Patient Survey Company Press Ganey to Sell Itself to Swedish Firm EQT.


Membership Revoked
Account on Hold
5+ Year Member
Apr 7, 2011
Middle of Oregon
Attending Physician
PG now owned by a Swedish private-equity fund.

Press Ganey Holdings Inc., which conducts patient satisfaction surveys for health-care providers, reached a deal to sell itself. PHOTO: SAL BENEDETTO/THE VALLEY HOSPITAL

Updated Aug. 9, 2016 6:42 p.m. ET
Press Ganey Holdings Inc., which conducts patient-satisfaction surveys for health-care providers, has reached a deal to sell itself to Swedish private-equity firm EQT for $2.35 billion.

The announcement comes after The Wall Street Journal reported earlier Tuesday that Press Ganey, which is majority owned by private-equity firm Vestar Capital Partners, was in talks to sell itself and that EQT was considered a front-runner to buy the firm.

EQT will pay $40.50 a share for Press Ganey, a slight premium over Monday’s closing price of $40.33. The deal does include a so-called “go-shop” period during which Press Ganey can solicit other offers. The companies said they expect the deal to close in the fourth quarter.

While merger activity this year has been muted compared with 2015’s record-breaking volumes, deal-making has remained active in the health-care services and technology sectors. In June, Envision Healthcare Holdings Inc. and AmSurg Corp. agreed to merge in a deal that will bring the two ambulatory surgery companies together. The same month,health-care giant McKesson Corp. said it would combine most of its technology segment with the bulk of Change Healthcare Holdings Inc.

Press Ganey monitors patient satisfaction for health-care providers such as hospitals and doctor’s offices through surveys, strategic consulting and other products. Vestar acquired Press Ganey, of South Bend, Ind., from American Securities in 2008. The company raised about $233 million in a May 2015 initial public offering, and its shares have risen sharply since. They closed Monday at $40.33 Monday, 61% over their IPO price.

The company has made a number of add-on acquisitions under Vestar’s ownership, including the purchase of patient engagement company Avatar International Holding Co. from private-equity firm Riverside Co. in May.

The company last week reported second-quarter profit of $7.9 million, up from a loss of $53.8 million in the year-earlier period. Sales rose 17.7% to $91.2 million.

EQT, founded in 1994 by Sweden’s billionaire Wallenberg family, owns around 70 companies globally, according to the firm’s website.

Write to Dana Mattioli at [email protected] and Eyk Henning at[email protected]


Interventional Pain Management
Lifetime Donor
15+ Year Member
Jan 8, 2002
Attending Physician
Press ganney is one of the most evil things to happen to physicians in history. They use it to control physicians salaries, now they are publishing press ganey scores publicly to control physicians even more. I cannot believe what spineless professionals we have become.
  • Like
Reactions: dmk5n and drusso