Broadlane, a Dallas-based group purchasing organization and clinical-workforce services management company, has signed an agreement to sell a majority of its shares to TowerBrook Capital Partners, a New York- and London-based private equity firm, for an undisclosed amount, according to a news release.
Financial terms of the deal have not been disclosed, but provider Tenet Healthcare Corp., Dallas, will sell its ownership interest in Broadlane as a part of the deal. The 62-hospital system will remain a client.
Under the terms of the deal, Broadlanes senior management team will continue to retain ownership interest in the GPO, but Chairman and Chief Executive Officer Charles Saunders will step down following closing of the transaction. David Ricker, Broadlanes founder, president and chief operating officer, will take over as CEO.
The deal is expected to close during the third quarter of 2008 after regulatory approval. (For more on the subject of acquisitions by private equity outfits, please click here. Subscription required.) -- by Shawn Rhea
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