News & Insights

ParetoHealth eyes $6bn sale, direct lenders look to port debt

News & Analysis

ParetoHealth eyes $6bn sale, direct lenders look to port debt

Shubham Saharan, Gregory Rosenvinge and Bill Weisbrod18 Sept 2026 | US | 1 minute read

Warburg Pincus and Great Hill Partners are exploring a sale of medical benefits group manager ParetoHealth which could value the company at around $6bn, according to 9fin sources.

The company is working with JP Morgan on the sale process, sources said. It is generating nearly $300m of EBITDA and could be valued a multiple of more than 20x, the sources added.

ParetoHealth currently has over $1.5bn of debt, according to sources. The debt is provided by lenders including HPS, Morgan Stanley, Golub and Antares, and is priced at SOFR+500bps, according to 9fin’s BDC database.

Earlier this year, the company completed a recapitalization that made its debt portable, sources added. The company’s lenders are looking to keep the debt in place in the event of a sale, they said.

Headquartered in Philadelphia, ParetoHealth pools small and mid-sized businesses together to help them access more affordable employee healthcare coverage.

Great Hill Partners, JPM, Morgan Stanley, Golub and ParetoHealth did not respond to requests for comment. Warburg, HPS and Antares declined to comment.

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