LOUISVILLE, Ky., Sept. 13, 2024 (GLOBE NEWSWIRE) — BrightSpring
Health Services (“BrightSpring” or the “Company”) (NASDAQ: BTSG),
a leading provider of home and community-based health services
for complex populations, today announced that investment funds
managed by KKR & Co. Inc. and its subsidiaries (“KKR”), an
existing shareholder of BrightSpring, have entered into an
agreement with Walgreen Co. (“WBA”) to purchase 11,619,998 shares
of BrightSpring’s common stock from WBA in a private transaction.
The transaction was negotiated directly between KKR and WBA, with
KKR making the investment through its private equity funds.
BrightSpring is not issuing or selling any shares of common stock
in connection with the transaction, which is expected to close on
or about September 16, 2024.
About BrightSpring Health Services
BrightSpring Health Services provides complementary and
integrated home- and community-based pharmacy and health
solutions for complex populations in need of specialized and/or
chronic care. Through the Company’s service lines, including
pharmacy, home health care and primary care, and rehabilitation
and behavioral health, we provide comprehensive care and clinical
solutions in all 50 states to over 400,000 customers, clients and
patients daily.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach,
employing world-class people, and supporting growth in its
portfolio companies and communities. KKR sponsors investment
funds that invest in private equity, credit and real assets and
has strategic partners that manage hedge funds. KKR’s insurance
subsidiaries offer retirement, life and reinsurance products
under the management of Global Atlantic Financial Group.
References to KKR’s investments may include the activities of its
sponsored funds and insurance subsidiaries. For additional
information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s
website at www.kkr.com
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About Walgreens Boots Alliance
WBA is an integrated healthcare, pharmacy and retail leader
serving millions of customers and patients every day, with a
170-year heritage of caring for communities. A trusted, global
innovator in retail pharmacy with approximately 12,500 locations
across the U.S., Europe and Latin America, WBA plays a critical
role in the healthcare ecosystem. WBA is reimagining local
healthcare and well-being for all as part of its purpose – to
create more joyful lives through better health. Through
dispensing medicines, improving access to a wide range of health
services, providing high quality health and beauty products and
offering anytime, anywhere convenience across its digital
platforms, WBA is shaping the future of healthcare.
Comments From Paragon Ventures on KKR’s BrightSpring Investment
from Walgreens
The evolution of BrightSpring continues a remarkable pathway that
includes expansion of service sectors, integration of technology
driving efficiencies and focused consolidation. In 2019, KKR and
an affiliate of Walgreens Boots Alliance bought BrightSpring for
$1.32 billion. Walgreens is now exiting that investment, while
KKR is doubling down. BrightSpring was one of a few Walgreens
investments that involved home-based care over the past half
decade. BrightSpring has continued to perform admirably and
expectations continue to support continued growth and innovation
across the continuum of care and a strengthening focus on home
health and alternate site care sectors as well.
The M&A market for healthcare companies continues to build on STRATEGIC opportunities. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
Contact Paragon Ventures for more information.
800-719-1555
