Envision Healthcare Holdings (EVHC) prices its secondary public offering of 27.5M shares of common stock at $34.00 per share. Underwriters over-allotment is 4.125M shares. All shares are being offered by investment funds sponsored by or affiliated with Clayton, Dubilier & Rice LLC.
Envision will not receive any proceeds from the offering.
Envision Healthcare Holdings (EVHC +0.1%) division EmCare acquires Phoenix Physicians LLC. Phoenix provides services to 21 hospitals in six states. Its 500 affiliated clinicians provide ER, urgent care facility, adult and pediatric hospitalist, OB/GYN and high risk perinatal services in FL, NC, NJ, AR, OH and VA. Financial terms are not disclosed.
Recently public Envision Healthcare (EVHC) gets a bevy of new coverage.
Goldman starts the shares at Neutral (price target $26) noting that the although the company "has demonstrated the ability to grow both organically and through industry roll-up ... much of the upside from its multiple growth drivers [is] currently priced into its stock."
Deutsche initiates at Buy (price target $31) citing EVHC's market leading position in "hospital-based physician outsourcing and medical transportation [as well as its status] as an innovator in the post-acute care management space."
Cantor starts the shares at Buy, saying EVHC's "businesses are highly complementary" and noting that "the company will continue to grow as the population ages, cost pressures increase the percentage of these businesses that are outsourced, and the industry consolidates."
Envision Healthcare Holdings Inc provides physician-led, outsourced medical services in the United States with more than 20,000 affiliated clinicians. The Company operates in two business segments: EmCare and AMR.