In $2.7 Billion Deal, Ropes & Gray Advises Bain Capital in the Sale of Majority Stake in Waystar to EQT and CPPIB

A Ropes & Gray team advised Bain Capital Private Equity in its agreement to sell a majority equity stake in Waystar to the EQT VIII Fund and Canada Pension Plan Investment Board (CPPIB), a transaction valued at $2.7 billion that will see Bain Capital retain a minority stake in the business. The announcement is the most recent development in a series of deals led by Bain Capital on which Ropes & Gray has advised. It includes Bain Capital’s 2016 investment in Navicure, the 2017 merger of Navicure with ZirMed to form Waystar and various strategic bolt-on acquisitions. Waystar is a leading cloud-based provider of revenue cycle technology used by more than 450,000 healthcare providers from the largest health systems and hospitals to physician offices and non-acute care practices.

The team advising Bain Capital in the transaction is led by private equity partner Bill Mone and includes tax partner Amanda Holt, finance partner Byung Choi, benefits partner Jennifer Rikoski and labor & employment partner Megan Bisk (all of Boston).