Kindred Healthcare

active

Healthcare — Humana / TPG / Welsh Carson

Deal Terms

Entry Year2018

Entry EV$4.1B

Entry Multiple10x

Leverage5.5x

Debt Amount$2.26B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

$4.1B take-private by consortium (Humana, TPG, Welsh Carson). Largest long-term acute care hospital chain. Previously public with $7B+ revenue. Regulatory changes in LTACH reimbursement crushed margins. Humana ended up buying out PE partners. Massive workforce cuts.

Sponsor

TPG Inc.$230B AUM