Partners Group shelves Confluent Health stake sale process – sources
- Timing not right for minority recap
- Unlikely to return to market soon
Confluent Health, the Partners Group-backed musculoskeletal health company that was exploring a sale in 2024, ended the process late last year, said three sources familiar with the process.
Louisville, Kentucky-based Confluent, which marketed itself off around USD 150m in EBITDA, was looking to recap its minority investors, with Partners Group retaining its majority share, two of the sources said. Given market conditions and interest rates, the numbers did not make sense for a minority recap, they added, and since Partners was under no pressure to transact, the limited process quietly wound down late last year.
One of the sources said the company was unlikely to revisit a sale this year. PE Hub reported in July 2024 that Partners Group was exploring a sale of Confluent, with Morgan Stanley and Macquarie advising.
Confluent provides physical and occupational therapy via 1,500 clinics in 36 states under 50 brands, with more than 500,000 patients serviced annually, according to its website.
Partners Group acquired the business in May 2019 from The Edgewater Funds. It has since completed multiple acquisitions, including Lone Peak Physical Therapy, Access Physical Therapy & Wellness, Motion PT Group and Fitness Quest Physical Therapy.
Confluent, Partners Group and Macquarie declined to comment. Morgan Stanley did not respond to requests seeking comment.