On Tuesday, Brightspring Health Services (NASDAQ: BTSG) was an investment company KKR&Co, which is its majority shareholder. (NYSE: KKR) announced that it plans to sell 14 million shares of Brightspring through a secondary supply and plans to sell up to 2.1 million shares.
According to publicly published documents, KKR owns approximately 93 million bright shares, accounting for 54.2% of the company's outstanding shares.
Based in Louisville, Kentucky, Brightspring offers home and community-based services, including home care, home health, home health, home health and home primary care for a complex population. Works in all 50 states. The company was released in January 2024.
News about the offering comes less than a year after I agreed to acquire 11.6 million shares from the Walgreens Boots Alliance (NASDAQ: WBA).
Affiliates from KKR and Walgreens Boots Alliance purchased Brightspring in 2019 for $1.32 billion.
Recently, Amedisys (NASDAQ: AMED) and UnitedHealth Group (NYSE: UNH) have announced that they have agreed to sell their home hygiene centres and hospice centres to affiliates of Brightspring and Pennant Group (NASDAQ: PNTG). Within two weeks, the sale was reportedly denied by the US Department of Justice (DOJ).
The attempt to sell is part of a broader strategy to quell antitrust concerns about the planned merger between Amedisys and UnitedHealth.
In Brightspring's first quarter revenue call, President and CEO Jon Rousseau said the planned deal with Amedisys and UnitedHealth coincides with Brightspring's larger acquisition philosophy.
“We've been doing tuck-in for a few years, which is very auxiliary, with a multiple of a very attractive pro-forma,” he said.
In the first quarter, Brightspring reported net revenue of $2.9 billion, up 26% year-on-year. The provider services segment, which includes home health and personal care, brought in $346 million in the first quarter, up 12% year-on-year.
