M&A Deal Summary

R1 RCM Acquires Intermedix

On May 8, 2018, R1 RCM Inc. acquired information technology company Intermedix Corp. from Kayne Anderson Capital Advisors LP, Thomas H. Lee Partners, Crescent Capital Group LP and Audax Private Debt

Acquisition Highlights
  • This is R1 RCM’s 1st transaction in the Information Technology sector.
  • This is R1 RCM’s 1st transaction in the United States.
  • This is R1 RCM’s 1st transaction in Florida.

M&A Deal Summary

Date 2018-05-08
Target Intermedix Corp.
Sector Information Technology
Buyer(s) R1 RCM Inc.
Sellers(s) Kayne Anderson Capital Advisors LP
Thomas H. Lee Partners
Crescent Capital Group LP
Audax Private Debt
Deal Type Add-on Acquisition

Target

Intermedix Corp.

Fort Lauderdale, Florida, United States
website
Intermedix is a provider of healthcare information technology based business services to emergency providers. Intermedix was founded in 1983 and is based in Fort Lauderdale, Florida.

Search 163,238 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

R1 RCM Inc.

Chicago, Illinois, United States

website


Category Company
Founded 2003
SectorInformation Services
Employees19,000
Revenue 1.3B USD (2020)
DESCRIPTION

R1 RCM is a provider of services and technology to healthcare providers. The Company helps clients strengthen their financial stability and deliver better care at a more affordable cost to the communities they serve, increasing healthcare access for all. R1 RCM was formed in 2003 and is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 5
Sector (Information Technology) 1 of 3
Type (Add-on Acquisition) 1 of 4
State (Florida) 1 of 1
Country (United States) 1 of 5
Year (2018) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-01 SCI Solutions, Inc.

Seattle, Washington, United States

SCI Solutions, Inc. improves the health of the health system by operating the industry’s largest EHR-agnostic care coordination marketplace, enabling patients, health plans, referring providers and rendering provider facilities to securely navigate, communicate and transact digitally in more than 400 geographic markets. With its digital engagement solutions, SCI enables health enterprises to offer a consumer-friendly digital front door, giving patients and their providers improved choice and convenience.

Buy -

Seller(S) 4

SELLER

Kayne Anderson Capital Advisors LP

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1984
PE ASSETS 8.6B USD
SizeMega
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 55 of 74
Sector (Information Technology) 3 of 4
Type (Add-on Acquisition) 22 of 29
State (Florida) 1 of 2
Country (United States) 48 of 66
Year (2018) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 Elevate Services, Inc.

Los Angeles, California, United States

Elevate Services is a global law company, providing consulting, technology and services to law departments and law firms. The company's team of lawyers, engineers, consultants and business experts extend and enable the resources and capabilities of customers worldwide. Elevate is the most-used law company according to the 2017 State of the Industry Survey published by the Corporate Legal Operations Consortium (CLOC) and has been ranked as a top global law company by Chambers & Partners for the past four years in a row. Elevate Services was founded in 2011 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-16 Circle Cardiovascular Imaging Inc.

Calgary, Alberta, Canada

Circle Cardiovascular Imaging enables cardiologists to view and analyze cardiac images. With Circle’s software, physicians read images more accurately and efficiently, improving patient outcomes and physician productivity. Circle Cardiovascular Imaging was founded in 2007 and is based in Calgary, Alberta.

Buy -
SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1974
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners, LP (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. Thomas H. Lee Partners, LP was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 42 of 50
Sector (Information Technology) 6 of 7
Type (Add-on Acquisition) 14 of 17
State (Florida) 3 of 3
Country (United States) 34 of 42
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-02 Juvare LLC

Atlanta, Georgia, United States

Juvare provides Enterprise Resilience Solutions for organizations to connect to critical resources, data, and mutual assistance. Juvare is in 25 countries, 50 U.S. states, and some U.S. territories, serving 3,500 U.S. hospitals and 30,000 healthcare facilities, and more than 50 federal U.S. agencies, 600 emergency management agencies, and 80 corporations. Juvare is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-08 Dun & Bradstreet Holdings, Inc.

Short Hills, New Jersey, United States

Dun & Bradstreet is a provider of a licenses information on businesses and corporations for use in credit decisions, business-to-business marketing, and supply chain management. Dun & Bradstreet was formed in 1841 and is based in Short Hills, New Jersey.

Buy $6.9B
SELLER

Crescent Capital Group LP

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 25.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $25 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 41 of 45
Sector (Information Technology) 4 of 4
Type (Add-on Acquisition) 17 of 18
State (Florida) 2 of 3
Country (United States) 35 of 38
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-06 Tate’s Bake Shop, Inc.

Southampton, New York, United States

Tate’s is a premium, consumer branded producer of gourmet cookies and other baked goods marketed throughout the United States. Tate’s has been one of the fastest growing biscuit brands in the United States over the last 12 months. The brand’s sales have quadrupled over the past five years. Tate’s Bake Shop is the home of America’s top-rated chocolate chip cookie, available at grocery stores, gourmet shops and natural food stores nationwide, as well as online.

Sell $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-11 Van Pool Transportation LLC

Wilbraham, Massachusetts, United States

Van Pool is a best-in-class provider of transportation services for special needs and homeless students in Massachusetts, Connecticut, and New Hampshire. Van Pool was founded in 1980 and is based in Wilbraham, Massachusetts.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 38 of 47
Sector (Information Technology) 2 of 3
Type (Add-on Acquisition) 17 of 18
State (Florida) 3 of 4
Country (United States) 38 of 47
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-29 US Med-Equip, Inc.

Houston, Texas, United States

US Med-Equip, Inc. is a value-added distributor and rental and related services provider of mission-critical moveable medical equipment used in hospitals. The Company provides equipment rentals across four product categories respiratory, infusion, monitoring, and central supply / NICU.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 Alegeus Technologies LLC

Waltham, Massachusetts, United States

Alegeus Technologies LLC is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts.

Sell -