Premier Inc ended a decade on Nasdaq in a $2.6B Patient Square take-private

What was changed

Premier sells hospitals and other healthcare and life sciences organizations their supplies, plus technology, supply chain, financial and operational tools, through its group purchasing organization and services business. After more than a decade on Nasdaq its revenue was falling and the stock with it, weighed down by financial headwinds among the providers it serves. In May 2023 the company said it would explore strategic alternatives, including a possible sale.

While the review ran, Premier narrowed itself to the core: it divested its non-healthcare GPO operations for approximately $800 million in cash, sold its holdings in healthcare and foodservice company S2S Global, and began winding down operations at employee health benefits subsidiary Contigo Health. The numbers kept sliding: for the quarter ended September 30, 2025, revenue was $240 million, down 3% year over year, and net income from continuing operations fell 79% to $15.3 million from $72.9 million a year earlier.

In September 2025 Premier agreed to be acquired by Patient Square Capital, a healthcare-focused investment firm whose portfolio already held value-based primary care provider ChenMed, acute care telemedicine firm Access Telecare and revenue cycle management firm CorroHealth. Stockholders receive $28.25 per share in cash, valuing the company at $2.6 billion. The deal closed on November 25, 2025, earlier than the initially expected first quarter of 2026, and Premier stopped trading on Nasdaq, ending more than a decade as a public company.

Why it worked

Revenue was falling and the stock with it: quarterly revenue of $240 million was down 3% year over year and continuing-operations net income dropped 79% to $15.3 million.

The board opened a strategic review in 2023 that included a possible sale, and two years later chose to sell the whole company rather than keep restructuring it alone.

Patient Square Capital specializes in healthcare and already owned ChenMed, Access Telecare and CorroHealth, so it could absorb a GPO and services platform into an existing portfolio.

What can be applied

When a public company's stock stops reflecting the business, a strategic review plus disciplined divestitures can end in a clean whole-company exit at a set cash price.

Aftermath

The take-private closed ahead of schedule in late November 2025 instead of the expected first quarter of 2026. Premier now operates as a wholly owned subsidiary of Patient Square Capital. Under the purchase agreement the board resigned, with CEO Michael Alkire and CFO Glenn Coleman serving as directors, the same executives continuing to run the company away from quarterly market scrutiny inside a healthcare specialist's portfolio.