PE Deals

Linden to invest in healthcare RCM firm Aspirion

When the deal closes, Aspirion's previous backer Aquiline Capital Partners will remain an investor.

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  • Baird is serving as financial advisor to Aquiline and Aspirion while Guggenheim Securities, LLC and Cain Brothers are doing likewise to Linden
  • Twin Brook Capital Partners is providing debt financing for the transaction
  • Headquartered in Columbus, Georgia, Aspirion serves over 140 clients across 45 states.

Linden Capital Partners has agreed to make a majority investment in Aspirion, a healthcare revenue cycle management firm. No financial terms were disclosed.

Following the transaction, the company’s management team and Aquiline Capital Partners, a private investment firm based in New York and London, will remain investors in Aspirion.

On the deal, Jason Erdell, CEO of Aspirion, expressed considerable enthusiasm. “We are very excited to enter into this partnership with Linden and leverage Linden’s deep healthcare experience, relationships, and strategic support to execute against our shared value creation plan and better serve our clients,” he said in a public statement.

Kam Shah, a partner at Linden, echoed Erdell’s sentiment. “We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records,” said Shah in a public statement. “We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A.”

Baird is serving as exclusive financial advisor to Aquiline and Aspirion while Ropes & Gray LLP is serving as legal counsel. Guggenheim Securities, LLC and Cain Brothers, a division of KeyBanc Capital Markets Inc., are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to Linden. Twin Brook Capital Partners is providing debt financing for the transaction.