RedBrick Health, a health-tech startup with one of Minnesota's highest venture-backed valuations, may have been acquired by California private equity firm Marlin Equity Partners in a deal worth at least $84 million.
At the end of April, Marlin filed paperwork with the U.S. Federal Trade Commission in connection with the transaction, listing RedBrick Health as the "acquired party."The filing's status is labeled as "granted." A deal must be worth at least $84 million to go through the agency's pre-merger notification process.
Minneapolis-based RedBrick contracts with employers to offer health-screening tools and wellness services to employees. Prior to founding RedBrick, a handful of the company's leaders started Definity Health, which was later sold to UnitedHealth Group.
RedBrick was founded in 2006, and has since raised millions in venture capital from investors like Versant Ventures, Fidelity Ventures and Highland Capital Partners. Last year, the company was valued at around $143 million ahead of a $5 million round of funding in 2017, according to data from PitchBook.
A sale to Marlin would put an end to speculation that RedBrick might pursue and initial public offering, something the company hinted at several years back. Based in Hermosa Beach, California, Marlin has previously invested in Minnesota tech companies. It has more than $6.7 billion in capital under management.
RedBrick declined to comment to the Business Journal about the transaction. A spokesperson for Marlin couldn't immediately be reached for comment.
