Could the Ocean State finally have a "unicorn" company — a privately owned organization valued at a billion or more — to call its own?
It will if Marlin Equity Partners has anything to do with it. The Los Angeles and London-based firm has reportedly begun looking for buyers for Virgin Pulse, the employee wellness company headquartered in Providence. According to some sources close to the matter in a PE Hub report, the deal could value the company at more than $2 billion.
Marlin brought on Morgan Stanley to advise on the forthcoming transactions, which are set to begin next month. Financial sponsors and strategics are set to be "in the mix."
A report on the move states that insurance carriers or health carriers could be potential strategic buyers — and that the sale could serve as a decent return for Marlin.
The private equity firm purchased Virgin Pulse in May 2018, simultaneously merging it with an industry rival, Minneapolis-based RedBrick Health. Terms of that deal were not disclosed.
Founded in 2004, Virgin Pulse made headlines in 2017 for moving its Framingham, Mass. headquarters south to Providence. The company was previously backed by Insight Partners and Virgin Group. While it hasn't made big fundraising headlines since its $92 million round in 2015, the company has made acquisitions of five health-related startups. The most recent of those moves was in early January, when Virgin Pulse acquired global digital therapeutics BlueMesa for an undisclosed amount.
Neither Virgin Pulse nor Marlin Equity Partners responded to Rhody Inno's requests for comment.
