THL Partners has completed its acquisition of Intermedix Corp., a provider of revenue cycle management solutions for emergency services providers, from Parthenon Capital Partners. No financial terms were disclosed. Other selling shareholders included Glenview Capital Management.
Intermedix Corporation (“Intermedix”), a leading provider of revenue cycle management and software solutions to the emergency healthcare industry, today announced the completion of its previously announced acquisition by Thomas H. Lee Partners, L.P. (“THL”) from Parthenon Capital Partners (“Parthenon”) and its minority shareholders including Glenview Capital Management.
Goldman, Sachs & Co. acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Intermedix. Citigroup Global Markets Inc. (“Citi”) and Wells Fargo Securities, LLC (“Wells Fargo”) acted as financial advisors and Weil, Gotshal & Manges LLP acted as legal advisor to THL in connection with the transaction. Citi, Wells Fargo, GE Capital Markets, Inc. and Ares Capital Corporation (“Ares”) arranged the senior credit facilities component of the financing for the transaction, with the term loan thereunder funded entirely by the Senior Secured Loan Fund LLC, a joint venture between GE Capital Corporation and Ares. TCW/Crescent Mezzanine Management V, LLC and Audax Mezzanine Fund II, L.P. (together with certain of their respective affiliates) provided the mezzanine component of the financing.
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 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.
Thomas H. Lee Partners (“THL”) is one of the world’s oldest and most experienced private equity firms. The firm invests in growth-oriented global businesses, headquartered principally in North America, within three broad sectors: Business & Financial Services, Consumer & Healthcare and Media & Information Services. THL’s team of investment and operating professionals partner with its portfolio company management teams to identify and implement business model improvements that accelerate sustainable revenue and profit growth. Since its founding in 1974, THL has acquired more than 100 portfolio companies and has completed over 200 add-on acquisitions, representing a combined value of more than $150 billion. THL’s two most recent investment funds comprise more than $14 billion of aggregate committed equity capital. Notable transactions sponsored by THL include Aramark, Ceridian, Dunkin’ Brands, Experian, Fidelity National Information Services, HomeSide Lending, Houghton Mifflin, inVentiv Health, Michael Foods, The Nielsen Company, ProSiebenSat.1, Snapple, Warner Chilcott, Warner Music Group and West Corporation. For more information, please visit www.thl.com.
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.