Fairness opinions › Segments
Outsourced Services fairness opinions
15 public-company healthcare transactions in Outsourced Services, 2012-2026, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
10.7x / 13.0x / 16.8x
Q1 / median / Q3 · n=14
EV / LTM revenue
0.92x / 2.29x / 2.68x
Q1 / median / Q3 · n=15
DCF discount rate (midpoint)
9.0% / 10.0% / 11.0%
Q1 / median / Q3 · n=15
Outsourced Services transactions with a fairness opinion, 2012-2026. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Outsourced Services
BofA Securities (4) · Goldman Sachs (2) · Raymond James (2) · Lazard (2) · Barclays (1) · Craig-Hallum (1) · Allen (1) · Macquarie Capital (1)
All Outsourced Services transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2026-08-03 | Bowhead Specialty | American Family Mutual Insurance | $1.2B | 15.2x | 1.96x | 7.5%–11.5% | |
| 2026-05-06 | Cross Country Healthcare | Knox Lane | $437M | 16.3x | 0.41x | 9.0%–11.0% | BofA Securities |
| 2025-09-22 | Premier | Patient Square Capital | $2.6B | 10.9x | 2.68x | 8.5%–10.5% | Goldman Sachs, BofA Securities |
| 2025-03-19 | ProAssurance | The Doctors | $1.3B | 12.4x | 1.13x | 7.5%–9.0% | Goldman Sachs |
| 2024-12-03 | Cross Country Healthcare | Aya Healthcare | $615M | 12.1x | 0.46x | 9.8%–11.8% | BofA Securities |
| 2024-08-01 | R1 RCM | TowerBrook and CD&R | $8.9B | 13.6x | 3.34x | 9.5%–11.0% | Barclays |
| 2024-06-03 | Stericycle | Waste Management | $7.2B | 15.1x | 2.63x | 8.5%–10.0% | BofA Securities |
| 2022-07-12 | Sharps Compliance | Aurora Capital Partners | $173M | 25.2x | 2.36x | 9.0%–13.0% | Raymond James |
| 2022-05-23 | CynergisTek | Clearwater Compliance | $17.7M | — | 0.92x | 20.0%–24.0% | Craig-Hallum |
| 2020-12-18 | BioTelemetry | Philips | $2.8B | 23.7x | 6.26x | 10.0%–12.0% | Raymond James |
| 2017-09-06 | Landauer | Fortive | $757M | 18.2x | 4.88x | 8.8%–9.8% | Lazard |
| 2017-08-29 | Advisory Board Healthcare | Optum | $1.3B | 10.3x | 2.36x | 7.5%–8.8% | Allen |
| 2012-07-02 | Mmodal | One Equity Partners | $1.1B | 8.1x | 2.11x | 10.4%–11.4% | Macquarie Capital |
| 2012-06-06 | SRI Surgical Express | Synergy Health | $38.5M | 7.6x | 0.33x | 13.6%–14.6% | |
| 2012-03-07 | Transcend Services | Nuance Communications | $332M | 10.8x | 2.29x | 10.0%–12.0% | Lazard |
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.