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Goldman Sachs and Deutsche Bank Engaged Dallas-based Signify Health for financial advice on strategic options process; Sources tell Sarah.
driving news; Eighteen months after New Mountain Capital took the health tech company public, the Wall Street Journal wrote that it is “working with bankers” to explore options, including a sale to CineFi.
- Signify, a technology-driven value-based care provider, could attract interest from both private equity and managed care providers, the report said.
Grab it fast. Signify raised $564 million in its February 2021 IPO.
- Within a year of going public, CineFi has struck a $250 million deal to buy Caravan Health, which brings together accountable care organizations in an effort to take risks and curb Medicare costs.
- Last month, Signify announced plans to spin off its showroom units and drop its bundled payment program, saying it plans to focus on its profitable and growing Home and Community Services segment and Caravan.
In numbers: Shares of the stock popped up on the news, pushing its market cap to about $4.5 billion, but it’s down slightly today.
- That’s down from a $7.12 billion capitalization when it debuted on the public markets last year.
- Shares have rallied for the year, but before the report, they had lost 25%-plus since the IPO.
Signify and Goldman declined to comment, while a representative for DB did not return a request for comment.
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