Audax Acquires Financial Health Strategies

United Recovery Systems, a portfolio company of Audax Private Equity, has completed the acquisition of Financial Health Strategies. This is the third add-on acquisition completed by United Recovery Systems since being acquired by Audax in December 2008.

Financial Health Strategies (FHS) is a regionally-focused provider of revenue cycle management services to acute-care hospitals, hospital-based physicians and community health centers. FHS is headquartered in Gaithersburg, MD (www.finrx.com).

United Recovery Systems provides accounts receivable management services to the nation’s leading credit grantors. URS has completed three add-on acquisitions under Audax ownership. The first two were Enterprise Recovery Systems (Oak Brook, IL) in March 2012; and Plaza Recovery (New York, NY) in October 2011. The company has offices in Texas, Oklahoma, Arizona, Illinois, and Kentucky and is headquartered in Houston, TX (www.unitedrecoverysystems.com).

“URS is a diversified accounts receivable management provider with expertise in Financial Services, Education, and Healthcare. The acquisition of FHS further expands URS’ capabilities as a provider of revenue cycle management services to the healthcare end market. We will continue to pursue strategic add-on acquisitions that complement URS’ industry-leading service offering,” said Young Lee, Managing Director of Audax Group.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).

SunTrust Robinson Humphrey advised FHS. Edwards Wildman Palmer served as counsel to Audax Group.

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