Yes, the deal is in process.
PBM PMSI’s new owners will be Kelso & Company and Stone Point Capital. And yes that’s the same Stone Point that owns Stone River/Progressive Medical.
Emry Sisson and Tommy Young will remain as Co-CEOS, with current PMSI CEO Eileen Auen taking the top spot as Executive Chair. The new company will have revenues near $750 million.
Given recent transactions, I’d hazard a guess that PMSI’s price was hefty, likely well above a double digit multiple of their EBITDA.
Auen has done a remarkable job turning around an almost-defunct PMSI; her leadership is key to the success of the new company and she will remain with the new organization in a full time role. Anyone who knows Eileen knows she’s full-time executive, with an excellent reputation in the industry and strong relationships with many payers.
More to come