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MultiPlan (Healthcare Cost Management)

active

Healthcare — Hellman & Friedman (former) / Churchill Capital (SPAC)

Deal Terms

Entry Year2020
Entry EV$11B
Entry Multiple15x
Leverage7x
Debt Amount$7.7B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)70%
Debt / EV0.70x

Notes

H&F sold healthcare cost analytics firm via $11B SPAC (Churchill Capital, 2020). Stock crashed 70%+ post-SPAC. $7.7B debt on a company with ~$1.1B revenue. Muddy Waters short report alleged inflated metrics. MultiPlan's business: negotiate lower healthcare bills — taking a cut of 'savings.' Critics say it enables surprise billing. PE turned a billing middleman into an $11B debt bomb.

Sponsor

Hellman & Friedman$80B AUM