Fairness opinions › By year
Healthcare fairness opinions, 2018
15 public-company healthcare transactions announced in 2018 with a fairness opinion in the SEC filing.
2018 valuation benchmarks
EV / LTM EBITDA
9.9x / 13.8x / 31.6x
Q1 / median / Q3 · n=13
EV / LTM revenue
0.87x / 2.05x / 4.14x
Q1 / median / Q3 · n=15
DCF discount rate (midpoint)
9.0% / 11.0% / 15.0%
Q1 / median / Q3 · n=15
Transactions announced in 2018. 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.
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2018-12-18 | Civitas Solutions | Centerbridge Partners | Behavioral Health | $1.4B | 8.1x | 0.87x | 9.0%–9.5% | Barclays |
| 2018-11-12 | Athenahealth | Veritas Capital / Evergreen Coast Capital | Digital / HealthTech | $5.7B | 15.5x | 4.24x | 10.5%–12.0% | Centerview Partners, Lazard |
| 2018-10-03 | Birner Dental Management Services | Mid-Atlantic Dental Partners | Professional Services | $39.0M | 21.9x | 0.64x | 19.0%–22.0% | Cain Brothers |
| 2018-09-10 | Invuity | StrykerCorp. | Medical Devices and Supplies | $190M | — | 4.12x | 13.0%–17.5% | Moelis & Company |
| 2018-08-29 | K2M Group Holdings | StrykerCorp. | Medical Devices and Supplies | $1.4B | 92.0x | 4.14x | 10.3%–12.3% | Piper Sandler |
| 2018-08-13 | Universal Hospital Services | Federal Street Acquisition | Distribution and Equipment Services | $1.7B | 11.9x | 3.23x | 8.5%–10.0% | Moelis & Company |
| 2018-07-23 | LifePoint Health | Apollo Global Management | Hospitals | $5.6B | 7.5x | 0.88x | 7.0%–8.5% | Goldman Sachs |
| 2018-07-03 | Juniper Pharmaceuticals | Catalent | Pharmaceutical Services | $128M | 9.9x | 1.97x | 14.0%–16.0% | Rothschild & Co |
| 2018-06-19 | Cotiviti | Verscend Technologies | Digital / HealthTech | $4.9B | 16.3x | 6.61x | 8.5% | |
| 2018-06-11 | Envision Healthcare Holdings | KKR | Physician Groups | $9.9B | 10.0x | 1.16x | 8.0%–9.0% | J.P. Morgan, Evercore, Guggenheim Securities |
| 2018-05-16 | Abaxis | Zoetis | Diagnostics / Life Sciences | $1.9B | 41.3x | 7.75x | 11.8%–13.8% | Piper Sandler |
| 2018-04-10 | Analogic | Altaris | Medical Devices and Supplies | $937M | 13.8x | 2.05x | 8.2%–9.4% | |
| 2018-03-12 | Cogentix Medical | Laborie | Medical Devices and Supplies | $214M | 101.9x | 3.65x | 14.5%–16.5% | Duff & Phelps |
| 2018-03-08 | Express Scripts Holding | Cigna | Managed Care | $62B | 11.6x | 0.75x | 8.0%–9.5% | Centerview Partners, Lazard |
| 2018-01-05 | Connecture | Francisco Partners | Digital / HealthTech | $40.8M | — | 0.53x | 18.0%–22.0% | Houlihan Lokey |