WellSky Gets New Investment from TPG and LGP
HME software company has added Leonard Green & Partners as a new capital partner and has gained new investment from TPG Capital, which first invested in WellSky in 2016.
- By David Kopf
- Jul 23, 2020
WellSky, which provides HME billing and business management software, along with its investor TPG Capital, has added private equity firm Leonard Green & Partners, L.P. (LGP) as a new capital partner. As part of the transaction, TPG Capital will make a new equity investment in WellSky.
Additionally, TPG Capital will make a new equity investment in WellSky as part of the deal, which creates a new capital structure for WellSky.
A statement from WellSky said the company will use the investment to expand the depth and breadth of its post-acute technology, services, and analytics solutions, and strengthen its relationships with its 15,000 payer and provider clients.
“TPG and LGP are strongly aligned with our vision of delivering the best and most comprehensive suite of solutions to advance care,” said Bill Miller, CEO of WellSky. “… We’re excited to drive ongoing innovation and deliver new technology and services to help WellSky clients grow their businesses and improve outcomes for their communities.”
TPG Capital first invested in WellSky in 2016, and TPG Capital Partners Nehal Raj and Jeff Rhodes said the company is “well-positioned for strong, continued growth” as it helps clients navigate “evolving payment models and the ongoing shift toward lower-acuity and community-based care.”
“It’s been a privilege to be part of WellSky’s transformational journey over the past three years,” they said in a public statement.
“WellSky and TPG have built an incredible track record of success, and we’re excited to join them as we transform care across the continuum,” added John Danhakl, managing partner at LGP, and Pete Zippelius, partner of LGP.
David Kopf is the Publisher and Executive Editor of HME Business and DME Pharmacy magazines. Follow him on Twitter at @postacutenews.