Tivity Health goes private in $2 billion deal

[ad_1]

Tivity Health, a Franklin, Tennessee-based consumer health company, announced it will be purchased by private equity firm Stone Point Capital for $2 billion.

The transaction with Greenwich, Connecticut-based Stone Point, which is expected to close in the third quarter, will end more than 30 years as a publicly held company under various names.

Stockholders of Tivity will receive $32.50 per share. Richard Ashworth will stay on as CEO and the company will also maintain its Tennessee headquarters.

Tivity, which was known as Healthways until 2017, has spent the last few years virtualizing its Silver Sneakers fitness and wellness program. Through partnerships with health insurance companies and fitness centers, Tivity offers Medicare enrollees both in-person and virtual classes and wellness programs.

Download Modern Healthcare’s app to stay informed when industry news breaks.

The company took a financial hit when it bought Nutrisystem, a nutrition and weight management company, for $1.3 billion in December 2018, only to sell it for less than half of that less than two years later. The company also felt the sharp decline of in-person fitness center visits during the pandemic. Year-end revenue in 2021 was $481 million compared with $633 million in 2019. 

Ashworth, a former Walgreens executive, came on board in June 2020 to help accelerate a shift towards digital. In 2021, the company had 3.4 million virtual fitness and wellness visits, twice as many as the year before. Half of the people who joined Silver Sneakers virtually were new to the program.  

[ad_2]

Source link

slot gacor slot gacor togel macau slot hoki bandar togel slot dana slot mahjong link slot link slot777 slot gampang maxwin slot hoki slot mahjong slot maxwin slot mpo slot777 slot toto slot toto situs toto toto slot situs toto situs toto situs toto situs toto slot88 toto slot slot gacor thailand slot bet receh situs toto situs toto slot toto slot situs toto situs toto situs toto situs togel macau toto slot slot demo slot pulsa slot pragmatic situs toto deposit dana 10k surga slot toto slot link situs toto situs toto slot situs toto situs toto slot777 slot gacor situs toto slot slot pulsa 10k toto togel situs toto slot situs toto slot gacor terpercaya slot dana slot gacor pay4d agen sbobet kedai168 kedai168 deposit pulsa situs toto slot pulsa situs toto slot pulsa situs toto situs toto situs toto slot dana toto slot situs toto slot pulsa toto slot situs toto slot pulsa situs toto situs toto situs toto toto slot