Alpine taps adviser to evaluate Optima Healthcare sale

  • Alpine investment dates to November ’17
  • Potential strategic acquirers: TPG’s Mediware, ResMed’s MatrixCare, WebPT
  • Sell-side adviser: Houlihan Lokey

Alpine Investors is considering the sale of Optima Healthcare Solutions, which offers therapy-management software to skilled nursing and assisted-living facilities and other post-acute-care providers, three sources said.

Houlihan Lokey has been retained for financial advice, the sources said. Pre-process fireside chats were held at the JP Morgan Global Healthcare Conference in January, one of the people said. Whether the process has formally kicked off is unclear.

Optima, founded in 1992 and based in Palm City, Florida, generates Ebitda of $6 million to $7 million on revenue of $40 million to $50 million, the people said.

Optima’s software helps streamline operational, clinical and billing workflows in post-acute care settings including skilled nursing facilities. The company in recent years has expanded into other end markets including outpatient-therapy and hospice-care.

The company in October acquired Vantage Clinical Solutions, which specializes in revenue-cycle management and digital marketing services for physical therapy practices. In May 2017 it bought Hospicesoft, which serves hospices.

Optima is likely to field interest from both financial buyers and strategics, two sources said.

Logical strategics include TPG Capital’s Mediware Information Systems or ResMed, which in November paid $750 million for MatrixCare, another software company tailored to the long-term post-acute-care market, they said.

One of the sources added Battery Ventures-backed WebPT, which sells software serving independent therapy providers, to the list of possible buyers.

Optima’s main competitor is Casamba of Agoura Hills, California, one of the people said. Casamba received a minority growth equity investment from Boston’s ABRY Partners in February 2016.

Alpine’s investment in Optima dates to November 2015. The company is in the portfolio of Alpine Investors V and V SBIC LP.

Alpine’s founding team maintained a minority stake and planned to remain actively involved in the business, an announcement at the time said.

The company is led by CEO Josh Pickus, who joined in connection with Alpine’s initial investment. Pickus was an Alpine CEO-in-residence and part of the firm’s PeopleFirst program.

Alpine is the San Francisco software- and services-focused PE firm. It specializes in majority buyouts of founder-owned business and corporate carveouts.

A Houlihan Lokey representative declined comment, while Alpine and Optima didn’t immediately return requests for comment.

Action Item: Contact Alpine at +1 415-392-9100