Scoop: Rubicon Founders buys Horizon Infusions for $130M

Rubicon Founders acquired ambulatory infusion provider Horizon Infusions for roughly $130 million from BroadOak Capital, sources familiar tell Axios.

Why it matters: Infusion assets continue to command premium prices from private equity.

Inside the (deal) room: Horizon was marketed off about $8 million in EBITDA, implying a deal multiple of around 16x.

• The deal represents a total enterprise value of roughly $125 million, per sources.

How it works: The Blue Ash, Ohio, company provides infusion therapy to patients with chronic conditions across 21 centers statewide.

Flashback: The company was acquired by BroadOak for an undisclosed amount in November 2019.

State of play: Infusion providers have attracted significant investment and takeover interest of late.

• Court Square Capital and WindRose Health paid $1.1 billion to acquire infusion company Soleo Health from H.I.G. Capital in January.
• UnitedHealth Group's Optum acquired Oklahoma City ambulatory infusion network FlexCare Infusion in January.
• Vivo Infusion, an InTandem Capital-backed ambulatory infusion network, acquired Infusion Associates for between $180 million and $220 million in July 2024.

Rubicon declined to comment. Horizon did not respond to a request for comment.