Superior Global Solutions, a Dallas-based provider of medical documentation, has raised $6 million of preferred stock and subordinated debt from Petra Capital Partners.
Petra Capital Partners, a private equity firm based in Nashville, Tennessee, today announced a $6 million investment in Superior Global Solutions (“SGS”). The capital is a combination of subordinated debt and preferred stock. SGS marks Petra’s fourth investment in 2009 and sixth investment from its newest fund, Petra Growth Fund II, L.P. Based in Dallas, TX, SGS is a leading provider of medical documentation, coding and technology enabled services to many of the largest hospitals and health systems in the country. SGS used a portion of the proceeds to buyout a minority shareholder and to make a strategic technology acquisition. Petra Managing Partner, Mike Blackburn, and Petra Venture Partner, David Fitzgerald, will join SGS’s Board of Directors.
“We’re excited about Petra Capital Partners’ deep experience working with healthcare services and technology companies and the opportunity to work with their talented team of professionals,” said Greg Hackney, Chief Executive Officer of SGS. “Petra has an outstanding track record of partnering with founding management teams to create valuable businesses. We view Petra as an ideal partner for SGS as we continue our focus on providing our hospital clients with technology and services that help them operate more efficiently.”
David Fitzgerald commented, “Hospitals and health systems are searching for technology enabled solutions that lower costs, improve workflows and accelerate the revenue cycle. SGS addresses these issues by providing its clients with a bundled solution, comprised of professional services and innovative technology. We are pleased to have the opportunity to partner with such an outstanding management team and look forward to helping SGS achieve its growth plans.”
About Superior Global Solutions
Based in Dallas, TX, Superior Global is a nationwide supplier of technology and outsourced services for the medical documentation and coding industries. Our sophisticated technology streamlines the transcription and coding processes and identifies clinically relevant information from medical records, allowing our clients to reduce costs and better manage their revenue cycles. Superior Global’s people and technology work closely together to deliver the highest-quality healthcare documentation, coding and document analysis solutions possible
About Petra Capital Partners
Petra Capital Partners, LLC is a private equity firm based in Nashville, Tennessee. The firm is actively investing its second SBIC fund, Petra Growth Fund II, which has $160 million of available capital to invest. Its previous funds under management total $130 million. Petra provides non-control subordinated debt and/or preferred stock to high growth companies for expansion, acquisition, buyout, refinancing or recapitalization in partnership with the founding management team. Petra seeks to invest up to $15 million in growth companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. The fund targets business, healthcare and information technology services companies. For more information, please visit Petra’s website at www.petracapital.com or call (615) 313-5999.