M&A Deal Summary

The Edgewater Funds and Frazier Healthcare Partners Acquires MedData

On October 10, 2019, private equity firm The Edgewater Funds and growth capital firm Frazier Healthcare Partners acquired information technology company MedData, Inc. from MEDNAX, Inc.

Acquisition Highlights
  • This is The Edgewater Funds’ 7th and Frazier Healthcare Partners’ 1st transaction in the Information Technology sector.
  • This is The Edgewater Funds’ 43rd and Frazier Healthcare Partners’ 34th transaction in the United States.
  • This is The Edgewater Funds’ 2nd and Frazier Healthcare Partners’ 1st transaction in Ohio.

M&A Deal Summary

Date 2019-10-10
Target MedData, Inc.
Sector Information Technology
Buyer(s) The Edgewater Funds
Frazier Healthcare Partners
Sellers(s) MEDNAX, Inc.
Deal Type Divestiture

Target

MedData, Inc.

Brecksville, Ohio, United States
website
MedData, Inc. is a provider of technology-enabled revenue cycle management services for hospitals, health systems, and healthcare providers. MedData’s proprietary technology platform offers a unified suite of solutions designed to engage patients, empower physicians and hospitals, and improve financial outcomes throughout the entire healthcare continuum. For four decades, the company has been providing innovative solutions to the medical community and serving hundreds of millions of patients across numerous medical specialties. MedData currently serves more than 10,000 physicians across a network of 3,000+ facilities nationwide from its headquarters in Brecksville, Ohio and more than 20 regional offices across the U.S.

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Buyer(S) 2

Buyer

The Edgewater Funds

Chicago, Illinois, United States

website


Category Private Equity Firm
Founded 1991
PE ASSETS 2.7B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.


DEAL STATS #
Overall 46 of 47
Sector (Information Technology) 7 of 7
Type (Divestiture) 2 of 2
State (Ohio) 2 of 2
Country (United States) 43 of 44
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 Confluent Health

Louisville, Kentucky, United States

Confluent Health is a physical and occupational therapy-focused provider. Confluent provides outpatient physical and occupational therapy services across a network of approximately 200 clinics in twelve states; pre-graduate hybrid Doctor of Physical Therapy programs in partnership with leading universities and post-graduate certification, residency, and fellowship programs for physical therapists; and occupational health & safety services at over 500 corporate locations. Confluent Health was founded in 2014 and is based in Louisville, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-29 Priority Express Courier, Inc.

Boothwyn, Pennsylvania, United States

Priority Express Courier, Inc. is a provider of same-day express delivery services to laboratories, health systems, and multiple other high-touch industries. Priority Express serves a variety of customers out of its 5 distribution facilities in the northeast and mid-Atlantic regions.

Sell -
Buyer

Frazier Healthcare Partners

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1991
PE ASSETS 3.4B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Frazier Healthcare Partners is a private equity and venture capital firm specializing in Growth buyout investment specifically targets businesses that deal Healthcare, Life Sciences, Pharmaceutical services, medical products, and related sectors. Frazier Healthcare Partners was formed in 1991 and is based in Seattle, Washington with an additional office in Palo Alto, California; Boston, Massachusetts; and Menlo Park, California.


DEAL STATS #
Overall 35 of 38
Sector (Information Technology) 1 of 2
Type (Divestiture) 4 of 4
State (Ohio) 1 of 1
Country (United States) 34 of 37
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-15 The CORE Institute

Phoenix, Arizona, United States

The CORE Institute is a provider of healthcare solutions, care redesign, and service line management for musculoskeletal medical practices. The company was founded to fulfill a vision of excellence in patient care encompassing the entire spectrum of orthopedic and neurosciences care. The CORE Institute was founded in 2005 and is based in

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-24 EPTAM Plastics, Inc.

Northfield, New Hampshire, United States

EPTAM Plastics, Inc. is a provider of a comprehensive suite of machining and injection molding solutions through three manufacturing centers of excellence in Colorado, New Jersey, and New Hampshire. EPTAM Plastics was founded in 1981 and is based in Northfield, New Hampshire.

Buy -

Seller(S) 1

SELLER

MEDNAX, Inc.

Sunrise, Florida, United States

website


Category Company
Founded 1979
SectorHealthcare Services
Employees5,600
Revenue 1.7B USD (2020)
DESCRIPTION
MEDNAX's corporate headquarters in Sunrise, Florida.
MEDNAX's corporate headquarters in Sunrise, Florida.

MEDNAX is a medical group that comprises the nation's providers of neonatal, anesthesia, maternal-fetal and pediatric medical and surgical subspecialty services. The Company is reshaping the delivery of care within its specialties and subspecialties using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. MEDNAX was founded in 1979 and is based in Sunrise, Florida.


DEAL STATS #
Overall 1 of 3
Sector (Information Technology) 1 of 1
Type (Divestiture) 1 of 3
State (Ohio) 1 of 1
Country (United States) 1 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-26 Bethesda Radiology Associates, Inc.

Boynton Beach, Florida, United States

Bethesda Radiology Associates, Inc. is a fully accredited, community, not-for-profit hospital offering a full array of healthcare services through our Centers of Excellence. Bethesda Hospital East opened its doors in 1959 with 70 beds, a medical staff of 32 physicians, 65 employees and a mission to serve the community. At that time, the Hospital's founders made a decision to establish Bethesda as a not-for-profit hospital. For over 50 years, the commitment to preserving this status has not wavered.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-06 American Anesthesiology, Inc.

Sunrise, Florida, United States

American Anesthesiology is a dynamic anesthesia partner, providing comprehensive, customized health solutions in a variety of clinical settings. American Anesthesiology was formed in 2007 and is based in Sunrise, Florida.

Sell -