PhyAmerica (Envision subsidiary)

bankrupt

Healthcare — KKR (via Envision)

Deal Terms

Entry Year2018

Entry EV$1.2B

Entry Multiple14x

Leverage6x

Debt Amount$0.72B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

PhyAmerica was the emergency physician staffing arm within KKR's Envision. Supplied ER doctors to 500+ hospitals. Aggressive surprise billing model generated outsized margins. No Surprises Act obliterated the business model. Went down with Envision's Chapter 11. Staffing shortages followed as contracts unwound.

Sponsor

KKR & Co.$638B AUM