WestView Capital Partners has led a funding round for Health Monitor Network, a patient engagement company. No financial terms were disclosed. BBVA Compass, Stellus Capital Management and Evolution Credit Partners provided the debt financing for the transaction.
PRESS RELEASE
MONTVALE, N.J.–(BUSINESS WIRE)–Health Monitor Network (“HM” or the “Company”), the leading direct-to-patient (DTP) / patient engagement company in the United States, today announced that it has received a significant growth capital investment, led by private equity firm WestView Capital Partners.
For over 35 years, HM has been the leader in delivering innovative and effective patient education and engagement products that foster dialogue between patients and their healthcare professionals. The Company has a network of over 400,000 healthcare professionals (HCPs) across 200,000 physician offices nationwide, providing award-winning content to tens of millions of patients. The Company’s product line has expanded from unique condition specific guides and other print publications to one of the fastest growing digital point-of-care (POC) businesses in the industry.
Health Monitor achieved record performance in 2018 and remains poised for unprecedented growth. The Company has added dozens of new customers and has seen robust growth in its digital business. Physicians and health systems around the country are seeing value in HM’s best-of-breed content and products. New 3D tools, charts and diagrams have become an essential part of healthcare professional practices in its network. Innovative technologies that will help further transform physician offices and healthcare systems are in development.
“I couldn’t be more excited about our future. Health Monitor Network has experienced significant growth over the past several years and I believe this is just the beginning,” said HM CEO Ken Freirich. “I am thrilled to partner with WestView Capital, a top performing and well-regarded growth equity firm with deep experience in healthcare including pharma services. Their capital, resources and stellar track record will help take our organization to the next level. For the first time, we’ll have the arsenal to strategically scale the business and the rocket fuel for explosive growth. Rick and team are fantastic partners.”
“Ken Freirich and his team are the exact type of entrepreneurs we look to partner with. They have built Health Monitor into a POC leader and have the vision to maintain that leadership in this strategically important category moving forward,” said Rick Williams, Managing Partner at WestView. “In the point-of-care space, Health Monitor has an unmatched focus, reputation and track-record of consistent growth. We see a very significant opportunity ahead in this marketplace,” added Jeff Clark, Vice President at WestView.
Freirich added, “there continues to be tremendous interest and investment in the point-of-care channel. Both pharmaceutical advertisers and private equity / strategic investors recognize the value of being able to effectively and efficiently reach patients in healthcare professional waiting and exam rooms. Health Monitor Network is well positioned to capitalize on the exceptional growth in this channel.”
Health Monitor was represented by Covington & Associates, C7 Advisors, and WilmerHale, while WestView was represented by Latham & Watkins. Senior debt financing was provided by BBVA Compass, Stellus Capital Management and Evolution Credit Partners.
About Health Monitor Network
Health Monitor Network is the leading direct-to-patient (DTP) company in the United States. It has provided high-quality patient education through digital, print, and mobile platforms to over tens of millions of condition sufferers through 200,000+ medical offices and more than 400,000 healthcare professionals over its 35-year history. For more information, please visit www.healthmonitornetwork.com
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as healthcare technology and outsourcing, business services, software and IT services, consumer, and growth industrial. For more information, please visit www.wvcapital.com
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