solutions provider, announced a strategic investment partnership with Patient Square Capital. Current shareholders, including Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group, and CorroHealth management, will maintain their investments, with Patient Square and Carlyle sharing joint control. The transaction is expected to close by year-end. CorroHealth, established in 2019, has grown into a technology and clinically led healthcare RCM platform, with Carlyle serving as the majority investor since 2019.
CorroHealth, un fornitore leader di soluzioni per la gestione del ciclo di entrate (RCM), ha annunciato una partnership di investimento strategico con Patient Square Capital. Gli attuali azionisti, tra cui Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group e la direzione di CorroHealth, manterranno i loro investimenti, con Patient Square e Carlyle che condivideranno il controllo congiunto. Si prevede che la transazione si chiuda entro la fine dell'anno. CorroHealth, fondata nel 2019, è cresciuta fino a diventare una piattaforma RCM nel settore sanitario guidata dalla tecnologia e clinicamente, con Carlyle che funge da investitore di maggioranza dal 2019.
CorroHealth, un proveedor líder de soluciones de gestión del ciclo de ingresos (RCM), anunció una asociación de inversión estratégica con Patient Square Capital. Los accionistas actuales, incluidos Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group y la gestión de CorroHealth, mantendrán sus inversiones, con Patient Square y Carlyle compartiendo el control conjunto. Se espera que la transacción se cierre a finales de año. CorroHealth, establecida en 2019, ha crecido para convertirse en una plataforma RCM en salud liderada por la tecnología y clínicamente, con Carlyle como el inversor mayoritario desde 2019.
CorroHealth는 선도적인 수익 주기 관리(RCM) 솔루션 제공업체로, Patient Square Capital과 전략적 투자 파트너십을 발표했습니다. 현재 주주인 Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group 및 CorroHealth 경영진은 투자 유지를 하며, Patient Square와 Carlyle이 공동으로 통제를 공유할 것입니다. 거래는 올해 말까지 완료될 것으로 예상됩니다. 2019년에 설립된 CorroHealth는 기술 주도 및 임상 주도의 의료 RCM 플랫폼으로 성장했으며, Carlyle은 2019년부터 주요 투자자로 활동하고 있습니다.
CorroHealth, un fournisseur de solutions de gestion du cycle de revenus (RCM) de premier plan, a annoncé un partenariat d'investissement stratégique avec Patient Square Capital. Les actionnaires actuels, y compris Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group et la direction de CorroHealth, maintiendront leurs investissements, Patient Square et Carlyle partageant le contrôle conjointement. La transaction devrait être finalisée d'ici la fin de l'année. CorroHealth, fondée en 2019, a évolué pour devenir une plateforme RCM dans le secteur de la santé, dirigée par la technologie et cliniquement, Carlyle étant l'investisseur majoritaire depuis 2019.
CorroHealth, ein führender Anbieter von Lösungen für das Revenue Cycle Management (RCM), hat eine strategische Investitionspartnerschaft mit Patient Square Capital angekündigt. Die aktuellen Aktionäre, darunter Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group und das Management von CorroHealth, werden ihre Investitionen beibehalten, während Patient Square und Carlyle die gemeinsame Kontrolle teilen. Der Abschluss der Transaktion wird bis Ende des Jahres erwartet. CorroHealth, gegründet im Jahr 2019, hat sich zu einer technologie- und klinisch geführten RCM-Plattform im Gesundheitswesen entwickelt, wobei Carlyle seit 2019 als Mehrheitsinvestor fungiert.
- Strategic investment from Patient Square Capital strengthens financial position
- Retention of existing investors indicates continued confidence in business model
- Shared control structure between Patient Square and Carlyle provides balanced leadership
- None.
Insights
This strategic investment represents a significant development for Carlyle (CG), as it transitions from majority ownership to shared control with Patient Square Capital in CorroHealth. The deal structure, maintaining co-investment from existing shareholders while bringing in new strategic capital, suggests a positive valuation outcome for Carlyle's initial investment made in 2017-2019.
The healthcare RCM market presents substantial growth opportunities, driven by increasing healthcare complexity and the need for tech-enabled solutions. CorroHealth's position in this space, combined with Patient Square's healthcare expertise and Carlyle's continued involvement, creates a strong foundation for value creation. The retention of existing investors and management indicates confidence in future growth prospects and alignment of interests.
While financial terms weren't disclosed, this transaction likely provides Carlyle with partial liquidity while maintaining upside exposure through its retained stake. The deal structure demonstrates Carlyle's ability to create value and attract high-quality co-investors in its portfolio companies.
"Since its inception in 2019, CorroHealth has grown into a technology and clinically led health care RCM platform," said CorroHealth CEO Pat Leonard. "The Patient Square team has a long history of successfully investing in and scaling health care companies. We are pleased to welcome them and look forward to leveraging our investors' expertise to continue expanding our capabilities and delivering exceptional value to our customers."
Patient Square Partner Justin Sabet-Peyman said, "We are excited to be partnering with CorroHealth's management team and investors to build upon CorroHealth's strong track record of organic and inorganic growth. We have conviction in the attractiveness of the RCM market and believe CorroHealth is well-positioned to continue delivering differentiated tech-enabled solutions to its provider and payer customers."
Carlyle has been the majority investor in CorroHealth since 2019 and a predecessor business since 2017. Carlyle Partner and Global Co-Head of Health Care Joe Bress said, "We are tremendously proud of CorroHealth's evolution since its founding. We consider the future bright for CorroHealth and are committed to supporting CorroHealth's continued growth and innovation alongside our new and existing partners."
The transaction is expected to close by the end of the year. Barclays and TripleTree are serving as co-lead financial advisors to CorroHealth; Latham & Watkins is serving as legal counsel to CorroHealth and Carlyle; and Kirkland & Ellis is serving as legal counsel to Patient Square.
About CorroHealth
CorroHealth is a leading provider of clinically led healthcare analytics and technology-driven solutions, dedicated to positively impacting the financial performance for physicians, hospitals, and health plans. With over 15,000 employees worldwide, CorroHealth offers integrated solutions, proven expertise, intelligent technology, and scalability to address needs across the entire revenue cycle. Our global presence extends over 10 locations, including
About Patient Square
Patient Square Capital is a dedicated health care investment firm with approximately
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With
Media Contacts:
CorroHealth:
Mellissa Gardner, (202) 978-8942
mellissa.gardner@corrohealth.com
Patient Square:
Prosek Partners
pro-PatientSquareCapital@prosek.com
Carlyle:
Brittany Berliner, (212) 813-4839
Brittany.Berliner@carlyle.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/corrohealth-announces-strategic-partnership-with-patient-square-capital-302285395.html
SOURCE CorroHealth
FAQ
What is the strategic partnership announced between CorroHealth and Patient Square Capital?
When will the CorroHealth and Patient Square Capital transaction close?
How long has Carlyle (CG) been invested in CorroHealth?
