Bain Capital Private Equity is raking in another major acquisition. PartsSource, a fully digital, medical equipment replacement marketplace, has signed a definitive agreement to operate under the Bain umbrella. The company will use Bain’s investment to expand its own solutions portfolio, in addition to fleshing out its marketplace presence and overall path of business development. PartSource’s present management roster, including President and Chief Executive Officer Philip Settimi, MSE M.D., will remain intact during the transition.
With headquarters in Cleveland, Ohio, PartsSource has made a name for itself in the B2B medtech sector. It has grown to become the largest online marketplace for U.S. healthcare technology substitution services. The company provides hospitals and medtech vendors with a collection of cloud-based software and sales forum tools to simplify the process of procuring hot-ticket medtech items with quick turnaround. The PartsSource platform connects over 3,500 hospitals and 15,000 clinics with around 2,000 repair specialists and 6,000 emergency medical services offices nationwide in a unified network. PartSource’s service repair solutions marketplace, introduced last year, earned the Business Intelligence Group’s 2021 BIG Innovation Award.
The Bain Capital deal is projected to close sometime during the third quarter of 2021, and its debt financing will be handled by Blue Owl Capital. The financial particulars of this private purchase from owner GreatHill Partners were not disclosed at the time of this publication.
