“We are delighted to be partnered with SourceMedical. We believe SourceMedical’s outstanding management team, leading technology, and breadth of products uniquely positions the company to bring additional efficiencies to the surgery and therapy markets,” said Hilary Grove, a Partner with ABRY Partners. “We will support the company with investment in the core platform, and the addition of critical new products, in order to further expand SourceMedical’s value to its customers.”
SourceMedical is a provider of outpatient information and revenue cycle management services for ambulatory surgery centers, specialty hospitals, and rehabilitation clinics nationwide. The company is based in Birmingham, AL (www.sourcemed.net).
ABRY Partners invests in the media, communications and information sectors. ABRY is currently investing ABRY Partners VII (a $1.6 billion fully-capitalized traditional private equity fund), ABRY Senior Equity III (a $750 million fully-capitalized senior equity/mezzanine fund) and ABRY Advanced Securities Fund II (a $1.2 billion fully-capitalized senior debt fund). The firm is located in Boston, MA (www.abry.com).
“The investment in SourceMedical by ABRY Partners provides SourceMedical with a fresh source of new capital for continued investment in innovative products and services, a unique network of consultative experts in the fields of healthcare information technology and revenue cycle services, and a long-term stability that will greatly benefit our company, clients, and employees,” said Larry McTavish, Chairman and CEO of SourceMedical. “This union will allow our company to continue to operate independently while reaping the benefits of being a member of the family of portfolio companies at ABRY Partners.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-18-12