Churchill Asset Management has provided a $143 million credit facility to back Convey Health Solutions Inc‘s acquisitions of two Chicago-based companies: HealthScape Advisors and Pareto Intelligence. HealthScape Advisors is a healthcare-focused management consulting firm while Pareto Intelligence is a technology and analytics company that supports plans and providers with solutions to improve outcomes. Convey is a portfolio company of New Mountain Capital.
New York, NY, January 2, 2018 – Churchill Asset Management (“Churchill”) today announced that it served as Sole Lead Arranger for a $143 million senior secured credit facility to support the acquisitions of HealthScape Advisors and Pareto Intelligence by Convey Health Solutions, Inc. (“Convey”). A portfolio company of New Mountain Capital, Convey is a Fort Lauderdale, FL-based provider of technology-enabled plan administration solutions and services to clients focused on the government-sponsored health insurance end-market.
Founded in 2009, HealthScape Advisors is a national management consulting firm focused on the healthcare industry. Pareto Intelligence, which was formed by the founding partners of HealthScape in 2015, is a technology and analytics company that supports plans and providers with solutions to improve value-based outcomes. Both companies are headquartered in Chicago, IL.
“We are pleased to support the additions of HealthScape and Pareto to the Convey platform – both of which are highly complementary to Convey’s existing software and consulting business lines. The added scale and product diversity will allow Convey to deliver even more value to its clients, while maintaining the best-in-class technology, solutions and customer service it has always been known for,” said Randy Schwimmer, Senior Managing Director and Head of Origination & Capital Markets at Churchill. “We are thrilled to have been selected by New Mountain to lead this transaction and look forward to working with them and company management to support their strategic goals and growth plans.”
The financing represents the third transaction that the Churchill platform has completed in support of New Mountain Capital, a New York, NY-based investment firm with over $20 billion in aggregate capital commitments. New Mountain Capital is currently investing capital committed to its fifth private equity fund.
“As the Convey platform further solidifies its leadership position in compliance-driven benefits administration, Churchill’s agility, dependability and balance sheet strength have been extremely valuable,” said Laura Holson, Director, Head of Capital Markets at New Mountain Capital. “We greatly value our partnership with Churchill and appreciate their support on this transaction.”
About Churchill Asset Management
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $5.3 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.