Concentra Group Holdings Parent, an occupational health services provider being spun out of Select Medical, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Concentra states that it is the largest provider of occupational health services in the US by number of locations. As of March 31, 2024, the company operated 547 stand-alone occupational health centers in 41 states, and 151 onsite health clinics at employer worksites in 37 states. It has also expanded its reach via its telemedicine program, serving 43 states and the District of Columbia. Concentra's network of approximately 11,000 colleagues and affiliated physicians and clinicians supported the delivery of services to more than 50,000 patients each business day on average during 2023.
The Addison, TX-based company was founded in 1979 and booked $1.8 billion in revenue for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol CON. Concentra Group Holdings Parent filed confidentially on March 11, 2024. J.P. Morgan, Goldman Sachs, BofA Securities, Deutsche Bank, Wells Fargo Securities, Mizuho Securities, RBC Capital Markets, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
