PROVIDENCE – Virgin Pulse will be acquired by private equity firm Marlin Equity Partners, and will merge with Minneapolis-based RedBrick Health, Virgin Pulse announced Monday.
Details of the acquisition were not provided, but the company said in a press release the acquisition is from Virgin Pulse’s prior investors, identifying Insight Venture Partners specifically.
RedBrick Health and Virgin Pulse will operate under the Virgin Pulse name out of Virgin Pulse’s Providence headquarters. The brands will continue to operate separately, and the organization will maintain a “major office” in Minneapolis and a coaching center in Phoenix, among other locations.
“We are thrilled to join with RedBrick to set a new vision and standard for employee health, well-being and engagement,” said Virgin Pulse CEO David Osborne in a statement. Osborn will serve as CEO of the combined company. “Bringing RedBrick’s live and digital coaching and benefits navigation together with Virgin Pulse’s mobile-first, daily engagement platform allows us to deliver the industry’s only global, one-stop shop for employees and employers. As first movers in this space, and with substantial investment from our new partner, Marlin Equity Partners, we are well-positioned to execute an aggressive growth strategy and change even more lives around the world for good.”
Marlin Equity Partners announced it was acquiring RedBrick in April.
“Our investment, which brings together two leaders in the health and well-being market, underscores our strong belief in the potential to transform this highly fragmented industry,” said Michael Anderson, a managing director at Marlin Equity Partners, in a statement.
Virgin Pulse remains part of Sir Richard Branson’s Virgin Group. The combined Virgin Pulse company will have about 3,300 clients including public-sector organizations, health plans, universities and work with more than 20 percent of the Fortune Global 500 companies, the company said.
According to Marlin Equity Partners, the firm is a “global investment firm with over $6.7 billion of capital under management, focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs.” The firm is headquartered in Los Angeles.
According to the company, Virgin Pulse clients will be able to access RedBrick Health’s health assessments, live and digital coaching and benefits navigation through the Virgin Pulse framework by the end of 2018.
The merger is expected to close by the end of May.
Chris Bergenheim is the PBN web editor.
