M&A Deal Summary

LLR Partners Acquires Azalea Health

On March 2, 2021, private equity firm LLR Partners acquired information technology company Azalea Health from Kayne Anderson Capital Advisors

Acquisition Highlights
  • This is LLR Partners’ 27th transaction in the Information Technology sector.
  • This is LLR Partners’ 106th transaction in the United States.
  • This is LLR Partners’ 3rd transaction in Georgia.

M&A Deal Summary

Date 2021-03-02
Target Azalea Health
Sector Information Technology
Buyer(s) LLR Partners
Sellers(s) Kayne Anderson Capital Advisors
Deal Type Secondary Buyout

Target

Azalea Health

Atlanta, Georgia, United States
Azalea Health is a provider of fully integrated, technology-enabled healthcare solutions and Revenue Cycle Enhancement services for practices of all sizes and most specialties. Azalea’s comprehensive portfolio includes integrated electronic health records, practice management, electronic prescribing, interoperability services, personal health records, patient portal, telehealth, Azalea M mobile platform integrated with Apple® HealthKit, as well as Revenue Cycle Performance services. Azalea Health is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

LLR Partners

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

LLR is a private equity firm that makes growth capital, buyout, and recapitalization investments in mid-sized growth companies with sustainable competitive advantages. LLR looks to invest $30 to $150 million per transaction and will consider both control and minority situations. Target companies generally have at least $10 million in annual sales and are valued up to $250 million. Broad industry sectors of interest include general business services, financial services, healthcare services, education, manufacturing, consumer/retail and information technology/software. LLR will consider investments throughout the US with an emphasis on opportunities located in the Eastern and Mid-Atlantic regions of the US. LLR Partners was formed in 1999 and is based in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 107 of 127
Sector (Information Technology) 27 of 28
Type (Secondary Buyout) 10 of 16
State (Georgia) 3 of 4
Country (United States) 106 of 126
Year (2021) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Salute Mission Critical

Franklin, Wisconsin, United States

Salute Mission Critical is an IT Data Center Lifecycle services company that recruits and trains military veterans to become world-class technicians. The company deploys, manages, and decommissions data center sites with consistently high-quality results. Salute Mission Critical is based in Franklin, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-08 Eyewitness Surveillance

Hanover, Maryland, United States

Eyewitness Surveillance provides remote, interactive security surveillance and monitoring services to commercial businesses and currently specializes in automotive dealerships. Eyewitness installs digital cameras and a two-way audio system at the client site and then monitors the properties remotely from its in-house central station. Eyewitness Surveillance was founded in 2004 and is based in Hanover, Maryland.

Sell -

Seller(S) 1

SELLER

Kayne Anderson Capital Advisors

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1984
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kayne Anderson Capital Advisors is an alternative investment management firm focused on hedge funds, public funds, energy private equity, growth private equity, real estate private equity, and mezzanine finance opportunities. Kayne's energy private equity group focuses on $20 to $100 million investments in high-growth exploration and production, midstream and oilfield service companies. The energy group considers both majority or minority stakes in public and private businesses. Kayne's growth private equity practice involves structured investments in public and private companies looking for capital to finance expansion. This group will also consider middle-market leveraged transactions and management buyouts. Kayne's real estate private equity group invests in established, cash-flow generating projects. Areas of interest include student housing and campus-oriented retail properties, amongst other opportunistic investments. The Group looks for acquisitions of $25 to $100 million. Kayne's mezzanine team looks to provide $20 to $35 million of capital for mid-market businesses with $100 to $500 million of sales and $10 to $50 million of EBITDA. Kayne Capital Advisors was formed in 1984 and is based in Los Angeles with additional offices in Armonk, New York; New York City, and Houston.


DEAL STATS #
Overall 72 of 85
Sector (Information Technology) 5 of 6
Type (Secondary Buyout) 8 of 11
State (Georgia) 1 of 1
Country (United States) 62 of 73
Year (2021) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-31 Grenadier Energy Partners II

The Woodlands, Texas, United States

Grenadier Energy Partners II is a private exploration and production company that focuses on a balanced strategy of lease and drill opportunities with significant resource potential, as well as acquisitions with identifiable exploitation and development upside. Grenadier Energy Partners II was founded in 2012 and is based in The Woodlands, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-31 rfXcel

Reno, Nevada, United States

rfXcel is a provider of SaaS based track and trace solutions that enables customers to protect patients and meet their compliance needs while getting insights and visibility into their supply chain. Its relentless commitment to customer success and continuous innovation ensures that customers meet their requirements and protect those who depend on them. rfXcel was founded in 2003 and is based in Reno, Nevada.

Sell $120M