Athenahealth (Dividend & Refinancing)

active

Healthcare IT — 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

H&F/Bain's $17B take-private — largest healthcare IT deal. $10.2B debt. Cloud-based medical records for 150K+ providers. Immediately raised prices 10-20% for existing customers. Customer churn accelerated. IPO repeatedly delayed. PE bought at peak 2022 valuations with massive leverage. If interest rates don't decline, debt service becomes existential. AI disruption threatening core EHR product.

Sponsor

Bain Capital$185B AUM