Houlihan Lokey Advises Workplace Options

Houlihan Lokey is pleased to announce that Workplace Options (WPO), a portfolio company of WindRose Health Investors, LLC (WindRose), has been acquired by TELUS Health, a division of TELUS Corp. (TELUS) (TSX:T; NYSE:TU), for approximately $425 million. The transaction closed on May 1, 2025.

WPO is a leading, independent global provider of employee wellbeing solutions, including clinical counseling and therapy, work-life consulting, and other wellness and coaching services. Headquartered in Raleigh, North Carolina, WPO serves more than 88 million employees across 127,000 organizations in over 200 countries across the globe. The company leverages a premier network of nearly 90,000 credentialed providers and delivers comprehensive, tailored solutions through 50+ global offices and service centers. Within the U.S., WPO provides white label services through contracted reseller partners, health insurers, Employee Assistance Programs (EAPs), and health and benefit plan platforms. Outside of the U.S., WPO serves employers directly as an EAP.

WindRose is a leading global private equity firm with more than $3.6 billion of capital under management. Based in New York, WindRose specializes in making equity investments in companies that operate within the services sectors of the healthcare industry. WindRose focuses on companies with profitable business models and has successfully implemented improved processes and technology within its portfolio companies to enable growth and new customer expansion. Since its founding in 2000, WindRose has completed more than 100 transactions. The firm’s current portfolio includes 20 companies that together employ more than 14,000 individuals worldwide.

TELUS Health is a global wellbeing leader, providing digital innovation and comprehensive support services that aim to improve total wellbeing, including physical, mental, and financial health, across the full spectrum of primary and preventive care. TELUS Health’s acquisition of WPO will significantly enhance its employee wellbeing platform by broadening both its product offering and provider network. Together, the combined organization will cover more than 150 million lives. As part of the acquisition, GTCR will invest $200 million, bringing strategic healthcare industry expertise to accelerate TELUS Health’s global growth and innovation. TELUS Health operates as one of five main segments of TELUS, alongside Consumer Solutions, Business Solutions, TELUS International, and TELUS Agriculture & Consumer Goods.

Houlihan Lokey served as the exclusive financial advisor to WPO.

This transaction further highlights Houlihan Lokey’s leadership in the payor services and employer-sponsored healthcare sector, becoming its eighth closed M&A transaction within the space in the past 12 months. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world and was ranked by LSEG (formerly Refinitiv) as the No. 1 M&A advisor for global healthcare transactions under $1 billion in 2024 by deal volume.*

*Excludes accounting firms and brokers.

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