M&A Deal Summary

Experian Acquires Passport Health Communications

On November 21, 2013, Experian Plc acquired healthcare services company Passport Health Communications, Inc. from Outlier, Primus Capital Funds, Health Enterprise Partners LP, Spectrum Equity and Great Hill Partners for 850M USD

Acquisition Highlights
  • This is Experian’s 1st transaction in the Healthcare Services sector.
  • This is Experian’s 1st largest (disclosed) transaction.
  • This is Experian’s 20th transaction in the United States.
  • This is Experian’s 1st transaction in Tennessee.

M&A Deal Summary

Date 2013-11-21
Target Passport Health Communications, Inc.
Sector Healthcare Services
Buyer(s) Experian Plc
Sellers(s) Outlier
Primus Capital Funds
Health Enterprise Partners LP
Spectrum Equity
Great Hill Partners
Deal Type Add-on Acquisition
Deal Value 850M USD

Target

Passport Health Communications, Inc.

Franklin, Tennessee, United States
website
Passport Health Communications, Inc. (Formerly InterMed LLC) provides a comprehensive suite of administrative, clinical and financial solutions to improve the efficiency and accuracy of the revenue cycle process for more than 5,300 hospitals, physician practices and other healthcare providers.

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Buyer(S) 1

Buyer

Experian Plc

Dublin, Ireland

website


Category Company
Founded 1897
SectorInformation Services
Employees17,800
Revenue 5.2B GBP (2020)
DESCRIPTION

Experian is a global information services group with operations in 40 countries. The company now employs 17,000 people with corporate headquarters in Dublin, Ireland. Experian was founded in 1897 and is based in Dublin, Ireland.


DEAL STATS #
Overall 56 of 64
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 49 of 55
State (Tennessee) 1 of 2
Country (United States) 20 of 25
Year (2013) 3 of 3
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-01 The 41st Parameter, Inc.

Scottsdale, Arizona, United States

The 41st Parameter, Inc. offers FraudNet, a software solution that helps to identify and reduce fraud losses over the Internet.

Buy $324M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-22 Experian FootFall Ltd.

Solihull, United Kingdom

FootFall Ltd. is a provider of retail intelligence services to retailers and shopping centers in the United Kingdom and internationally.

Sell -

Seller(S) 5

SELLER

Outlier

Phoenix, Arizona, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
SizeSmall
Type Sector Agnostic
DESCRIPTION

True North Companies LLC is a private equity firm that invests in companies headquartered in the US. True North focuses on profitable companies with defensible market positions, high market share with revenues between $5 - $50 million. Specific areas of interest include manufacturing, marketing services and medical devices. Types of transaction include business acquisitions and MBO’s. True North Companies LLC was formed in 2006 and is based in Scottsdale, Arizona.


DEAL STATS #
Overall 1 of 1
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-19 Anmark, Inc.

Tempe, Arizona, United States

Anmark is a provider of highly specialized curvic grinding and dynamic balancing services to the aerospace, defense and power generation industries. Anmark was founded in 1978 and is based in Tempe, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-01 Realty Executives International, Inc.

Scottsdale, Arizona, United States

Realty Executives International, Inc. is a real estate agents that provide service to home buyers and sellers. Realty Executives International, Inc. was founded in 1965 and is based in Phoenix, Arizona.

Buy -
SELLER

Primus Capital Funds

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 19 of 38
Sector (Healthcare Services) 2 of 3
Type (Add-on Acquisition) 10 of 22
State (Tennessee) 1 of 3
Country (United States) 18 of 37
Year (2013) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 Emmi Solutions LLC

Chicago, Illinois, United States

Emmi Solutions LLC is a provider of comprehensive and interactive patient engagement solutions supporting healthcare providers and insurance carriers in delivering effective healthcare. Patient engagement solutions encourage patients to more actively participate in their healthcare, thereby improving outcomes and potentially reducing healthcare costs. Emmi’s offerings are a natural extension to our existing Clinical Solutions portfolio, in particular to UpToDate in decision support and Lexicomp and Medi-Span in drug information.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-16 Revol WirelessCleveland Unlimited LLC (bda Revol)

Independence, Ohio, United States

Revol Wireless is a privately held, wireless communications provider that is headquartered in Independence, Ohio, a suburb of Cleveland. Revol Wireless offers unlimited wireless service to any phone number – wireless or landline – for one flat monthly rate – without requiring long-term contracts or deposits.

Sell -
SELLER

Health Enterprise Partners LP

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 425M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Health Enterprise Partners is a private equity firm focused on the healthcare technology, tech-enabled services, and healthcare services. Specific areas of interest include behavioral health IT, consumer engagement platforms, data security, genomics data analytics, payor services, tech-enabled substance abuse management, social determinants of health, and virtual care. The Firm generally pursues growth equity investments and small buy-and-builds. Health Enterprise Partners was formed in 2006 and is headquartered in New York City.


DEAL STATS #
Overall 8 of 17
Sector (Healthcare Services) 5 of 7
Type (Add-on Acquisition) 6 of 14
State (Tennessee) 2 of 3
Country (United States) 8 of 17
Year (2013) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-18 MDX Medical, Inc.

Lyndhurst, New Jersey, United States

Sapphire Digital is a proprietary provider database to create an online portal that provides detailed information, quality metrics, and patient reviews for most physicians in the United States. Sapphire Digital was founded in 2007 and is based in Lyndhurst, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-07 AllyAlign Health, Inc.

Glen Allen, Virginia, United States

AllyAlign Health, Inc. is a care management company focused on improving clinical and financial outcomes for nursing home residents and post-acute patient populations. AllyAlign connects facilities, providers, and home and community-based services through centralized care teams and a common care management platform. AllyAlign Health was founded in 2013 and is based in Glen Allen, Virginia.

Buy -
SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 37 of 63
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 24 of 39
State (Tennessee) 2 of 2
Country (United States) 34 of 56
Year (2013) 5 of 5
Size (of disclosed) 10 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-14 BATS Global Markets, Inc.

Lenexa, Kansas, United States

BATS Global Markets, Inc. (BATS) is a operator of securities markets, serving the needs of customers in the U.S. and European equities and listings industries, as well as the U.S. options market. The company recently merged with Direct Edge Holdings LLC and is focused on Making Markets Better for traders, investors and issuers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-08 MedHOK, Inc. (Medical House of Knowledge)

Tampa, Florida, United States

MedHOK, Inc. is a provider of software-as-a-service (SaaS) solutions for health plans offered by insurance companies, health systems and companies that administer drug benefits.

Buy -
SELLER

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 8.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Great Hill Partners is a private equity firm focused on growth equity and recapitalization investments in well established public and private companies valued put to $1 billion. Great Hill targets companies within consumer services, business services, financial technology, healthcare, internet, logistics, media, communications, technology services, software and transaction processing. The Firm invests in the range of $25 to $500 million per transaction. Great Hill prefers companies located in the US, but will also consider opportunities in Europe and Latin America. Great Hill Partners was formed in 1993 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 21 of 54
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 16 of 33
State (Tennessee) 1 of 3
Country (United States) 17 of 46
Year (2013) 1 of 1
Size (of disclosed) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 The Shade Store LLC

Port Chester, New York, United States

The Shade Store is an omni-channel provider of custom window treatments in the United States with over 60 showrooms nationwide. The Shade Store offers a complete range of design, manufacturing, measuring and installation services for both consumers and design professionals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-03 DealerRater.com LLC

Waltham, Massachusetts, United States

DealerRater.com LLC is a consumer review website focused on the auto dealer vertical. DealerRater's platform allows consumers to search for car dealerships, read and write reviews, and find deals on new and used cars.

Buy -