M&A Deal Summary

Outlier, Primus Capital, Health Enterprise Partners, Great Hill Partners and Spectrum Equity Acquire Passport Health Communications

On July 31, 2008, private equity firms Outlier, Primus Capital, Health Enterprise Partners, Great Hill Partners and Spectrum Equity acquired healthcare services company Passport Health Communications from SSM Partners for 232M USD

Acquisition Highlights
  • This is Outlier’s 1st, Primus Capital’s 4th, Health Enterprise Partners’ 4th, Great Hill Partners’ 2nd and Spectrum Equity’s 1st transaction in the Healthcare Services sector.
  • This is Outlier’s , Primus Capital’s 2nd, Health Enterprise Partners’ , Great Hill Partners’ 2nd and Spectrum Equity’s 5th largest (disclosed) transaction.
  • This is Outlier’s 1st, Primus Capital’s 21st, Health Enterprise Partners’ 6th, Great Hill Partners’ 24th and Spectrum Equity’s 25th transaction in the United States.
  • This is Outlier’s 1st, Primus Capital’s 2nd, Health Enterprise Partners’ 2nd, Great Hill Partners’ 1st and Spectrum Equity’s 2nd transaction in Tennessee.
Investment Fate
  • Passport Health Communications was sold to a publicly-traded strategic buyer in 2013 for 850M USD.

M&A Deal Summary
Date 2008-07-31
Target Passport Health Communications
Sector Healthcare Services
Buyer(s) Outlier
Primus Capital
Health Enterprise Partners
Great Hill Partners
Spectrum Equity
Sellers(s) SSM Partners
Deal Type Secondary Buyout
Deal Value 232M USD
Advisor(s) Brentwood Capital Advisors (Financial)
Waller (Legal)

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) 5

Buyer

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 3
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Tennessee) 1 of 1
Country (United States) 1 of 3
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING 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 -
Buyer

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 22 of 60
Sector (Healthcare Services) 4 of 5
Type (Secondary Buyout) 1 of 7
State (Tennessee) 2 of 7
Country (United States) 21 of 59
Year (2008) 2 of 4
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 American Institute

Cherry Hill, New Jersey, United States

American Institute is a post-secondary schools that provide career-oriented education in the fields of healthcare, business, and technology. American Institute was founded in 2007 and is based in Cherry Hill, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-26 PartsSource

Aurora, Ohio, United States

PartsSource is a provider of proprietary software solutions related to the acquisition and life cycle management of medical repair parts. PartsSource has been recognized by clinical engineers and healthcare executives alike for its unique ePartsFinder application for its ability to increase department efficiencies while reducing costs through its award-winning SmartPrice technology. PartsSource was founded in 2001 and is based in Aurora, Ohio.

Buy $50M
Buyer

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 6 of 32
Sector (Healthcare Services) 4 of 14
Type (Secondary Buyout) 1 of 2
State (Tennessee) 2 of 3
Country (United States) 6 of 32
Year (2008) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Carefx

Scottsdale, Arizona, United States

Carefx, Corp. is a provider of healthcare interoperability solutions including identity and access management and enterprise portals for hospitals, Regional Health Information Organizations (RHIOs) and Health Information Exchanges (HIEs).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-10 Caremedic Systems

St. Petersburg, Florida, United States

CareMedic provides enterprise class solutions that streamline cash flow and speed the reimbursement process for hospitals and health systems, helping customers manage the complexity of the revenue cycle to increase their bottom lines. In 1997, CareMedic launched its flagship product, providing its customers with real-time direct entry to Medicare.

Sell -
Buyer

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 28 of 97
Sector (Healthcare Services) 2 of 3
Type (Secondary Buyout) 2 of 14
State (Tennessee) 1 of 2
Country (United States) 24 of 81
Year (2008) 1 of 2
Size (of disclosed) 2 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-19 Latisys

Englewood, Colorado, United States

Latisys Corp. is a provider of hybrid Infrastructure-as-a-Service (IaaS) solutions that span enterprise cloud, managed hosting and data center colocation.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-14 Accelerated Payment Technologies

Pleasant Grove, Utah, United States

Accelerated Payment Technologies, Inc., is a platform provides an unparalleled single integration point and a highly flexible platform that provides gateway, middleware and back-end technologies that hasten and simplify the integration of payment processing into critical business applications.

Buy -
Buyer

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 28 of 102
Sector (Healthcare Services) 1 of 3
Type (Secondary Buyout) 4 of 5
State (Tennessee) 2 of 2
Country (United States) 25 of 89
Year (2008) 1 of 1
Size (of disclosed) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-18 Classic Media

New York, New York, United States

Classic Media, Inc., is a independent family entertainment company with such characters as Rudolph the Red-Nosed Reindeer, Frosty the Snowman, Casper and Rocky & Bullwinkle. Classic licenses its characters and produces animated product based on its characters for home video markets, television networks, syndicators, cable networks and merchandisers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-21 SurveyMonkey

San Mateo, California, United States

SurveyMonkey specializes in online surveys and forms that empowers people with the insights they need to make decisions with speed and confidence. SurveyMonkey's intuitive feedback management platform connects millions of users worldwide with real-time AI-powered insights that drive meaningful decisions. SurveyMonkey was founded in 1999 and is based in Palo Alto, California.

Buy -

Seller(S) 1

SELLER

SSM Partners

Memphis, Tennessee, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

SSM Partners is a private equity firm that targets investments in smaller, rapidly growing, private companies based in the Southeast US. Areas of interest include business/outsourcing services, healthcare and consumer services. SSM focuses on transactions requiring $5 to $20 million of equity. Prospective transactions include growth financings, acquisitions, management led buyouts, and recapitalizations. SSM will also consider early-stage opportunities. SSM Partners is based in Memphis, Tennessee.

DEAL STATS #
Overall 10 of 28
Sector (Healthcare Services) 3 of 4
Type (Secondary Buyout) 1 of 5
State (Tennessee) 4 of 7
Country (United States) 10 of 28
Year (2008) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-10 AWL

Austin, Texas, United States

AWL is a provider of online marketing services to the insurance industry, leveraging a network of owned and affiliated websites to generate qualified consumer quote inquiries for their licensed agent, broker and carriers clients. AWL was founded in 2005 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-06 Motive

Austin, Texas, United States

Motive, Inc. is a provider of processes automation software services.

Sell -
Mergr

Product

Company

Legal