Healthcare services company Premier [NASDAQ:PINC] is working with Centerview Partners and BofA Securities to explore a sale, said three sources familiar with the situation.
The Charlotte, North Carolina based group purchasing organization company has signed up buyers to participate in the process, these sources said. The process is at an early stage with initial bids likely to be collected before the end of 2019, two of these sources added.
Financial sponsors are likely suitors for the USD 4.5bn market cap company, though Premier may also look to see if strategics are interesting, the sources said. The sources cautioned that Premier is a complicated situation given its ownership structure and contracts with members of the group purchasing organization.
Premier helps over 4,000 U.S. hospitals and health systems purchase products and services at lower costs through group purchasing. It also offers technology solutions and consulting services.
Premier declined to comment. Centerview and BofA did not return requests for comment.
by Bhavna Kaul with analytics by Kevin Ketcham