Nox Health, the global sleep health leader and parent company of Nox Medical, announced today a strategic growth investment from Vestar Capital Partners, a leading U.S. middle-market private equity firm. The investment will help Nox accelerate development of its sleep diagnostic technology and services, and adoption of its value-based comprehensive sleep management solutions for employers and health plans. Financial terms of the investment were not disclosed.
“We are delighted to welcome Vestar as a strategic investment partner to help us accelerate our growth. We were looking for a partner with relevant and credible experience and found it in Vestar,” said Nox Health CEO Sigurjon Kristjansson. “Today’s fee for service healthcare economy places the onus on the consumer to navigate a gated health care experience — especially detrimental to sleep health. At Nox, we enable a consumer-centric experience, leveraging our state-of-the-art technology portfolio and value-based sleep management solutions to simplify access, reduce costs and improve health outcomes.”
“Lack of sleep is a silent killer. Sleep disorders are comorbid with seven of the 15 leading causes of death,” said Roger Holstein, Managing Director at Vestar Capital Partners. “Nox is not only a global leader in the science of sleep diagnostics, but it has also created a value-based, comprehensive sleep care management program which fulfills all the objectives of the healthcare ‘Triple Aim’ — a frictionless member experience, with demonstrated health outcomes at a measurably lower cost. We are excited to partner with Sigurjon and the entire Nox team to accelerate the Company’s mission and help millions of people wake up to a brighter world.”
“Sleep is an attractive healthcare category with sustainable long-term growth tailwinds and significant unmet demand,” said Mike Vaupen, Managing Director at Vestar Capital Partners. “Nox has built a differentiated and market-leading set of diagnostic devices, workflow software, and value-based care management services that support a patient’s entire sleep care journey. We look forward to supporting the Company in its next phase of growth.”
Canaccord Genuity served as financial advisor to Nox Health, and Bryan Cave Leighton Paisner LLP acted as its legal counsel. Solomon Partners served as financial advisor to Vestar, and Kirkland & Ellis LLP provided legal counsel.
About Nox Health
Nox Health is a global sleep health leader on a mission to improve the health of populations through better sleep. Every year, more than three million people in 50 countries benefit from Nox products and services. Headquartered in Atlanta, Georgia, and with operations in Reykjavík, Iceland and Denver, Colorado, Nox provides a range of solutions from comprehensive sleep diagnostic technology for providers to value-based comprehensive sleep management programs for self-insured employers and payers. For more information on Nox, please visit www.noxhealth.com.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm specializing in management buyouts and growth capital investments. Vestar invests and collaborates with management teams and private owners to build long-term enterprise value, with a focus on Consumer, Business & Technology Services and Healthcare. Since inception in 1988, Vestar funds have invested $11 billion in 90 companies – as well as more than 200 add-on acquisitions – with a total value of approximately $52 billion. For more information on Vestar, please visit www.vestarcapital.com.