M&A Deal Summary

Frazier Healthcare Partners and The Edgewater Funds Acquire Elevate Patient Financial Solutions

On October 10, 2019, growth capital firm Frazier Healthcare Partners and private equity firm The Edgewater Funds acquired information technology company Elevate Patient Financial Solutions from Pediatrix

Acquisition Highlights
  • This is Frazier Healthcare Partners’ 1st and The Edgewater Funds’ 8th transaction in the Information Technology sector.
  • This is Frazier Healthcare Partners’ 36th and The Edgewater Funds’ 44th transaction in the United States.
  • This is Frazier Healthcare Partners’ 3rd and The Edgewater Funds’ 7th transaction in Texas.

M&A Deal Summary

Date 2019-10-10
Target Elevate Patient Financial Solutions
Sector Information Technology
Buyer(s) Frazier Healthcare Partners
The Edgewater Funds
Sellers(s) Pediatrix
Deal Type Divestiture

Target

Elevate Patient Financial Solutions

Spring, Texas, United States
Elevate Patient Financial Solutions is a provider of technology-enabled revenue cycle management services for hospitals, health systems, and healthcare providers. Elevate Patient Financial Solutions 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. Elevate Patient Financial Solutions was founded in 1980 and is based in Spring, Texas.

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Buyer(S) 2

Buyer
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 37 of 48
Sector (Information Technology) 1 of 4
Type (Divestiture) 4 of 4
State (Texas) 3 of 3
Country (United States) 36 of 47
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-15 CORE Institute

Phoenix, Arizona, United States

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. CORE Institute was founded in 2005 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-24 Eptam Precision Solutions

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 -
Buyer

The Edgewater Funds

Chicago, Illinois, United States

Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
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 54
Sector (Information Technology) 8 of 8
Type (Divestiture) 2 of 2
State (Texas) 7 of 8
Country (United States) 44 of 52
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-24 Steel & O Brien

Arcade, New York, United States

Steel & O'Brien is a manufacturer and supplier of Sanitary and Biopharmaceutical (BPE) stainless steel fittings, valves, and tubing primarily for the food, beverage, dairy, and pharmaceutical industries. Steel & O'Brien was founded in 1990 and is based in Arcade, New York.

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

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 -

Seller(S) 1

SELLER

Pediatrix

Sunrise, Florida, United States

Category Company
Founded 1979
Sector Healthcare Services
Employees5,450
Revenue 2.0B USD (2023)
DESCRIPTION
Pediatrix's corporate headquarters in Sunrise, Florida.
Pediatrix's corporate headquarters in Sunrise, Florida.

Pediatrix is a medical group that comprises the nation's providers of neonatal, anesthesia, maternal-fetal and pediatric medical and surgical subspecialty services. Pediatrix 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. Pediatrix 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 (Texas) 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

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

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 -