M&A Deal Summary

Experian Acquires Passport Health Communications

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

Acquisition Highlights
  • This is Experian’s 1st transaction in the Healthcare Services sector.
  • This is Experian’s 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
Sector Healthcare Services
Buyer(s) Experian
Sellers(s) Great Hill Partners
Primus Capital
Spectrum Equity
Outlier
Health Enterprise Partners
Deal Type Add-on Acquisition
Deal Value 850M USD

Target

Passport Health Communications

Franklin, Tennessee, United States
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

Dublin, Ireland
Category Company
Founded 1826
Sector Information Services
Employees22,500
Revenue 7.1B GBP (2024)
DESCRIPTION

Experian is a global information services group with operations in 40 countries. Experian was founded in 1826 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

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

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

Great Hill Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 12.0B USD
Size Mega
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 1998 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 21 of 60
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 16 of 37
State (Tennessee) 1 of 3
Country (United States) 17 of 50
Year (2013) 1 of 1
Size (of disclosed) 4 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 Shade Store

Port Chester, New York, United States

Shade Store is an omni-channel provider of custom window treatments in the United States with over 60 showrooms nationwide. Shade Store offers a complete range of design, manufacturing, measuring and installation services for both consumers and design professionals. Shade Store was founded in 2006 and is based in Port Chester, New York.

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

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 -
SELLER

Primus Capital

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-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 $70 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus Capital was formed in 1983 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 19 of 46
Sector (Healthcare Services) 2 of 3
Type (Add-on Acquisition) 11 of 28
State (Tennessee) 1 of 4
Country (United States) 18 of 45
Year (2013) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 Emmi Solutions

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

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

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 8.2B USD
Size Mega
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 $150 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 76
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 24 of 45
State (Tennessee) 2 of 2
Country (United States) 34 of 67
Year (2013) 5 of 5
Size (of disclosed) 10 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-14 BATS Global Markets

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

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

Outlier

Phoenix, Arizona, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
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

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

Phoenix, Arizona, United States

Realty Executives International 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

Health Enterprise Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 425M USD
Size Middle-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 2007 and is headquartered in New York City.

DEAL STATS #
Overall 8 of 23
Sector (Healthcare Services) 5 of 8
Type (Add-on Acquisition) 6 of 19
State (Tennessee) 2 of 3
Country (United States) 8 of 23
Year (2013) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-18 Sapphire Digital

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

Glen Allen, Virginia, United States

AllyAlign Health 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 -
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