HealthPort, a provider of secure access to confidential medical information for healthcare organizations and insurance payors, has entered into an agreement to be acquired by New Mountain Capital. The transaction is expected to close in the fourth quarter of 2014.
HealthPort processes over 20 million medical record requests each year on behalf of over 15,000 healthcare facilities, including over one-third of all hospitals nationwide. The company also offers audit management tools to health care providers, and is also a provider of information for insurance company payors and commercial health plans. HealthPort is headquartered in Alpharetta, GA (www.healthport.com).
“New Mountain is the ideal partner for HealthPort given its long track record of ‘building great businesses’, and we will now have more resources than ever to achieve our growth and strategic objectives,” said Mike Labedz, HealthPort’s CEO. “We look forward to working with New Mountain.”
New Mountain Capital currently manages private and public equity funds with over $15 billion of assets under management. The firm is an industry generalist but has specific expertise in education, health care, software, business services, logistics, specialty chemicals, federal services, media, consumer products, financial services and insurance, environmental services, infrastructure and energy. Last month, New Mountain held a final close of its fourth private equity fund, New Mountain Partners IV, LP, with $4.1 billion of capital commitments. The fund, which had a target of $3.0 billion, was oversubscribed at its hard cap of $4.0 billion of limited partner commitments. New Mountain was founded in 1999 and is headquartered in New York (www.newmountaincapital.com).
“HealthPort is the highly regarded leader in a very important and growing sector of medical information management, and we look forward to working with the HealthPort team to build the company for its next phase of growth,” said Matt Holt, Managing Director of New Mountain. “Over its long history, HealthPort has been committed to the success of its customers. We intend to work closely with HealthPort’s management to accelerate growth investments and strategic development, and to make the company an even more valued partner to its customer base.”
Credit Suisse and TripleTree acted as financial advisors to New Mountain.
2014 PEPD • Private Equity’s Leading News Magazine • 11-3-14