Cardinal Health (NYSE: CAH) does a lot of business with private equity firms, but usually as an acquirer, not a seller. In August 2015, Cardinal acquired NaviHealth from Welsh, Carson, Anderson & Stowe for $290 million. In June 2018, it sold a 55% stake in NaviHealth to Clayton, Dublier & Rice for an undisclosed amount.

Cardinal’s initial stake was just 71% in 2015, but it added another 17% share in 2017 for $103 million. It will retain an approximately 45% interest in the company, and will have a call right to reacquire the business. The company said it would realize proceeds of $650 million after tax.

Back in 2015, NaviHealth offered software and analytics products to help health systems and insurers manage post-acute care bundled payments. Now, it is the largest manager of post-acute benefits for health plans and a leading value-based care partner to health systems and providers, currently serving more than 2 million insured members and manages care transactions for approximately 800 acute hospitals and 11,000 post-acute care facilities nationwide.

NaviHealth annouced two acquisitions in the ensuing years. In December 2015, it acquired RightCare Solutions, Inc., a discharge decision platform for hospitals and health systems to assess patients for post-acute care needs and determine their risk of readmission. It licenses its software to hospitals, health systems and post-acute care providers. No price was disclosed.

In April 2016, NaviHealth acquired Curaspan Health Group, provider of care transition tools for hospitals and post-acute care providers. Its customer base at the time consisted of more than 600 hospitals and more than 8,000 post-acute care providers. Financial terms were not disclosed.