Bain Capital Buys Medical-Device Parts Business at a $1.25bn Valuation

“PartsSource was founded on the idea that an evidence-based, digital approach to the healthcare supply chain can unlock better healthcare delivery, lower costs, and enhance clinical outcomes. We are proud of the progress we have made to transform mission-critical healthcare operations and are excited by the opportunity to continue to expand our marketplace to serve new areas of healthcare,” said Dr. Settimi. ”We want to thank Great Hill Partners for its help supporting the business during its ownership and positioning us for success in the next stage of our growth. We are delighted to partner with Bain Capital going forward. They share our vision for building a broader B2B healthcare e-commerce platform and have an excellent track-record of building leading healthcare technology companies.”

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. Last year, PartsSource expanded its marketplace network from parts into on-site and off-site repair and service solutions, a marketplace that offers curated and credentialed access to over 2,000 service engineers. This solution was recently selected by the Business Intelligence Group as a 2021 BIG Innovation Award Winner.

“Phil and his team have built an exceptional business that is at the forefront of B2B marketplaces in healthcare and poised for continued rapid expansion as providers shift their purchasing toward e-commerce and away from manual processes,” said Devin O’Reilly, a Managing Director at Bain Capital Private Equity. “We believe PartsSource has clear runway for organic growth and a significant opportunity to broaden the platform and strengthen its offering to customers through strategic acquisitions, product innovation, and international expansion.”

“Over the course of our four-year partnership, PartsSource scaled dramatically and established itself as the clear leader in its space,” said Mark Taber, a Managing Director at Great Hill Partners. “We are proud to leave PartsSource well-positioned to thrive in the next chapter of its growth, and we wish Phil and the entire team success as they continue to grow and drive value for customers.”