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September 1, 2023 :TPG Capital, a private equity firm, has acquired Crowe’s healthcare consulting unit for an undisclosed amount. The deal comes after EY, a global professional services network, failed to acquire the unit in a $2 billion deal earlier this year.
Crowe’s healthcare consulting unit provides various services to healthcare organizations, including financial reporting, revenue cycle management, and risk and compliance. The unit has more than 350 employees and generates annual revenue of over $100 million.
TPG said it plans to invest in the Crowe healthcare consulting unit and grow its business. The firm is “committed to supporting the company’s growth and helping it deliver innovative solutions to its clients.”
The acquisition of Crowe’s healthcare consulting unit is a major coup for TPG. The firm has been expanding its healthcare portfolio in recent years, and this deal is a sign of its continued commitment to the sector.
The deal is also a setback for EY. The firm had hoped to acquire Crowe’s healthcare consulting unit as part of its plans to spin off its consulting business. However, the deal did not materialize due to objections from EY’s audit partners.
