8/27/2007--MedAssets Inc., which is backed by Galen Partners and Parthenon Capital, filed with the Securities and Exchange Commission for an initial public offering of up to $230 million in common stock. The Alpharetta, Ga., provider of financial-management software and consulting services to hospitals and health care providers didn't disclose in its SEC filing how many shares will be offered or estimate a price range for the IPO. According to the filing, Galen owns 8.3 million shares, or a 23.2% stake, while Parthenon owns 6.7 million shares, representing an 18.6% ownership interest. In 1999, Galen participated in the purchase of certain Comdisco Inc. assets that eventually became part of MedAssets. In subsequent transactions, Parthenon became an investor, as did venture capital firm Grotech Capital Group. Grotech owns 3.5 million shares, a 9.6% stake. The company's executive officers and directors own a combined 58.2% stake. In September, VentureWire reported that Parthenon, Galen and Grotech planned to take a $70 million dividend from Medassets, returning a substantial portion of the equity they invested. MedAssets said it has applied to list its common stock on the Nasdaq Global Select Market under the symbol MDAS. Morgan Stanley, Lehman Brothers, Deutsche Bank Securities, Goldman Sachs & Co., Piper Jaffray, William Blair & Co. and Wachovia Securities are listed as underwriters for the IPO. MedAssets said it plans to use the IPO proceeds to pay off debt and for general corporate purposes.
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