"Ensemble Health, a major player in healthcare revenue management, is seeking a potential $13 billion sale or IPO next year, Business Insider has learned. Ensemble, owned primarily by private equity firms Warburg Pincus and Berkshire Partners, has tapped JPMorgan to pursue a sale, five people with knowledge of the deal told Business Insider. At the same time, Ensemble is considering an IPO and has pulled in Goldman Sachs to support the dual-track approach, three of the people said."
"It's aiming for a valuation of around $13 billion in either deal, according to those people. Ensemble is the latest PE-backed healthtech company to plan a major sale or IPO for early next year in a sluggish venture-backed healthcare IPO market. Tech has enjoyed a number of blockbuster VC-backed IPOs this year, from Figma to Klarna. But regulatory and market uncertainties, plus higher standards for IPO candidates, have pushed back the hopeful go-public dates of many healthcare startups compared to their profitable PE-backed peers."
Ensemble Health, primarily owned by Warburg Pincus and Berkshire Partners, has engaged JPMorgan to pursue a sale and Goldman Sachs to support a simultaneous IPO option. The company is targeting a valuation near $13 billion and will not begin accepting bids until the first quarter of 2026. Ensemble currently generates about $700 million in earnings before expenses such as tax and interest. The firm represents a PE-backed healthtech success as investors place bets on AI-driven tools to increase hospital revenue, while many venture-backed healthcare startups delay public listings amid market and regulatory uncertainty.
Read at Business Insider
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