WindRose Health Investors LLC has recapitalized Baltimore-based Basys LLC, a provider of benefits administration technology for the Taft-Hartley market. No financial terms were disclosed. Ziegler was financial adviser to Basys on the transaction. Hogan Lovells LLP provided legal advice to WindRose on the deal while Womble Bond Dickinson LLP did likewise for Basys.
NEW YORK, July 19, 2018 /PRNewswire/ — WindRose Health Investors, LLC (“WindRose”), a healthcare-focused private equity firm, announced that funds managed by WindRose have completed a recapitalization of basys, LLC (“basys”). basys is a leading provider of benefits administration technology for the Taft-Hartley market that employs more than 130 people in the Baltimore area. Terms of the transaction were not disclosed.
Through this transaction, WindRose partnered with basys’ executive team to provide liquidity to the company’s retired founder and an infusion of capital to support its future growth. With WindRose’s investment, basys will be able to continue to expand its technology solutions, recruit and hire top technology, product management and support talent, and increase its market share of fund offices and third-party administrators across the United States and Canada.
Jenny Morgan, the Chief Executive Officer and a significant shareholder, will continue to run the day-to-day operations alongside the existing executive team, including Chief Technology Officer, Ron Rock, and Vice Presidents, Jeff Herman and Sean Cornelius.
“WindRose shares our vision of being a leading provider of benefits administration technology for the Taft-Hartley community and continuing to provide value to a market that puts serving its members first,” said Jenny Morgan. “This investment allows us to continue to enhance our technology, expand our services, and provide additional tools and resources to enable our customers to better serve their members. WindRose’s strong network relationships and deep industry knowledge will help us expand our customer base and explore new pathways for growth.”
CJ Burnes, Partner with WindRose said, “Jenny and her team have developed a market leading suite of complex software solutions and services that enable their customers to efficiently administer health and retirement benefits to their members. We are excited to be partnering with basys’ talented leadership team and we look forward to supporting their continued growth.”
Ziegler acted as financial advisor to basys. BMO Capital Markets served as the lead arranger for a senior secured credit facility. Hogan Lovells LLP acted as legal advisor to WindRose and Womble Bond Dickinson LLP acted as legal advisor to basys.
Since 1977, basys has specialized in benefits administration software for the Taft-Hartley community, providing integrated technology solutions that help trust fund offices, national multiemployer plans and third party administrators accurately and efficiently serve millions of members across the US and Canada. basys software suites, web-based portals and hosting services deliver cost-effective and reliable health and pension benefits processing, fund office administration, reporting and member service on a platform built for data security, regulatory compliance and a lower total cost of ownership. For more information, please email Linda Yurche at firstname.lastname@example.org or call (410) 412-8807.
About WindRose Health Investors
WindRose Health Investors, formerly MTS Health Investors, makes equity investments in companies that operate within the services sectors of the healthcare industry. WindRose Health Investors focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose Health Investors manages over $700 million of capital and is currently investing out of its fourth fund. WindRose Health Investors is based in New York City and invests in companies throughout the United States. For more information, please email us at email@example.com.