THL Partners announced an agreement to acquire Intermedix Corp., a provider of revenue cycle management solutions for emergency services providers, from Parthenon Capital Partners. No financial terms were disclosed. peHUB first reported on the deal earlier this week.
Intermedix Corporation (“Intermedix”), a leading provider of revenue cycle management and software solutions to the emergency healthcare industry, announced today that Thomas H. Lee Partners, L.P. (“THL”) has signed a definitive merger agreement to acquire the Company from Parthenon Capital Partners (“Parthenon”) and its minority shareholders.
“We have benefitted enormously from our partnership with Parthenon over the past five years and appreciate the productive relationship we’ve had with them,” said Doug Shamon, Chief Executive Officer of Intermedix. “We are excited to begin working with THL, which has an established track record of helping portfolio companies improve performance and accelerate growth. THL’s extensive experience in business services and healthcare will be pivotal in enabling Intermedix to continue to provide exceptional service to its clients and to be the leader in its chosen markets.”
“Intermedix is a clear market leader in the rapidly growing emergency healthcare information technology and services sector,” said Todd Abbrecht, Managing Director at THL. “We look forward to working with the Intermedix management team to continue to build the company and serve its clients.”
“We have greatly enjoyed working with the Intermedix team for almost five years and are proud to have contributed to such a strong company,” said David Ament, Managing Partner at Parthenon. “We believe Intermedix is uniquely positioned in the industry, and we look forward to their continued success in the future.”
The transaction, which has received early clearance under the Hart-Scott-Rodino Act, is expected to close next month. Financial terms of the transaction were not disclosed.
Goldman, Sachs & Co. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Intermedix. Citi and Wells Fargo Securities acted as financial advisors and Weil, Gotshal & Manges LLP acted as legal advisor to THL in connection with the transaction. Citi, Wells Fargo and TCW/Crescent Mezzanine Management V, LLC provided financing commitments to THL to support the transaction.
About Intermedix Corporation
Intermedix (www.intermedix.com) focuses on the highly fragmented emergency healthcare system by delivering healthcare information technology and business solutions to manage the revenue cycle, promote preparedness and interoperability, and support incident response management, documentation and reporting.
Intermedix provides revenue cycle management services for emergency physicians and hospital emergency departments, emergency medical services (ambulance) agencies, urgent care centers, and fire departments throughout the United States and has collected billions of dollars for its clients. The Company also provides hosted technology solutions for state and local public health agencies, hospitals, emergency medical services agencies, and fire departments using the brand names EMResource™, EMTrack™, ResponseManager™, TripTix®, WebCur™, and EMCredential™.
About Thomas H. Lee Partners, L.P.
THL is one of the oldest and most successful private equity investment firms in the United States. Since its establishment in 1974, THL has been the preeminent growth buyout firm, raising approximately $22 billion of equity capital, investing in more than 100 businesses with an aggregate purchase price of more than $125 billion, completing over 200 add-on transactions and generating superior returns for its investors. THL focuses its high value-added strategy on growth businesses, partnering with the best managers in an industry to build great companies through strong organic growth and targeted add-on acquisitions. Notable transactions sponsored by THL include Aramark, Ceridian, Dunkin’ Brands, Experian, Fidelity National Information Services, HomeSide Lending, Houghton Mifflin, Michael Foods, The Nielsen Company, ProSiebenSat.1, Snapple, Warner Chilcott, Warner Music Group and West Corporation.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapitalpartners.com