New York-based private equity firm Harvest Partners has recapped Garretson Resolution Group, providing an exit for Pfingsten Partners. Terms of the deal were not disclosed. Cincinnati, Ohio-based GRG is a party-neutral provider of medical lien resolution and complex settlement administration services. Senior debt for the deal was arranged by GE Capital, The Private Bank and Fifth Street Finance, and mezzanine debt was provided by Carlyle Mezzanine Partners and Fifth Street Finance, the firm said.
Harvest Partners, LP (“Harvest”), a New York-based private equity firm, and the management team of Garretson Resolution Group (“GRG” or the “Company”) have completed a recapitalization of the Company resulting in a successful liquidity event for Pfingsten Partners, LLC. Terms of the transaction were not disclosed.
Founded in 1998 and based in Cincinnati, Ohio, GRG is a party-neutral provider of medical lien resolution and complex settlement administration services. The Company serves law firms, corporations, insurance companies, plaintiffs and defendants in mass tort, class action and single event litigations. GRG is headquartered in Cincinnati, Ohio, and has additional facilities in Charlotte, North Carolina; New Orleans, Louisiana; and Chattanooga, Tennessee.
GRG’s management team, including Matt Garretson (Founder & CEO) and Jason Wolf (President), will continue to lead the Company.
“GRG is well-positioned to continue its strong growth,” said Ira D. Kleinman, Senior Managing Director at Harvest Partners. “We are looking forward to partnering with Matt and Jason along with their team to provide additional financial and strategic resources to continue to build on the Company’s success.”
“We have invested heavily in our people, processes and infrastructure over the past decade to build the leading, national provider of medical lien resolution and settlement administration services,” said Matt Garretson, the Company’s Founder & CEO. “We are proud to have worked on the largest and most complex mass tort litigations and are excited to partner with Harvest to pursue the next stage of our growth plans.”
“GRG is a market pioneer in medical lien resolution and provides a clear and compelling value proposition to its customers. The business’ strong organic growth is due to favorable trends in compliance and outsourcing and the company’s leading competitive position,” said Andrew M. Schoenthal, Managing Director at Harvest.
Senior debt was arranged by GE Capital, The Private Bank and Fifth Street Finance, and mezzanine debt was provided by Carlyle Mezzanine Partners and Fifth Street Finance. White & Case LLP and Alvarez & Marsal advised Harvest. Harris Williams & Co. and Paul Hastings LLP advised the Company and Pfingsten Partners, LLC. Ira D. Kleinman, Andrew M. Schoenthal and Clifford R. Moskowitz of Harvest, and Jason A. Wolf, President of GRG, will be joining Matt Garretson on GRG’s Board of Directors.
About Harvest Partners
Founded in 1981, Harvest Partners, LP ( www.harvpart.com ) is a leading New York-based private equity investment firm. Harvest focuses on investing in leading companies in the business and industrial services, manufacturing and distribution, midstream energy and consumer products and retail sectors. This strategy leverages Harvest’s over 30 years of experience in financing organic and acquisition-oriented growth companies.
About Garretson Resolution Group
Founded in 1998, the Garretson Resolution Group (“GRG”) is a neutral provider of services to parties who are settling personal injury claims. Each year GRG resolves over 100,000 healthcare obligations for thousands of firms and companies across the country. GRG’s Resolution & Compliance Program includes: Healthcare Lien Resolution; Medicare Set-Aside (MSA); Medicare Secondary Payer (MSP) Consulting & Mandatory Insurer Reporting; and Complex Settlement Administration. Whether GRG is engaged to provide services in a single event personal injury settlement or as the Administrator in a mass tort or class action settlement program, GRG’s specialized administrative offerings utilize proven technology and processes to serve all settling parties’ interests including defendant, carrier, plaintiff counsel, claimant, court and healthcare agencies.