PartsSource, a company that connects hospitals and clinics with medical device vendors and repair companies, will be acquired by private equity firm Bain Capital Private Equity, the companies said July 20.
The Cleveland, Ohio-based company is the largest business-to-business online marketplace in U.S. healthcare, PartsSource said in a news release. It helps hospitals find medical device parts and services and connects more than 3,500 hospitals and 15,000 clinics.
Bain Capital Private Equity will acquire the company from Great Hill Partners, another private equity firm. The financial terms of the deal weren't disclosed, but people familiar with the matter told The Wall Street Journal that the deal values PartsSource at roughly $1.25 billion.
"PartsSource was founded on the idea that an evidence-based, digital approach to the healthcare supply chain can unlock better healthcare delivery, lower costs and enhance clinical outcomes. We are proud of the progress we have made to transform mission-critical healthcare operations and are excited by the opportunity to continue to expand our marketplace to serve new areas of healthcare," Philip Settimi, president and CEO of PartsSource, said in the news release.
PartsSource will continue to operate under its current management team. The transaction is expected to close in the third quarter of this year.
Read the full news release here.