On Tuesday, BrightSpring Health Services (Nasdaq: BTSG) announced that its majority shareholder, the investment firm KKR & Co. (NYSE: KKR), plans to sell 14 million shares of BrightSpring stock through a secondary offering, with the option to sell up to an additional 2.1 million shares. 

KKR owns almost 93 million BrightSpring shares, representing 54.2% of the company’s outstanding stock, according to publicly available documents.

Louisville, Kentucky-based BrightSpring provides home- and community-based services, including home care, home health care and home-based primary care, for complex populations. It operates in all 50 states. The company went public in Jan. 2024. 

The news of the offering comes less than a year after it agreed to acquire 11.6 million shares from Walgreens Boots Alliance (Nasdaq: WBA).

KKR and a Walgreens Boots Alliance affiliate bought BrightSpring for $1.32 billion in 2019. 

Recently, Amedisys (Nasdaq: AMED) and UnitedHealth Group (NYSE: UNH) announced that they agreed to divest home health and hospice centers to affiliates of BrightSpring and the Pennant Group (Nasdaq: PNTG). Less than two weeks later, the divestiture was reportedly rejected by the U.S. Department of Justice (DOJ).

The divestiture attempt is part of a broader strategy to quell antitrust concerns regarding Amedisys’ and  UnitedHealth’s planned merger. 

On BrightSpring’s Q1 earnings call, President and CEO Jon Rousseau said that the planned deal with Amedisys and UnitedHealth was in line with BrightSpring’s larger acquisition philosophy. 

“We’ve been in a mode, for a couple of years, of largely doing tuck-ins that have been highly accretive at very attractive pro forma multiples,” he said.

In Q1, BrightSpring reported net revenue of $2.9 billion, a 26% year-over-year increase. Its provider services segment, which includes home health and personal care, brought in $346 million in Q1, a 12% year-over-year increase.