United Recovery Systems, a portfolio company of Audax Private Equity, said Monday that it has closed its buy of Financial Health Strategies. No financial terms were disclosed. SunTrust Robinson Humphrey served as advisor to FHS on the deal. Headquartered in Gaithersburg, Maryland, FHS is aprovider of revenue cycle management services to the healthcare sector.
HOUSTON–(BUSINESS WIRE)–United Recovery Systems (“URS”), a portfolio company of Audax Private Equity (“Audax”), announced it has completed the acquisition of Financial Health Strategies (“FHS”). FHS, headquartered in Gaithersburg, Maryland, is a leading regionally-focused provider of revenue cycle management services to acute-care hospitals, hospital-based physicians and community health centers. Headquartered in Houston, Texas, URS is a leading provider of receivables management services with offices in Texas, Oklahoma, Arizona, Illinois, and Kentucky. URS’ solutions cover receivables management for the financial services, education and healthcare markets.
Since Audax’ initial acquisition in December 2008, URS has completed three add-on acquisitions including: Enterprise Recovery Systems, Inc., of Oak Brook, Illinois, in March 2012, and Plaza Recovery Inc., of New York, New York, in October 2011.
Young Lee, Managing Director of Audax Group, said, “URS is a diversified accounts receivable management provider with expertise in Financial Services, Education, and Healthcare. The acquisition of FHS further expands URS’ capabilities as a provider of revenue cycle management services to the healthcare end market. We will continue to pursue strategic add-on acquisitions that complement URS’ industry-leading service offering.”
Kevin Keleghan, President and CEO of URS said, “This transaction is an exciting development for our company. We have diversified our customer base and end markets, and I look forward to working with the FHS management team to share best practices across the businesses.”
Hal Stern, President of FHS said, “The FHS team is excited to be part of URS, and we look forward to working together to expand our service offering and geographic reach while continuing to provide best-in-class revenue cycle management services to our clients.”
SunTrust Robinson Humphrey, Inc. advised FHS. Edwards Wildman Palmer LLP served as counsel to Audax Group.
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Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.