M&A Deal Summary

Adreima Acquires Optimum Outcomes

On August 20, 2013, Adreima acquired information technology company Optimum Outcomes from Waud Capital Partners and Fifth Street Capital

Acquisition Highlights
  • This is Adreima’s 1st transaction in the Information Technology sector.
  • This is Adreima’s 3rd transaction in the United States.
  • This is Adreima’s 1st transaction in Illinois.

M&A Deal Summary
Date 2013-08-20
Target Optimum Outcomes
Sector Information Technology
Buyer(s) Adreima
Sellers(s) Waud Capital Partners
Fifth Street Capital
Deal Type Add-on Acquisition

Target

Optimum Outcomes

Downers Grove, Illinois, United States
Optimum Outcomes, Inc. is a provider of account resolution services to hospitals and hospital-based physician groups throughout the United States. With proprietary technology, tools and processes, RCS specializes in providing self-pay follow-up services and resolution of insurance claims for hospitals.

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Buyer(S) 1

Buyer

Adreima

Downers Grove, Illinois, United States
Category Company
Founded 1990
Sector Information Technology
DESCRIPTION

Adreima, Inc. is a provider of patient-centered, clinically-integrated revenue cycle services that help patients find coverage and meet their financial obligations, while partnering with health care providers to optimize revenue cycle functions.

DEAL STATS #
Overall 3 of 5
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 3 of 5
State (Illinois) 1 of 1
Country (United States) 3 of 5
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-08 National Healthcare Review

Woodland Hills, California, United States

National Healthcare Review, Inc. ("NHR"), a national clinical-financial auditing company. NHR will be part of a rapidly growing organization that provides clinically-integrated revenue cycle services to hospitals and healthcare systems nationwide, including eligibility determination for medical coverage, medical pre-authorization, accounts receivable management services, post-payment recovery services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-05 M. Leco & Associates

Pittsburgh, Pennsylvania, United States

M. Leco & Associates (“Leco”), a Pittsburgh-based healthcare revenue cycle management business that serves more than 100 hospitals nationwide.

Buy -

Seller(S) 2

SELLER

Waud Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Waud Capital Partners is a private equity firm that pursues investments in mid-sized manufacturing, distribution and service companies. Waud looks for businesses with proven management, operating in well defined markets, and that demonstrate strong growth potential. The Firm typically invests $75 to $200 million. Specific areas of interest include adhesives, air/water treatment, alarm monitoring, auto components, coatings, consumer products, home healthcare services, hospitals, lighting, litigation support, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals, and tax consultants. Prospective transaction situations include buyouts, recapitalizations and industry consolidations. Waud Capital Partners was established in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 12 of 27
Sector (Information Technology) 1 of 3
Type (Add-on Acquisition) 5 of 10
State (Illinois) 3 of 6
Country (United States) 11 of 26
Year (2013) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-17 CarePoint Partners

Cincinnati, Ohio, United States

CarePoint Partners is a provider of home and alternate-site infusion therapy for patients with complex, acute and chronic illnesses.

Sell $223M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-01 Aquion

Elk Grove Village, Illinois, United States

Aquion, Inc. is a manufacturer and marketer of premium water treatment equipment and water quality solutions that serve a variety of markets around the world. We have been manufacturing water treatment equipment. Aquion was founded in 1953 and is based in Elk Grove Village, Illinois.

Sell -
SELLER

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 13 of 59
Sector (Information Technology) 2 of 5
Type (Add-on Acquisition) 7 of 27
State (Illinois) 3 of 3
Country (United States) 12 of 58
Year (2013) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-04 Healthcare Finance Group

New York City, New York, United States

Healthcare Finance Group is a specialty finance company that provides revolving credit facilities and term loans to healthcare providers. HFG targets middle-market healthcare service providers, generally requiring credit facilities of $5.0 million to $50.0 million.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-01 Fitness Connection

McLean, Virginia, United States

Fitness Connection is a category leader in the HVLP fitness segment, offering the full range of amenities and services of a large, full-service premium club for as low as $10 per month. Memberships include access to state-of-the-art strength/cardio equipment, functional training areas, women's only workout areas, short-term child care, cycling studios, as well as other amenities and services. Fitness Connection was founded in 1999 and is based in McLean, Virginia.

Buy -
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