Comprehensive M&A data with integrated detailed company information

Ardent files for New York listing
Posted on Thursday, 06 December 2018 10:50
Ardent Health Partners has submitted paperwork for an initial public offering (IPO) with a USD 100.00 million placeholder to raise funds to pay down debt and acquire healthcare facilities.

The Tennessee-based acute care, managed, surgical and rehabilitation hospital operator is aiming to go public on the New York Stock Exchange via a sale of new and existing shares.

Barclays, Citigroup and JPMorgan are among the bookrunners handling the IPO that provides a way for Equity Group to make a return on its original investment.

Ardent is the successor to AHS Medical Holdings, which had acquired the operations of real estate assets belonging to Ventas for USD 519.50 million.

The company had claims to be a leading provider of healthcare and related services in nine growing urban markets across Texas, New Mexico, Oklahoma, New Jersey, Idaho, Florida and Kansas.

It has entered all of these areas through strategic acquisitions, including Lovelace Health System in 2003, Hillcrest HealthCare System in 2004, BSA Health System in 2013 and numerous others since then.

As of 30th September 2018, Ardent operated 31 acute care hospitals, including one managed, two rehabilitation and two surgical centres, with a total of 4,718 licenced beds.

The group, in which Equity Group bought a majority ownership stake in 2015, also offers physician and other ancillary services through a network of more than 1,000 employed providers.

In the nine months ended 30th September 2018, Ardent generated net revenue of USD 3.07 billion (Q1-3 2017: USD 2.15 billion).

The company incurred a net loss attributable to shareholders of USD 70.54 million, compared to a profit of USD 0.52 million.

Ardent operates in one of the largest and fastest-growing sectors in the US economy; according to data by Centers for Medicare & Medicaid Services cited by the company’s prospectus, national healthcare spending totalled USD 3,500 billion in 2017.

This figure is forecast to grow by an average of 5.6 per cent annually from 2018 through 2026, accounting for 19.7 per cent of US gross domestic product in 2026.

© Zephus Ltd