Marlin Equity Partners has acquired Virgin Pulse Inc. and RedBrick Health Corp. to form a merger it says will create the world’s largest digital health company, the company announced May 22.
The Hermosa Beach-based private equity firm did not disclose terms of the deal.
“Our investment, which brings together two leaders in the health and wellbeing market, underscores our strong belief in the potential to transform this highly fragmented industry,” said Michael Anderson, a managing director for the 13-year-old firm. “This is a multibillion-dollar market that is hungry for innovation, desperate for disruption and ripe for consolidation.”
William Blair & Co., acted as financial advisor and Kirkland & Ellis, served as legal advisor to Marlin Equity. Both firms are based in Chicago.
Evercore Inc. acted as financial advisor and Willkie Far & Gallagher served as legal advisor to Virgin Pulse. Raymond James & Associates Inc. acted as financial advisor and Goodwin Procter served as legal advisor to RedBrick.
Virgin Pulse, founded in 2004, based in Providence, R.I., will merge with RedBrick Health, founded in 2006, based in Minneapolis. They will unite under the Virgin Pulse name, but operate as separate brands.
Together, they will have one of the largest global employer customer bases in the industry, according to Marlin Equity.
The Business Journal ranked Marlin Equity Partners No. 9 last April in a list of Los Angeles County private equity firms rated according to equity under management. The global investment firm now manages $6.7 billion in assets, and has completed more than 120 acquisitions.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.
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