PartsSource, a leading online marketplace for medical equipment maintenance parts and services, has signed a definitive agreement to be acquired by Bain Capital Private Equity. The investment will help PartsSource continue to accelerate its growth trajectory, broaden its solutions portfolio, and expand its marketplace platform. PartsSource will continue to operate under its current management team, led by President and CEO Philip Settimi, MSE M.D. Financial terms of the private purchase from current owner Great Hill Partners were not disclosed.
Based in Cleveland, Ohio, PartsSource is the leading B2B marketplace for medtech replacement parts and services, and the largest B2B online marketplace in US healthcare, transforming one of the largest industries in the world. The company provides an integrated suite of cloud software and marketplace technology tools to help hospitals efficiently source on-demand parts and services, and empowers vendors to grow their businesses. Today, PartsSource’s marketplace connects more than 3,500 hospitals, and 15,000 clinics, with more than 6,000 medtech OEMs and 2,000 medtech repair professionals across the country in a single integrated network.
The transaction is expected to close during the third quarter of 2021 and is subject to customary closing conditions, including requisite regulatory approvals. Debt financing for the transaction is being led by Blue Owl Capital.
Robert W. Baird & Co. is acting as the financial advisor, and Goodwin Procter is serving as legal counsel to PartsSource. TripleTree, LLC is serving as financial advisor, and Kirkland and Ellis LLP as legal counsel to Bain Capital Private Equity.