Brightree seeks buyer?

Tuesday, February 9, 2016

ATLANTA – Brightree has retained William Blair & Co. to explore a sale of the company, according to VentureWire.

Brightree, which in 2008 secured a significant investment from Battery Ventures, a Boston-based private equity firm, is attracting interest from a variety of buyers, including financial sponsors, according to the news agency, which is part of the Dow Jones family.

Brightree gave management presentations to prospective buyers before Thanksgiving, VentureWire reports.

Since Battery Ventures came onto the scene, Brightree has significantly expanded its foothold not only in the HME industry but the post-acute care market at large, mostly by acquisition. Brightree acquired CareAnywhere in 2013, Pacware in 2011, CAU in 2010 and C&S Billing in 2008.

Brightree also acquired Strategic AR in 2014, a provider of private-pay billing and collections solutions.

A sale of Brightree could pull in at least $450 million to $600 million, based on the company’s $45 million to $50 million of EBITDA and with multiples in the healthcare IT space running at least 10 to 12 times EBITDA, according to VentureWire.