M&A Deal Summary

Novacap Acquires Harmony Healthcare IT

On November 28, 2023, private equity firm Novacap acquired information technology company Harmony Healthcare IT from Primus Capital

Acquisition Highlights
  • This is Novacap’s 10th transaction in the Information Technology sector.
  • This is Novacap’s 19th transaction in the United States.
  • This is Novacap’s 1st transaction in Indiana.

M&A Deal Summary

Date 2023-11-28
Target Harmony Healthcare IT
Sector Information Technology
Buyer(s) Novacap
Sellers(s) Primus Capital
Deal Type Secondary Buyout
Advisor(s) Triple Tree LLC (Financial)

Target

Harmony Healthcare IT

South Bend, Indiana, United States
Harmony Healthcare IT is a data management firm that moves and stores patient, employee, and business records for healthcare organizations. The company’s mission is to preserve vital information that will improve lives. Harmony Healthcare IT employs experts in data extraction, migration, retention, interoperability, and analytics to provide its clients with trusted solutions. Harmony Healthcare IT was founded in 2006 and is based in South Bend, Indiana.

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Buyer(S) 1

Buyer

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


DEAL STATS #
Overall 61 of 65
Sector (Information Technology) 10 of 11
Type (Secondary Buyout) 9 of 9
State (Indiana) 1 of 2
Country (United States) 19 of 21
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-27 Optiom

Calgary, Alberta, Canada

Optiom is a specialty insurance managing general underwriter ("MGU") and provider of vehicle replacement coverage. Optiom takes pride in a strong reputation for providing professional and dependable administration of specialty vehicle replacement insurance and guarantee programs across Canada. Optiom is based in Calgary, Alberta.

Sell £100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-10 All West Communications

Kamas, Utah, United States

All West Communications is a provider of telecommunication services. All West Communications operate a broadband-powered network to deliver services that connect people and businesses to what matters most across town and around the world. All West Communications was founded in 1912 and is based in Kamas, Utah.

Buy -

Seller(S) 1

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 44 of 46
Sector (Information Technology) 6 of 6
Type (Secondary Buyout) 8 of 8
State (Indiana) 1 of 1
Country (United States) 43 of 45
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-13 fusionZONE

Lakeland, California, United States

fusionZONE provides digital marketing technologies for automotive dealers and OEMs. fusionZONE’s responsive and mobile-optimized platform, its emphasis on site speed and its innovative lead-generation and lead-management tools such as FastRing and FastPrice have led to dramatic growth over the past several years. fusionZONE was founded in 2009 and is based in Lakeland, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-26 MDaudit

Waltham, Massachusetts, United States

MDaudit is a provider of consulting services and billing and compliance audit software for university-based, non-profit, mission-based and for-profit hospitals and physician practices across the U.S. In its consulting services practice, Hayes provides clinical/IT consulting, revenue cycle management and strategic consulting services to leading healthcare organizations in the U.S. MDaudit was formed in 1993 and is based in Waltham, Massachusetts.

Sell -