TowerBrook Capital Partners, a New York- and London-based private-equity firm, has completed its majority-ownership acquisition of Broadlane, a Dallas-based group purchasing organization and clinical workforce-services management company, according to a news release.
Financial terms of the deal were not disclosed, but under the agreement, TowerBrook has acquired roughly 80% ownership of Broadlane through its purchase of Tenet Healthcare Corp.'s and Falcon Mezzanine Partners IIs shares in the GPO, according to a Broadlane spokesman. Tenet was Broadlanes original owner-investor, and Falcon became a shareholder in 2005 with a $6.5 million common-stock purchase.
Broadlanes senior management will maintain ownership of the remaining 20% of the company, according to previously released details of the deal. David Ricker, Broadlanes founder and president, has taken over the chief executive officer title from former CEO and Chairman Charles Saunders.
Jefferies Finance provided debt financing for the deal. -- by Shawn Rhea