Tenet Healthcare Corp. has agreed to sell its majority stake in Broadlane, a technology-oriented healthcare services company, to TowerBrook Capital Partners in a $155 million cash deal.
The deal, which is subject to customary regulatory approval, is expected to close in the third quarter.
Broadlane originated as the materials management department of Tenet and later became an independent company.
Broadlane Chief Operating Officer Charles E. Saunders, MD, who has been with the company since 2003, announced he would step down upon completion of the agreement. David C. Ricker, Broadlane's founder, president and chief operating officer, will succeed Saunders as CEO
Broadlane is focused on reducing cost and creating operational efficiencies for thousands of acute care hospitals, ambulatory care facilities, physician practices and other healthcare providers across the country. Its core offerings include supply chain management and clinical workforce management services.
Broadlane's clients include leading providers such as Advocate Health Care, Ascension Health, Beaumont Hospitals, CHRISTUS Health, Continuum Health Partners, Kaiser Permanente, Kindred Healthcare, MedCath Corporation, New Hanover Regional Medical Center, Sisters of Charity of Leavenworth Health System, St. Luke's Episcopal Health System, Tenet Healthcare, The Health Alliance of Greater Cincinnati, US Oncology and UMass Memorial Health Care.
The company is based in Dallas and has offices in Cincinnati, Detroit, Houston, New York and Oakland, Calif.
TowerBrook Capital Partners L.P. is a private equity firm with more than $3.5 billion of capital under management. It has offices in New York and London.