Audax Private Equity has acquired The Chartis Group, a provider of healthcare consulting services, from Riordan, Lewis & Haden (RLH).
The Chartis Group provides advisory services and analytics to hospitals, health systems, and other healthcare organizations. The company’s services include strategic planning, performance management, informatics and technology, and health analytics. Chartis was founded in 2001 and has offices in Atlanta, Boston, Chicago, New York, Minneapolis, Portland and San Francisco (www.chartis.com).
The current Chartis management team will continue to lead the company and, together with the Chartis consultants and employees, maintain a significant ownership position in partnership with Audax. “We are excited to partner with Audax and for the opportunity it provides us to continue to achieve meaningful growth and expand our impact on global healthcare,” said CEO Ken Graboys. “Audax brings the resources and capital to support the growth of our next generation of practice offerings, and to make strategic acquisitions.”
“Chartis has earned an outstanding reputation in the healthcare consulting industry demonstrated by the transformational results delivered to clients, extraordinarily talented people, and strong firm culture,” said Young Lee, a managing director at Audax. “We are excited to join the team as they continue to build on this success.”
Audax invests in middle market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure and building materials. Audax has offices in Boston, New York and San Francisco (www.audaxgroup.com).
“We look forward to partnering with the Chartis team as they continue to provide innovation and improvements for healthcare systems, and pursue strategic add-on acquisitions and partnerships,” added Tim Mack, a managing director at Audax.
RLH invests in high growth, lower middle market companies that have revenues from $20 million to $200 million and EBITDA of $5 million to $ 20 million. Sectors of interest include business services, healthcare, and government services. The firm is based in Los Angeles with additional offices in Irvine, CA and Naperville, IL (www.rlhequity.com).
Lincoln International (www.lincolninternational.com) was the financial advisor to Chartis.
© 2019 Private Equity Professional | May 9, 2019
