Stella Point Capital has made an investment in Laguna Niguel, California-based Vereco, a provider of healthcare document services. No financial terms were disclosed. B. Riley served as financial adviser to Vereco on the transaction.
LAGUNA NIGUEL – September 11, 2018 – Vereco, a leading provider of healthcare document services, today announced that it has entered into a partnership with Stella Point Capital, a New York-based private equity firm. Stella Point’s investment will provide Vereco with additional capital to help fuel organic growth initiatives and support strategic acquisitions, develop further capabilities in key areas in print services, and facilitate market development. Vereco Co-founders, Etienne Weidemann and Jacques Terblanche, will continue to support Vereco‘s CEO Joe Flynn and the leadership team, who will all remain in their positions and continue to manage the strategic direction and growth of the company.
Headquartered in Laguna Niguel, California, Vereco is a leading document services company providing print as a service to hospitals and hospital systems across the U.S. Vereco manages all aspects of hospitals’ print ecosystems, including clinical and administrative print activity, equipment infrastructure and leasing, and all service and supply vendors. The company’s program guarantees a reduction in total cost of ownership based on an innovative capitated fee structure unique to each hospital. Vereco’s clients include national health systems, leading clinical research institutions, academic medical centers, county hospitals and large and small community hospitals.
“Vereco has experienced rapid growth since its founding, and we are confident that Stella Point is the right partner to help capitalize on this momentum and further accelerate our growth plans. Stella Point shares our vision of positioning Vereco as the leading outsourced document services provider to hospitals and healthcare companies, and we look forward to working with the firm to expand our customer footprint, invest in our people and brand, and develop even deeper solutions for our clients,” said Etienne Weidemann and Jacques Terblanche, Co-founders of Vereco.
Vereco’s CEO, Joe Flynn, added, “We are very pleased to have Stella Point on board for the next leg of Vereco’s growth. Not only does their investment represent a tremendous validation of our position in the industry, but their strategic insights, deep relationships, and significant resources will play an important role in this next phase of evolution for our company, and for the broader industry as a whole.”
“We are excited to partner with Vereco and were initially attracted to the company’s client-oriented culture, differentiated hospital print solutions and ability to take advantage of a rapidly growing healthcare outsourcing market,” said Adam Godfrey and Justin Wender, Stella Point’s Co-founders. “We look forward to working closely with the Vereco team in the coming years to continue to build upon their tremendous platform.”
B. Riley FBR acted as exclusive financial advisor to help Vereco and its founders select a capital partner.
Vereco is a national healthcare company that creates and manages document services programs for hospitals and healthcare systems. Through its teams of fulltime on-site personnel, Vereco on a daily basis manages and optimizes a hospital’s print environment, from vendor management to helping hospital staff with all their print workflow and related needs. Our document services program has been implemented in more than 50 hospitals comprised of national health systems, leading clinical research institutions, academic medical centers, county hospitals and large and small community hospitals. Our on-site teams work hand in hand with a hospital’s IS staff and are responsible for ensuring print infrastructure is aligned with EHR systems and other clinical and non-clinical processes. The company was founded in 2011 and is headquartered in Laguna Niguel, California. Please visit www.vereco.com for additional information.
About Stella Point Capital
Stella Point Capital is a New York-based private equity firm focused on industrial, consumer, and business services investments. Founded by Managing Partners Justin Wender and Adam Godfrey, the firm actively seeks investment opportunities throughout North America, working closely with management teams to identify strong market positions and achieve transformational growth. Stella Point’s investment team has over 75 years of combined investing and operating experience, encompassing more than 35 investments, at leading global private equity firms. Stella Point provides unparalleled senior level attention and expertise, seeking to cultivate strong relationships with portfolio companies to generate superior investment returns and significant long-term value. Please visit www.stellapoint.com for additional information.