Gridiron Capital has acquired Health Monitor Network, a provider of point-of-care and out-of-clinic medical education for patients and healthcare professionals, from WestView Capital Partners.
Health Monitor offers a range of educational products and services, including digital waiting room screens that display educational videos and condition-specific content, as well as exam room posters and brochures that provide health information and treatment options. The company also provides interactive digital tools and mobile apps, such as symptom trackers and medication reminders.
In addition, Health Monitor conducts targeted email campaigns to keep patients and healthcare providers informed on new therapies and health tips. The company’s point-of-care magazines, available in doctors’ offices, feature articles on disease awareness and lifestyle guidance tailored to conditions like diabetes and heart disease.
Health Monitor operates a network of over 450,000 healthcare professionals across 250,000 physician offices nationwide, reaching more than 20 million patients. Founded in 1983, Health Monitor is headquartered in Montvale, New Jersey, and led by CEO David Paragamian.
Gridiron is investing in Health Monitor in partnership with its existing management team, while WestView retains a minority equity interest in the company. WestView acquired Health Monitor in May 2019.
“We are most proud of the team Health Monitor has built, led by David and President Howard Halligan. The company’s senior leadership team has built a growth-oriented business that is an established leader in this growing point-of-care category. We are excited to be involved in Health Monitor’s next chapter,” said Rick Williams, managing partner at WestView.
“WestView has been fantastic to work with over the past few years. They supported us in making the necessary investments to build our team, launch new products, modernize and expand our network, and build lasting relationships with our customers,” said Mr. Paragamian. “We look forward to their continued involvement in the company and the addition of Gridiron and their expertise and resources, which will enable us to continue on our rapid growth trajectory.”
“We are incredibly excited to announce our partnership with Health Monitor Network, and proud of the thematic sector ideation that ultimately led up to the investment. Health Monitor’s ability to foster a more engaged dialogue between patients and their healthcare professionals has encouraged better patient outcomes, which allows everyone to win together,” said Scott Harrison, a senior managing director and chief operating officer at Gridiron.
“Dave and the Health Monitor team have a proven track record of performance, innovation, and fostering a winning culture,” said Kevin Jackson, managing partner at Gridiron. “We are honored to partner with them, sharing a common vision to accelerate growth while continuing to deliver exceptional service to patients, healthcare professionals, and loyal customers.”
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values between $75 million and $600 million and EBITDA from $10 million to $60 million. The firm’s sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrials.
Gridiron is investing from its fifth fund, which closed above target in October 2023 with $2.1 billion in capital. Fund V is Gridiron’s largest fund to date, significantly surpassing its fourth fund, which closed in December 2020 with $1.35 billion.
WestView Capital Partners makes majority and minority investments between $20 million and $100 million in lower middle-market growth companies with at least $10 million in revenue and operating profits between $3 million and $25 million. WestView’s investments typically focus on founder-owned and managed companies that have not previously raised institutional capital. Sectors of interest include business services, software and IT services, consumer, healthcare technology and outsourcing, growth industrial, and consumer. In January 2023, WestView closed its fifth fund, WestView Capital Partners V LP, which was oversubscribed and reached its $1 billion hard cap.
Cain Brothers, a division of KeyBanc Capital Markets, served as the financial advisor to Health Monitor.
© 2024 Private Equity Professional | November 8, 2024
