Medical equipment vendor Agiliti has announced that its majority shareholder, private equity firm Thomas H. Lee Partners (THL), will acquire all outstanding shares of the company, taking it private in a deal valuing the enterprise at approximately $2.5 billion.
The deal works out to $10 per share not already owned by THL, a purchase price premium of approximately 43% over Agiliti’s 90-day volume weighted average price, according to the company. The Agiliti board approved the transaction following the recommendation of an independent special committee investigation, and the deal is expected to close in the first half of 2024.
“Agiliti serves a critical role in sustaining our national healthcare infrastructure, and our dedicated team has led the way to our substantial growth and evolution over the last decade,” Tom Leonard, CEO of Agiliti, said in a statement. “We are pleased to expand our five-year partnership with THL in a transaction that provides immediate value and liquidity to our shareholders, while lifting certain overhangs that had limited our performance in the public market since the time of our IPO.”
The manufacturer of hospital equipment and patient monitoring tech began public trading in 2021 and serves more than 10,000 providers in the U.S., according to Agiliti. Leonard had served as CEO from 2015 to March 2023, before briefly retiring and taking a seat on the company board. Leonard was reappointed after CEO Tom Boehning unexpectedly left Agiliti.
Given the transaction, the company said it will not host a conference call to discuss 2023 financials.
Evan joined TriMed in 2011, writing primarily for Health Imaging. Prior to diving into medical journalism, Evan worked for the Nine Network of Public Media in St. Louis. He also has worked in public relations and education. Evan studied journalism at the University of Missouri, with an emphasis on broadcast media.