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Equipment Services Valuation: Agiliti to be Acquired for $2.5b (~9.4x EBITDA)

Agiliti Inc. (NYSE: AGTI) announced today that it will be taken private by PE firm Thomas H. Lee Partners (THL) for $10.00 per share in cash. The transaction values the medical equipment solutions and services company at an enterprise value of approximately $2.5 billion. THL was the sponsor of the SPAC that acquired Universal Hospital Services, Inc. for a reported $1.74 billion from Irving Place Capital in 2018, changing its name to Agiliti in the process. Agiliti has completed a number of large acquisitions since 2018, including its 2021 acquisitions of Northfield Medical (~464 million) and Sizewise Rentals (~$225 million).

Agiliti's business can broadly be categorized in three segments:

  • Equipment Rentals and Sales: Agiliti provides medical equipment to healthcare providers for rent or purchase, ranging from hospital beds and infusion pumps to respiratory equipment and home healthcare products. This segment generates revenue from rental fees, equipment sales, and associated maintenance services.

  • Service and Repair: Agiliti offers service and repair solutions for the equipment it rents or sells, ensuring optimal functionality and compliance with regulatory standards. This segment generates revenue from service contracts, repair charges, and parts replacement.

  • Logistics and Supply Chain Management: Agiliti leverages its nationwide network and expertise to manage the entire equipment lifecycle, including delivery, installation, decontamination, and decommissioning. This segment generates revenue from logistics fees and associated service charges.

Biomedical / Equipment Services EBITDA Multiples

According to Agiliti's 3Q 2023 earnings release, full-year 2023 guidance is for revenue of $1.16b to $1.19b and EBITDA of $260m to $270m. Utilizing the mid-point implies a multiple of 9.4x EBITDA, which is below the 11.6x multiple implied by the 2018 transaction.

Agility Acquired by THL for $2.5 billion
Healthcare Equipment Services EBITDA Multiples

Other Healthcare Distribution and Equipment Services Deals

Read Scope Research's take on other healthcare distribution and equipment services M&A transactions:

About Scope Research

The Scope Research Healthcare M&A Valuation Database currently has financial details for 91 distribution and equipment services deals going back to 2010, 64 of which include reported EBITDA multiples. The distribution and equipment services data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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