Operating since more than 80 years, the NYSE-listed company has been engaged in offering medical equipment management and service solutions to over 10,000 national, regional, and local acute care and alternate site providers in the US


THL Partners to take Agiliti private in an all-cash deal. (Credit: Arseny Togulev on Unsplash)

Agiliti, a US-based provider of medical technology management and service solutions, has agreed to a takeover by an affiliate of Thomas H. Lee Partners (THL Partners) in a deal that values it at $2.5bn.

The affiliate of THL is currently the majority shareholder of the New York Stock Exchange (NYSE) listed Agiliti.

Agiliti caters to over 10,000 national, regional, and local acute care, and alternate site providers in the US.

Operating since more than 80 years, the company has been engaged in offering medical equipment management and service solutions. These are said to enable healthcare providers in lowering costs, enhance operating efficiencies, and promote optimal patient outcomes.

Agiliti CEO Tom Leonard said: “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.

“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.”

As per the terms of the deal, THL will buy out the remaining shares that were not previously owned by the private equity firm, its affiliates, and certain Agiliti’s management shareholders for $10 per share in cash.

The purchase price is a premium of nearly 39% and 43% over the 30-day and 90-day volume weighted average price of Agiliti per share, respectively. This is as of 23 February 2024, the last trading day before public disclosure of the deal.

A special committee of Agiliti’s board of directors, consisting solely of non-management directors with no affiliation to THL and guided by independent legal and financial advisors, concluded that the proposed transaction serves the best interests of the firm and its shareholders, excluding THL and its affiliates.

Acting on the unanimous recommendation of the special committee, Agiliti’s board has sanctioned the transaction.

The transaction is anticipated to conclude in the first half of 2024, pending standard closing conditions.

It has received approval from THL Agiliti as the majority shareholder of Agiliti, requiring no further shareholder consent. Following the transaction’s finalisation, Agiliti will transition to a private entity, ceasing its public listing on the NYSE.

Centerview Partners serves as the exclusive financial adviser to the special committee, while Weil, Gotshal & Manges is acting as legal counsel. Goldman Sachs & Co. is providing exclusive financial advisery services to THL, with legal counsel from Ropes & Gray.