PartsSource, an online marketplace for medical equipment maintenance parts and services, announced the signing of 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.
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.
PartsSource’s cloud solutions help hospitals increase the uptime of mission critical equipment, improve patient safety, and maximize throughput and profitability. Additionally, its PRECISION Procurement powered analytics technology allows hospitals to optimize spend, reduce risk and improve supply chain visibility. PartsSource’s platform also creates value for medtech OEMs and service providers to improve digital connectivity to the provider ecosystem, serve diverse providers more efficiently, increase access to leading health systems, and ensure critical business insights so providers can more safely and reliably deliver care for patients.
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.