Multiple entities affiliated with KKR, including KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., and KKR Management LLP, along with founding partners Henry R. Kravis and George R. Roberts, reported the sale of BrightSpring Health Services, Inc. (NASDAQ:BTSG) common stock totaling approximately $857.5 million. The transactions occurred on June 5, 2026. The sale comes as BrightSpring shares have surged 144% over the past year, trading at $57.40 with a market capitalization of $11.81 billion. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value, which may have influenced the timing of KKR’s decision to reduce its position.
The KKR-affiliated entities disposed of 14,669,771 shares of BrightSpring Health Services common stock at a price of $58.453 per share. This price represents the net amount received per share from an underwritten public offering. Following this sale, the KKR-affiliated entities indirectly hold 27,154,488 shares of common stock. The reporting persons are considered ten percent owners of BrightSpring Health Services.
In addition to the sale, KKR Phoenix Aggregator L.P. and certain affiliates distributed 324,608 shares of common stock as in-kind distributions to their respective partners and shareholders. These distributions were made for the purpose of the ultimate recipients making charitable donations of the shares. Subsequently, Mr. Kravis donated 36,927 shares and Mr. Roberts donated 23,263 shares, both received from the aforementioned in-kind distributions. These distributions and donations were reported at a price of $0 per share. The reporting persons disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest.
In other recent news, BrightSpring Health Services announced a secondary offering by certain stockholders, which includes an affiliate of Kohlberg Kravis Roberts & Co. L.P. and certain members of management. The offering involves 15 million shares of common stock priced at $58.75 per share. BrightSpring will not sell any shares in this offering and will not receive any proceeds from the sale. Meanwhile, Morgan Stanley has raised its price target for BrightSpring Health Services to $71, maintaining an Overweight rating. This adjustment reflects a higher target multiple based on projected 2027 EBITDA. Similarly, BMO Capital increased its price target to $70, citing the significance of generic drug conversions for the company’s Pharmacy segment. Despite the positive outlook from analysts, BrightSpring’s stock experienced a decline following the announcement of the secondary offering.