Chartis, a leading healthcare advisory firm, today announced
that it has entered into a definitive agreement to receive a
majority investment from funds managed by Blackstone
(”Blackstone”). This strategic investment will support the firm’s
continued growth as a leading advisor to providers, payers,
technology innovators, retail companies, and investors who are
making positive and transformative change within US healthcare. The
investment includes continued equity participation from Audax
Private Equity (“Audax”).
Blackstone is investing in Chartis through its core private
equity strategy, which partners with high-quality, market-leading
businesses for longer periods than traditional private equity. The
investment will enable Chartis to further extend its capabilities
across its strategic, digital and technology, clinical, and
financial transformation offerings for healthcare clients. This
funding is also anticipated to help further expand the full Chartis
family of companies, currently including HealthScape Advisors,
Jarrard, and Greeley.
“Chartis was founded with the mission to help clients
fundamentally improve healthcare delivery across the United States.
Over the past 23 years, since our inception, great strides have
been made. Looking to the future, we are excited to do even more.
Blackstone shares our commitment to supporting industry leaders
across the healthcare landscape as they strive to make care in the
US more accessible, more affordable, more reliable, more equitable,
and more human for patients and caregivers,” say co-founders Ken
Graboys, CEO of Chartis, and Ethan Arnold, Managing Partner.
“Blackstone’s expertise, scale, and resources align well with
Chartis’ transformative vision for the future of the industry,”
said Greg Maddrey, President of Chartis. “This investment will
provide us with the resources to grow our organic offerings, expand
our capabilities, and further enhance our infrastructure. We are
excited about the future and confident that this partnership will
help us enable our clients to reshape healthcare for the
better.”
“The increasing complexity of the healthcare landscape has only
amplified the need for trusted partners like Chartis,” said Ram
Jagannath, a Senior Managing Director at Blackstone. “Ken, Ethan,
Greg, and their team have done a tremendous job building a leading
advisory business for their clients by serving as a strategic
thought partner that leverages next-generation technology and care
models. The company’s powerful mission-driven culture is a
testament to its impressive leadership and people. We look forward
to bringing the resources of Blackstone’s global platform to bear
to support Chartis’ continued growth.”
Since Audax’ 2019 investment, Chartis has acquired and
integrated seven add-on acquisitions, expanding the firm into
complementary capabilities and new end markets. During this period,
Chartis has also established several new centers for research and
advancement, which contribute to better understanding and
addressing healthcare where it is most vulnerable.
“Our investment in Chartis is emblematic of our Buy & Build
strategy, backing a first-class management team, understanding and
collaborating around their vision for growth, and bringing capital
and resources to bear to help the company execute on its
purpose-driven strategy,” said Audax Private Equity Partner and
Co-President Young Lee. “We sincerely thank Ken, Ethan, Greg, and
the rest of the Chartis team for their continued partnership.”
The transaction is expected to close by the end of 2024, subject
to customary closing conditions and regulatory approvals. Terms of
the transaction were not disclosed.
Lincoln International and BofA Securities served as financial
advisors, and Ropes and Gray and Winston & Strawn LLP served as
legal counsel to Chartis and Audax Private Equity. Goldman Sachs
& Co. LLC served as financial advisor and Kirkland & Ellis
LLP served as legal counsel to Blackstone.
About Chartis The challenges facing US healthcare are
longstanding and all too familiar. We are Chartis, and we believe
in better. We work with more than 900 clients annually to develop
and activate transformative strategies, operating models, and
organizational enterprises that make US healthcare more affordable,
accessible, safe, and human. With more than 1,000 professionals, we
help providers, payers, technology innovators, retail companies,
and investors create and embrace solutions that tangibly and
materially reshape healthcare for the better. Our family of
brands—Chartis, Jarrard, Greeley, and HealthScape Advisors—is 100%
focused on healthcare and each has a longstanding commitment to
helping transform healthcare in big and small ways. Learn more at
www.chartis.com.
About Blackstone Blackstone is the world’s largest
alternative asset manager. We seek to deliver compelling returns
for institutional and individual investors by strengthening the
companies in which we invest. Our more than $1 trillion in assets
under management include global investment strategies focused on
real estate, private equity, infrastructure, life sciences, growth
equity, credit, real assets, secondaries and hedge funds. Further
information is available at www.blackstone.com. Follow @blackstone
on LinkedIn, X (Twitter), and Instagram.
About Audax Private Equity Headquartered in Boston, with
offices in San Francisco, New York, and London, Audax Private
Equity is a capital partner for middle and lower middle market
companies that seeks to facilitate transformational growth through
its private equity and strategic capital strategies. With
approximately $19 billion of assets under management, over 270
employees, and 100-plus investment professionals, the firm has
invested in more than 170 platforms and 1,300 add-on acquisitions
since its founding in 1999. Through our disciplined Buy & Build
approach, across six core industry verticals, Audax helps portfolio
companies execute organic and inorganic growth initiatives that
fuel revenue expansion, optimize operations, and significantly
increase equity value. For more information, visit
www.audaxprivateequity.com or follow us on LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814816896/en/
Media Contacts
Chartis Amy Norwalk, Brand Manager
anorwalk@chartis.com
Thomas J. Rozycki, Jr. / John Perilli / Jack McCarthy Prosek
Partners for Chartis Pro-Chartis@prosek.com
Blackstone Matt Anderson matthew.anderson@blackstone.com
(518) 248-7310
Mariel Seidman-Gati mariel.seidmangati@blackstone.com (917)
698-1674
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