Athenahealth

active

Healthcare — Hellman & Friedman / Bain Capital

Deal Terms

Entry Year2022

Entry EV$17B

Entry Multiple14x

Leverage6x

Debt Amount$10.2B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

$17B take-private. ~$10.2B debt. Cloud-based medical records. H&F and Bain bet on healthcare IT consolidation. Struggling with integration costs and customer churn. IPO timeline repeatedly pushed back.

Sponsor

Bain Capital$185B AUM

Hot Potato History

2019→Veritas Capital + Elliott($5.7B)

2021→Hellman & Friedman + Bain Capital($17B)

Active — H&F/Bain holding at 3x what Veritas paid, peak-era valuation