M&A · Healthcare · Services-Misc Health & Allied Services, NEC
Stone Point Capital LLC to acquire Tivity Health, Inc.
Announced Apr 5, 2022 · Closed Jun 28, 2022
Deal value$2.00BEV $1.94B
Premium—To unaffected price
EV / Adj. EBITDA11.8x4.0x EV / Revenue
ConsiderationAll cash$32.50 per share
Transaction
- Acquirer
- Stone Point Capital LLC
- Target
- Tivity Health, Inc.
- Buyer type
- Private equity
- Offer price per share
- $32.50
- Enterprise value
- $1.94B
- Status
- Closed Jun 28, 2022
Deal protections
- Break fee (target pays)
- $54.4M · 2.7%
- Reverse fee (buyer pays)
- $100M · 5.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Truist Securities
- To the target
- Lazard
- Lazard fee
- $24.5M
Sector context · Healthcare
- Comparable deals
- 38 in the prior 24 months
- Premium
- Sector median 45.5%
- EV / Adj. EBITDA
- 11.8x vs. 20.4x sector median
- Break fee
- 2.7% vs. 3.3% sector median
Timeline
- AnnouncedApr 5, 2022
- Proxy filedMay 10, 2022
- Definitive proxyMay 24, 2022
- Shareholder voteJun 23, 2022
- ClosedJun 28, 2022
Valuation · fairness opinions
Discounted cash flow$26.95$33.90
Trading comparables$26.95$33.90
Trading comparables$27.05$34.10
Trading comparables$23.75$30.15
Trading comparables$25.00$32.10
Offer $32.50
Implied value per Tivity Health, Inc. share by analysis, from Lazard · DCF discount rate 10%–11%.