Agiliti, which provides medical equipment rental and maintenance services, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Agiliti believes it is one of the leading experts in the management, maintenance, and mobilization of medical devices, offering a comprehensive suite of medical equipment management and service solutions. Its customer base includes approximately 7,000 active national, regional, and local acute care hospitals, health system integrated delivery networks, and alternate site providers. The company delivers its solutions through its nationwide network of 98 service centers and 7 Centers of Excellence. Its fees are paid directly by its customers rather than by direct reimbursement from third-party payors.
Formerly Agiliti Health, Agiliti's holding company merged with Thomas H. Lee Partners' SPAC Federal Street Acquisition (FSAC) in 2019 to form Agiliti, Inc. FSAC and Agiliti waived the closing condition that would have required Agiliti to be listed on the Nasdaq following the merger, and as such, Agiliti was not be listed at closing of the transaction.
The Minneapolis, MN-based company was founded in 1939 and booked $773 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol AGTI. BofA Securities, Goldman Sachs, Morgan Stanley, BMO Capital Markets, Citi, Jefferies, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
