As a mitigant Press Ganey has been able to delever after the acquisitions, driven by earnings growth. This new acquisition follows the acquisition of two online reputation management platforms, which was completed in late 2020 for approximately $240 million and was also funded partially with debt. The company has aggressive financial policies and a tolerance for high leverage and a history of debt funded acquisitions.
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This acquisition expands the client base for Press Ganey and represents an additional revenue stream.Press Ganey's credit profile is constrained by elevated leverage (9.9x as of the end of 2020 and pro forma for the incremental term loan). The instrument ratings are unchanged as a result of the transaction as well and remain at B2 for the 1st lien credit facilities.The acquisition will complement Press Ganey's business and will position the company to solve a range of problems healthcare organizations face under value-based care models. The acquisition is funded largely by preferred and common equity with approximately 56% of the purchase price funded with the equity. Press Ganey's leverage at end of 2020 was 9.9x (Moody's adjusted). The transaction is leverage neutral assuming partial credit to synergies identified. The incremental term loan is an add-on to the company's existing $1.4 billion senior secured first lien term loan due 2026 and will be used, along with new preferred equity, common equity and cash on the balance sheet to fund an acquisition consistent with Press Ganey's strategy to help healthcare organizations provide better patient experience and improve the overall safety, quality and efficiency of services provided.
Announcement: Moody's says Press Ganey's ratings are unaffected by $180 million first-lien term loan add-onGlobal Credit Research - New York, Ap- Moody's Investors Service, ("Moody's") said that Azalea TopCo, Inc.'s (dba Press Ganey), proposed $180 million incremental term loan issuance does not affect the ratings. To participate in the survey or for further questions, please email. The next set of rankings will be published in September 2021. Annual Feed Strategy World’s Top Feed Companies surveyįeed Strategy World’s Top Feed Companies edition includes rankings of the feed producing companies throughout the world.
The profiles include, where available, annual feed tonnage, number of feed mills, geographic markets served, key product categories and headquarters location. It offers information on more than 180 feed producing companies from around the world. The database can also be used to sort by region, country or key product category. Learn more about the world’s top feed integratorsįor more feed integrator insights, access the world’s leading feed producers database and filter by “Integrator” to look up individual company profiles. Top 10 feed producers worldwide, ranked by annual feed production (x 1,000 metric tons) Top 10 feed integrators worldwide, ranked by annual feed production (x 1,000 metric tons)Ĭompanies in the top 10 feed producers worldwide rankings (see below) that are not integrators are: Land O’Lakes, Wen’s Food Group, Haid Group and ForFarmers N.V.
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