Sweden-based private equity group EQT engaged Kekst and Company for PR counsel in its $2.35B acquisition of Press Ganey Holdings, the patient survey administrator for healthcare institutions.
EQT, which is making its first direct equity investment in North America, will pay $40.50 per share for publicly traded Press Gainey, a 20% premium. PG's board has unanimously approved the transaction.
Kekst managing director Daniel Yunger and associate Ross Lovern counseled EQT. South Bend, Ind.-based Press Ganey relied on its internal PR team.
Press Ganey CEO Patrick Ryan said the deal delivers value to shareholders while allowing the company to accelerate investment in acquisitions and product development.
PG went public in 2015 at $25 per share. Second quarter 2016 revenue was up 17.8% to $91.2M with net income of $7.9M.
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Kekst CNC represents the DallasNews Corp. as it gets acquired by Hearst Corp. for about $75M. The 140-year-old Dallas Morning News will join Hearst's 28 dailies.
