EQT has agreed to pay $40.50 per share to acquire Press Ganey (NYSE: PGND) in a take-private buyout, representing a total consideration of about $2.35 billion and a 20% premium to the company’s year-to-date volume-weighted share price. Press Ganey works with healthcare organizations to assess and measure the patient experience, conducting surveys and other research designed to improve the quality of clinics and hospitals. Vestar Capital Partners, Press Ganey's current majority shareholder, purchased the company in 2008.
It’s been a little more than a year since Press Ganey went public last May, selling 8.9 million shares at $25 apiece. The company’s stock has since risen 62%, which should mean a healthy return for Vestar. The sale is just the latest in what’s been a busy year in the US healthcare services market. Investors have already closed 200 private equity deals in the sector during 2016, according to the PitchBook Platform, on pace to easily exceed the count every year from 2010 to 2013 and potentially even challenge the 355 deals completed in 2015, currently the highest total of the decade.