Parthenon Capital Partners has made a minority investment in RedCard, a provider of claims communications, payments and enrollment services to healthcare providers, payors and members.
RedCard was founded in 2006 by Joe DiMartini, Eric Schaefer and Dru Schmitt and is headquartered in St. Louis (www.redcard.com). RedCard’s founders and existing shareholders retained their majority ownership position in RedCard following the investment and the current RedCard executive team will continue to lead the organization post-closing.
“We are excited to partner with Parthenon to pursue our growth strategy and continue to provide market-leading solutions that simplify the communication and payment of healthcare claims and the member enrollment and engagement process,” said Mr. DiMartini.
“RedCard is an exceptional company, bringing unique technology and solutions to some of the healthcare industry’s most intractable claims and billing challenges. We’re thrilled to have the opportunity to partner with the entire RedCard team and to support their growth initiatives over time,” said Dave Ament, Co-CEO of Parthenon.
Parthenon invests in middle market companies with enterprise values of $35 million to $500 million that are active in healthcare services, financial services, and business services. The firm was founded in 1998 and has offices in Boston and San Francisco (www.parthenoncapitalpartners.com).
“Parthenon’s approach to growth resonated with us as we seek to expand our offering through both internal product development and strategic acquisitions,” said Eric Schaefer, RedCard’s Co-Founder and CEO.
Cain Brothers (www.cainbrothers.com) was the financial advisor to RedCard on the transaction.
© 2018 Private Equity Professional | February 27, 2018