September 9, 2021
PartsSource has announced the signing of a definitive agreement to be acquired by Bain Capital Private Equity.
CLEVELAND, July 20, 2021 – The investment will help PartsSource continue to accelerate its growth trajectory, broaden its solutions portfolio, and expand its marketplace platform, according to a news release. 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 was founded on the idea that an evidence-based, digital approach to the health care supply chain can unlock better health care delivery, lower costs and enhance clinical outcomes. We are proud of the progress we have made to transform mission-critical health care operations and are excited by the opportunity to continue to expand our marketplace to serve new areas of healthcare,” said 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 health care 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,” a news release states. “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.”