Yukon Partners has invested in DuvaSawko. Financial terms weren’t announced. Yukon’s investment was part of Ancor Capital’s acquisition of DuvaSawko, which was announced last month. Opus Bank provided financing. Yukon also provided mezzanine capital. Ormond Beach, Florida-based DuvaSawko provides emergency billing, coding, accounts receivable management, and data analytics services.
April 05, 2016 04:20 AM Eastern Daylight Time
MINNEAPOLIS–(BUSINESS WIRE)–Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce its investment in DuvaSawko (the “Company”), a revenue-cycle and practice-management company predominantly serving emergency physician groups and hospital-based emergency departments.
Headquartered in Ormond Beach, Florida, the Company was established in 1998 by CEO Charles Duva, MD, FACEP, and Vice President and CIO William Sawko, MD, FACEP, because billing companies generally were not attentive to emergency management groups and their need for prompt reimbursement and detailed, useful reporting. The Company’s service offering includes various administrative and clinical functions to support the capture, management, and collection of payments from patients and third-party payors. DuvaSawko currently employs more than 240 employees and serves nearly 30 clients with millions of annual patient visits across 70+ facilities in 12 states.
Ancor Capital Partners (“Ancor”) sponsored the transaction in which it, Yukon, and other institutional co-investors acquired a controlling equity interest in the Company. Mezzanine capital was also provided by Yukon. Management will also own a meaningful interest in the Company and will continue to play key roles going forward. Opus Bank served as the sole administrative agent and bookrunner on the senior credit facility.
“We are pleased to partner with Drs. Duva, Sawko and the management team in this exciting growth company; one that has a similar philosophy to Ancor on the importance of corporate culture and how its positive influence can dramatically impact a company,” said J. Randall Keene, Ancor Managing Partner. He also added, “We have worked with Yukon Partners in excess of 15 years and consider them to be one of our most highly valued partners. We are thrilled to once again be partnering with them on DuvaSawko.”
“Our partnership with the principals of Ancor has covered five investments, and we are once again excited to invest alongside them to support the DuvaSawko management in execution of the investment strategy,” said William Dietz, Managing Partner of Yukon. “We greatly value Ancor’s hands-on approach and expansive healthcare experience – both of which will complement the DuvaSawko management team in furthering the Company’s impressive track record of growth.”
DuvaSawko is headquartered in Ormond Beach, Florida, and provides revenue cycle management services for independent emergency physician groups and hospital-based emergency departments. The Company currently employs more than 240 employees and serves nearly 30 clients with millions of annual patient visits across 70+ facilities in 12 states. For more information, please visit www.duvasawko.com.
About Yukon Partners
Yukon Partners is an independent and unaffiliated mezzanine firm primarily serving middle market private equity sponsored business transactions with a typical investment range of $10 to $40 million in the U.S. and Canada. The transactions in which Yukon invests include buyouts, growth and platform strategies, recapitalizations, mergers/acquisitions, and public-to-private buyouts. Yukon Partners is based in Minneapolis, Minnesota. For more information, please visitwww.yukonpartners.com.
About Ancor Capital Partners
Ancor Capital Partners, based in Dallas/Fort Worth Metroplex town of Southlake, Texas, is an operations-oriented private equity firm focused on lower middle-market companies with EBITDA of $5-$15 million. Extensive operational experience gives the Ancor team a unique understanding of the critical business issues faced by lower middle-market companies. Ancor’s proven track record includes 45 acquisitions to date in health care, consumer and other industries. For more information, please visit www.ancorcapital.com.