Seacoast Capital backs Hayes’ management buyout

Seacoast Capital has provided undisclosed debt funding to support the management buyout of Hayes Management Consulting. Mirus Capital Advisors advised Hayes on the transaction. Based in Newton Center, Massachusetts, Hayes is a provider of consulting services and billing and audit compliance software to hospitals and medical practices in the U.S.


January 26, 2016 – Boston, Massachusetts – Seacoast Capital (“Seacoast”) announced today that it has provided subordinated debt financing to Hayes Management Consulting (“Hayes” or the “Company”) to support a management buyout of the Company’s founder. Based in Newton Center, Massachusetts, Hayes provides consulting services and billing and audit compliance software to hospitals and physician practices across the U.S. Jamie Donelan, a Principal with Seacoast, commented, “Over the course of its twenty plus year history, Hayes has grown significantly to become a recognized leader in the healthcare consulting and billing and audit compliance software markets. Hayes’ client list is a veritable ‘who’s who’ of university-based, mission-based and for-profit hospitals and physician practices in the U.S. – a testament to Hayes’ thought and technology leadership, strong management team and client-centric culture.”

According to Hayes’ CEO Peter Butler, “We are excited for this next chapter in the Hayes journey. As healthcare continues to evolve, we plan to build off of the strong foundation that we have established to leverage the quality of our consultants, the strength of our software and the effectiveness of our management team to ensure the continued success of our clients.”

Seacoast’s financing allowed Hayes’ management team to gain majority control of a Company that they have successfully positioned for long-term growth in both its consulting services and software business segments. Mirus Capital Advisors advised Hayes on the transaction.

About Hayes Management Consulting
Hayes Management Consulting is a leading national healthcare consulting firm and software developer that partners with healthcare organizations to streamline operations, improve revenue and enhance technology to drive success in an evolving healthcare landscape. The Company’s consulting services include clinical/IT consulting, revenue cycle consulting, and strategic consulting. In its clinical/IT consulting practice, Hayes provides electronic health record system optimization, implementation, legacy support, go-live support, physician training and other complementary services. In its revenue cycle consulting practice, Hayes provides revenue cycle assessment, optimization and interim management services. In its strategic consulting practice, Hayes helps clients navigate federally-mandated healthcare initiatives like the Affordable Care Act and provides strategic planning, project management and interim leadership services. Hayes’ software platform, MDaudit, is the leading audit workflow automation and data analytics software package utilized by hospital and physician practice billing and audit compliance professionals across the United States.

The Company was founded in 1993 and is based in Newton Center, Massachusetts.

About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in the healthcare, building products, technology, business services, manufacturing, consumer products and resort & hospitality industries. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, financings, recapitalizations and valuations. For additional information, visit

About Seacoast Capital
Seacoast Capital was founded in 1994 to make non-controlling junior capital investments (primarily subordinated debt and equity) in privately-held lower middle market companies. Seacoast specializes in “sponsorless” transactions, preferring to invest directly with company owners or management teams, although it will selectively consider investments led by professional investor groups. Seacoast typically provides between $3 million and $12 million of debt and equity capital for acquisitions, growth, shareholder buyouts, management buyouts, and leveraged recapitalizations. While industry agnostic, Seacoast broadly invests in the specialty manufacturing, value-added distribution, commercial services, environmental services, logistics and infrastructure services, health and wellness, and consumer sectors. Seacoast generally targets investments in companies with $10 million to $150 million in revenue and $2 million or more of EBITDA. With offices in Boston and San Francisco, Seacoast has invested over $350 million in companies headquartered in 25 states since 1994. Seacoast is currently investing its third fund, Seacoast Capital Partners III, L.P.