Bain and Parthenon-backed Zelis is weighing strategic options
Health care payments giant Zelis is weighing strategic options — including a potential sale or IPO — that could value it at $15 billion-plus, Axios has confirmed.
Why it matters: Zelis is considered a blue-chip asset by most funds — the outcome of its process will be a helpful tell of where market appetite sits.
Details: The Bain Capital and Parthenon Capital-backed company is working with advisers and is open to bringing in new investors in a private transaction, per Bloomberg, which initially reported the news.
Catch up quick: Bain and Parthenon merged Zelis Healthcare and RedCard Systems in 2019 in a deal valuing the combined business at $5.7 billion.
- The company has completed a spate of acquisitions since.
- CEO Amanda Eisel told Axios in 2022 that the company planned to position itself for a dual-track process.
State of play: Last August, Axios reported that rival Waystar was plotting an IPO that could value its business at $8 billion.
- EQT and Canada Pension Plan Investment Board-backed Waystar was working with Goldman Sachs, JPMorgan and Barclays on the listing.
Bain and Parthenon did not respond to requests for comment.