EmCare (now Envision)

bankrupt

Healthcare — CD&R (former) / KKR (via Envision)

Deal Terms

Entry Year2011

Entry EV$3.2B

Entry Multiple12x

Leverage5x

Debt Amount$1.6B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

EmCare was the emergency medicine staffing unit that pioneered surprise billing. CD&R merged it into EMSC, then sold to CDPQ/Envision for $2.3B. KKR acquired all of Envision in 2018. EmCare's surprise billing model generated billions but No Surprises Act killed it. The original sin of PE healthcare staffing.

Sponsor

KKR & Co.$638B AUM