RESULTS FOR OUR CLIENTS

Welsh, Carson, Anderson & Stowe (WCAS) and its portfolio company, EnableComp, engaged Greenberg Advisors to expand its access to acquisition opportunities within EnableComp’s niche markets and to benefit from GA’s proven M&A transaction advisory services. The acquisition of ANI Healthcare Solutions adds denials management and zero-balance review expertise as well as marquee clients, enhancing EnableComp’s offerings, client base, and most importantly, its value.

Greenberg Advisors was engaged by LKCM Headwater and its portfolio company, Knack Global, to generate greater deal flow than it was seeing on its own and to provide full-service M&A advisory in the acquisition of well-run companies in new healthcare specialties. The acquisition of Merrick Management, which specializes in serving anesthesia providers, represents our client’s entrée into a highly-strategic vertical, significantly enhancing its management team, scale, total addressable market, and its valuation.

Greenberg Advisors was engaged by a sizable, private equity-backed Revenue Cycle Management company that sought to augment its capabilities and client base through acquisition. GA’s client provides technology-enabled billing and patient access solutions to multi-specialty physician groups. This engagement resulted in the acquisition of a leading billing company that specialized within a narrow market of hospital-based physicians, serving as our client’s entrée into a coveted market with favorable tailwinds. In addition to many strategic benefits, this transaction provides substantial revenue and EBITDA growth for our client.

Cosentus retained Greenberg Advisors (GA) to identify and advise in completing acquisitions in the RCM space. The acquisition of AllianceMed and its subsidiary, MedCloud, provides Cosentus with specialized RCM services and technology solutions tailored for the Ambulatory Surgery Center (ASC) and Durable Medical Equipment (DME) markets, as well as access to new multi-specialty physician group clients.

Greenberg Advisors was engaged by EMS|MC and BV Investment to identify and complete acquisitions that would grow market share and further build out EMS|MC’s offerings. The acquisition of PWW Advisory Group, specializing in consulting in the areas of RCM, operations, compliance, and education, strengthens our client’s suite of solutions and further cements its leadership position in the EMS market.

Sheridan Capital Partners and its portfolio company, SimiTree, engaged Greenberg Advisors (GA) to help grow SimiTree’s presence within the behavioral health and post-acute markets and to find additional, complementary solutions to offer clients. The acquisition of fast-growing GreenpointMed strengthens SimiTree’s customer base in the Southeast region, and bolsters its management team through the addition of the Founder and President of GreenpointMed. This is one of two transactions completed in December that resulted from GA’s buy-side partnership with SimiTree and Sheridan.

Sheridan Capital Partners and its portfolio company, SimiTree, engaged Greenberg Advisors (GA) to help grow SimiTree’s presence within the behavioral health and post-acute markets and to find additional, complementary solutions to offer clients. GA engaged Afia in discussions, which provides consulting and analytics solutions to behavioral health clients nationwide, as a possible fit for SimiTree. This transaction immediately enhances SimiTree’s technology offerings, while also providing meaningful consulting resources. This is the second of two December transactions resulting from GA’s partnership with SimiTree and Sheridan.

EMS|MC, a Revenue Cycle Management and Consulting company specializing in the EMS market, and its private equity-backer, BV Investment Partners, engaged Greenberg Advisors to identify and complete acquisitions that would grow market share and expand its capabilities. GA advised in the acquisition of TransMedic, a growing Midwest-focused billing company with sought-after municipal and private EMS and Fire Department clients. This transaction, in addition to providing substantial billing resources, creates a targeted foothold in a meaningful region. This is the third acquisition resulting from GA’s partnership with this client.

Greenberg Advisors was engaged by Ovation Healthcare (FKA QHR Health), a private equity-backed hospital management services and consulting company, to identify and complete an acquisition to enhance its RCM expertise and market presence. The acquisition of MedCo is immediately accretive and expands our client’s early-out, insurance follow-up, and staffing capabilities while also adding internally developed workflow software. Ovation also gained additional management talent and depth as a result of the acquisition.

Greenberg Advisors was engaged by EMS|MC, a private equity-backed Revenue Cycle Management and Consulting company specializing in the EMS market, to identify and complete acquisitions that would grow market share and add new capabilities. The engagement resulted in the completion of four transactions, including the acquisition of Andres Medical Billing, a sizable EMS billing company that further expands our client’s customer base in a highly strategic geography and adds meaningful billing resources. This is the second acquisition resulting from GA’s buy-side partnership with this client.

Not yet announced. For more information, please contact GA.

Atwater Solutions, LLC (Atwater) engaged Greenberg Advisors to find a strategic acquirer for the fast-growing business. The company provides healthcare technology consulting, implementation, and optimization services, as well as RCM improvement solutions for many hospitals throughout the US. Atwater sought to partner with a business that could match its superior client service while providing additional support to foster growth.

Greenberg Advisors was engaged by EMS|MC and BV Investment Partners to identify and complete acquisitions that would add strategic, tangential offerings and increase market share. The acquisition of VAIRRKO, which offers a suite of human resources-related solutions and Learning Management System (LMS) products, adds complementary product lines from which EMS|MC’s clients will benefit. 

Greenberg Advisors was engaged by ARMStrong Receivables Management (formerly Brown & Joseph / Altus) and Incline Equity Partners to lead an acquisition search for commercial collection firms that met their strategic objectives. The target in this transaction is a well-established firm with longstanding client relationships that include multiple Fortune 500 companies. This is the second transaction resulting from Greenberg Advisors' buy-side engagement with ARMStrong.

Presidiohealth, Inc. (Presidio) retained Greenberg Advisors to represent its founder and investors in the sale of the company. Presidio leverages clinical artificial intelligence and machine learning software in its solutions that automate and optimize clinical documentation and coding processes while also providing business intelligence dashboards. The company specializes in addressing the needs of the emergency room, urgent care, and hospitalist settings, and its solutions are widely applicable to other specialties within healthcare. The buyer, DeliverHealth, which was recently spun-out of Nuance Communications, will leverage Presidio’s technology to bolster the offerings that it provides to 800+ healthcare organizations across 2,200 facilities.

Atlantic Street Capital engaged GA to increase the value of its portfolio company, eIVF, by investing into a fertility-focused business that could leverage its data. GA identified many targets that provide solutions, such as predictive analytics and clinical decision support (CDS) tools to the fertility market, before ultimately advising in the investment into Univfy, a leading software platform that leverages clinical data and AI to determine IVF success rate with individual patients. The unique combination will benefit the entire fertility market and the many couples attempting to navigate the family-planning process.

Greenberg Advisors was engaged to represent a client in the sale of its business. The client is a growing provider of tech-enabled RCM and consulting services focused on improving revenue cycle functions, such as charge capture, providing outsourced RCM services, and optimizing operations for hospitals throughout the United States. GA leveraged its relationships and unmatched industry expertise to find the ideal partner. The buyer is a multinational strategic providing RCM services and technology solutions to US-based providers. This is the seventh transaction that GA advised on in 2021. 

ALN Medical Management (ALN) retained GA for buy-side and strategic advice to bolster the company’s organic growth. The acquisition of selected assets of Fivos is the culmination of GA’s extensive process to identify and analyze acquisition candidates that would fit ALN’s transaction priorities, among them that the acquisition should be highly accretive to ALN. This is the second acquisition resulting from GA’s partnership with ALN.

Innovative Healthcare Systems Inc., specializing in emergency medicine, provides revenue cycle management (RCM) services and software to physician practices throughout the United States. GA found a natural and well-suited buyer in Harris, which will provide an excellent home to foster the continued growth of Innovative.

Ohio-based Medical Reimbursement, Inc. (MRI) engaged Greenberg Advisors to advise in its sale. MRI provides billing and coding services to hospital-based physician groups, with a specialization in emergency medicine. The buyer is a well-established strategic entity that provides an array of RCM services.

Abu Dhabi-based Gulf Capital retained Greenberg Advisors to lead its acquisition search for RCM platforms in the United States to build a global business, augmenting its existing portfolio company, Accumed Practice Management, which provides RCM services in the United Arab Emirates and Saudi Arabia. Identifying the mental health / behavioral health market as a key focus area, GA sourced and completed a transaction with Los Angeles-based Hansei Solutions, a leader in its sector, with top-tier management and significant domain expertise. This was the second of two transactions that GA completed with Gulf with a combined enterprise value of approximately $60 million.

Revco Solutions and its private equity-backer retained GA to advise in its strategy to acquire businesses with complementary offerings. As part of this engagement, GA sourced qualified candidates based on its many relationships and its detailed knowledge of industry participants, their offerings, financial profile, and similar data. ARMC Financial Services, which offers denials management services to hospitals and health systems, was an excellent fit with Revco’s acquisition criteria. This represents the second transaction that GA has completed in the denials management sector in recent months.

Abu Dhabi-based Gulf Capital retained Greenberg Advisors to lead its acquisition search for RCM platforms in the United States to build a global business, augmenting its existing portfolio company, Accumed Practice Management, which provides RCM services in the United Arab Emirates and Saudi Arabia. GA leveraged its unmatched industry data and long-lasting relationships, which ultimately led to an investment in Eclat Health Solutions, a market-leader in the coding space primarily servicing hospitals and health systems. This transaction bolstered Gulf with a talented team and substantial offshore capabilities. This was the first of two transactions that GA completed with Gulf with a combined enterprise value of approximately $60 million.

ALN Medical Management retained Greenberg Advisors to lead its acquisition search for RCM firms with talented leadership, scale, and clients in new specialties, which resulted in ALN's acquisition of Nexus Healthcare Solutions. Leveraging years of specialization and relationships with owners, GA quickly identified that Nexus would be a good fit for ALN. Nexus offers end-to-end billing services for an array of providers including behavioral health practices, ambulatory surgery centers (ASCs), gastroenterologists, and others. This marks GA's 4th completed transaction in 2020.

Greenberg Advisors was engaged by Brown & Joseph / Altus to lead its acquisition search for commercial collection firms with attractive client relationships and talented management. Hunter Warfield (“HW”), while focused predominately on consumer collections, had an established and growing commercial collection practice.

Praxis Healthcare Solutions provides revenue cycle management (RCM) services including revenue integrity, denials management, insurance follow up, and complex claim resolution for hospitals and long-term care facilities throughout the United States. GA maximized valuation and deal structure for Praxis while facilitating an expedited process by leveraging its RCM expertise, relationships, and intimate understanding of buyers’ acquisition interests, which allowed GA to approach a small group of the most qualified and aggressive buyers.

Arcadia Recovery Bureau is a growing provider of RCM services, focused on Extended Business Office (EBO) and receivables management services for hospitals, large physician groups, and other creditors throughout the United States. The buyer, Annuity Health, was created from the merger of AMCOL Systems, Inc. and RevMD Partners, LLC.

PARA HealthCare Financial Services provides tech-enabled services for acute care and critical access hospitals across the US. Its offerings focus on revenue integrity, pricing analytics, and various other revenue cycle solutions closely linked to coding and the hospital chargemaster. By combining with HFRI, both companies will benefit by leveraging the expertise and client relationships of the other. This is a great example of the depth of GA’s network, which includes buyers with unique strategic value that can deliver considerable advantages to the selling shareholders.

Navient (Nasdaq:NAVI) retained GA to divest one of its subsidiaries, General Revenue Corporation (GRC). GRC, based in Mason, Ohio, is one of the largest Accounts Receivable Management firms to focus on the college and university market. GA's depth of experience in ARM transactions and extensive network in the industry enabled Navient to find the ideal partner in SinglePoint Group International Inc., which had been searching for a well-run, US-based platform.

Infinx retained Greenberg Advisors to identify and structure the acquisition of a specialized RCM firm that would fit well within the Infinx platform and its growth goals. The engagement resulted in a transaction with Houston-based Enhanced Revenue Solutions, which services mainly Cardiology clients. GA’s deep understanding of the RCM market was a key component to the success of this engagement.

Applied Revenue Analytics, LLC (“AppRev”) provides industry-leading Healthcare IT solutions for hospitals and health systems across the U.S. AppRev’s SaaS-based solutions improve clients’ revenue cycle performance by offering analytics on denied claims, creating and optimizing pricing strategies, and enhancing revenue integrity functions.

Meduit, a leading RCM company, retained Greenberg Advisors for buy-side advisory services to complete transactions with RCM and HCIT companies. Based on Greenberg Advisors’ trusted relationships throughout the RCM and Healthcare IT markets, GA presented the Meduit opportunity to the shareholder of Signature Performance Tiburon (SPT), which culminated in the acquisition of SPT’s early-out assets, enhancing our client’s growth, and enabling SPT to deploy resources elsewhere within its operation. This is the fourth transaction in which Greenberg Advisors has advised Meduit (and its predecessor companies).

Healthprime International ("HPI") provides healthcare IT and practice management solutions, as well as a full suite of RCM services, for physician practices across the US. Leveraging onshore and offshore resources, HPI helps physicians navigate the shift to value-based care while focusing on their patients.

J&L Teamworks (“J&L”) is a well-established provider of outsourced RCM services to hospitals and health systems primarily in California. Its offerings include servicing patient receivables, staffing, coding, extended business office (EBO), training, and eligibility screening.

Data and Contact Management Solutions, LLC (“DCM”) is a data-driven, technology-enabled estate recovery firm servicing many of the largest credit grantors and healthcare organizations in the U.S. Greenberg Advisors was engaged by DCM and its private equity owner, Norwest Equity Partners, to develop and execute the most viable strategy for maximizing the value of DCM, given DCM’s unique service and technology platforms. Having achieved many years of profitable growth driven by a highly capable management team, DCM had become the clear market leader in its niche.

A result of GA’s buy-side acquisition services for Thompson Street Capital Partners, a mid-market private equity firm, and its portfolio company, Receivables Management Partners (RMP), this transaction expands our client’s presence in the healthcare services market. This is the third acquisition that GA has facilitated for this client in the past 14 months. The transaction is an excellent strategic fit for GA’s client as the acquired company provides the exact services sought in the desired geography, works on the same software platform as the acquirer, and offers many operating synergies. Satisfying the diverse goals of both selling shareholders, one shareholder will transition into retirement while the other will remain in a key role with the company.

Diversified Healthcare Resources (DHR) is a dominant, high-growth player in the eligibility and enrollment sector, providing services and a unique technology platform to major hospitals and health systems throughout California. This transaction represents a significant step forward for DHR’s clients and its staff, which will benefit from greater opportunities and a wider breadth of services focused specifically on Revenue Cycle Management. 

This transaction resulted from our efforts on behalf of Thompson Street Capital Partners, a mid-market private equity firm, and its portfolio company, Receivables Management Partners (RMP), which retained Greenberg Advisors to identify and engage in dialogue with candidates that fit their growth strategy, both geographically and within the healthcare industry. The acquired company, Allied Business Services, is a well-established provider of healthcare receivables management services in the upper Midwestern U.S. The selling shareholder valued the buyer’s deep understanding of his business, their commitment to his staff and clients, and their ability to quickly conclude an equitable transaction. This acquisition makes sense for both buyer and seller, particularly given the investments required in order to operate and grow a small to mid-sized receivables management firm in today’s market.

Our client is a private equity-backed provider of healthcare ARM / RCM services to large and mid-sized health systems. Greenberg Advisors was engaged for buy-side search and advisory services to expand our client’s geographic coverage and to accelerate growth. This transaction, which involved the acquisition of a well-run regional provider of bad debt collection and early-out services, significantly strengthens our client’s market share and is an excellent cultural fit for both companies. 

CU Collections provides early stage, pre-chargeoff receivables management services for credit union clients throughout the U.S. Greenberg Advisors was engaged by FedFinancial Federal Credit Union, which owns CU Collections, to create and execute a strategy for identifying, negotiating and structuring a strategic and financial partnership with the most attractive partner. A transaction was completed with Collection Bureau Hudson Valley (CBHV), a well-established ARM firm offering post-chargeoff 3rd party receivables management and other services to clients in the financial and healthcare segments. The partnership with CBHV will enable both companies to broaden their suite of service offerings, leverage the expertise of the other and more effectively fulfill their growth objectives.

This transaction began with our advising a senior executive, Tim Bauer, regarding his objective to create a substantial ARM firm through acquisition and organically driven growth.  Greenberg Advisors assisted Mr. Bauer in developing and refining his plan, describing it properly to potential funding partners, and securing attractive terms with the funding partner best suited to support Bauer's goals.  Having solidified an exclusive funding partnership with H.I.G. Capital in Spring 2009, we further advised both H.I.G. and Bauer in the pursuit of acquisition candidates through a newly created entity, Reprise Management Group.  The acquisition of NARS, with over 3,000 employees and operations in the US, Panama, and Jamaica, is the first transaction for Reprise and will serve as its platform to further expand its BPO and 1st Party servicing expertise. 

FAMS is a leading servicer of the federal Department of Education student loan collection contract, and services additional marquee clients in the banking and retail sectors. FAMS' founding shareholders sought to maximize the value of FAMS through a sale of the company. The transaction was consummated after a competitive auction process to maximize value, resulting in an $88 million transaction for the shareholders.

West Corp., a publicly-held customer relationship management (CRM) business with a market capitalization of approximately $1 billion, sought to optimize its global call center infrastructure and client relationships through the acquisition of a well-managed ARM firm. Greenberg co-led this effort, resulting in the acquisition of Attention LLC, a fast-growing firm servicing clients in healthcare, auto deficiency, and financial services.

TRAK is the largest independent firm in the United States providing data analytics and legal inventory management of charged-off consumer receivables. H.I.G. sought to acquire a niche service provider within the ARM industry, and it was TRAK’s management team, scale, unique legal approach, and its use of proprietary analytics that contributed to H.I.G.’s interest. This acquisition marks H.I.G.'s second recent transaction in ARM, and is intended to serve as a platform for complementary acquisitions. Greenberg Advisors initiated the transaction and provided advisory services to H.I.G. throughout.

NCM is a national purchaser and servicer of secured and unsecured bankruptcy-impaired consumer receivables. NCM's shareholders sought to maximize their investment by structuring a transaction with the right strategic partner, and to remain active in the operations. Key elements of the transaction included the sale of equity to an investor group possessing key strategic relationships to help fuel growth, as well as the establishment of a credit facility with Siemens First Capital for portfolio purchases, more than tripling NCM's purchasing capability. Greenberg’s comprehensive buyer/investor relationships led to this new buyer and new capital entering the ARM industry.

RMA was among the top 10 largest ARM firms in the US, serving major credit grantors, primarily in the financial and telecom sectors. Brian Greenberg co-led the engagement for Chicago-based private equity firm, GTCR, to divest RMA, resulting in a sale to NCO Group for $118 million.

Our client is a national provider of consumer and commercial collection services, with a defined specialization in the collection of student loan receivables. We were engaged to secure debt capital to be used in order to build out the company’s infrastructure for several large new contracts. Given Greenberg Advisors’ comprehensive relationships with lenders interested in all facets of consumer finance, we established credit facilities for this client within 95 days with two different lenders. This funding enables our client to pursue its growth objectives from a well-capitalized position. 

H.I.G. Capital, through its portfolio company, National Asset Recovery Services (NARS), acquired Integrity Financial Partners in order to bolster its presence in the third-party ARM segment. Integrity, with over 300 employees, services many of the largest blue chip credit grantors in the United States. The acquisition will bring many benefits to the NARS operating platform, including the integration of Integrity’s senior management team and high-end infrastructure, which is comprised of three US-based call centers and one call center based in Santiago, Chile. This is the fourth recent investment by H.I.G. and Reprise Management Group into the ARM sector within an 18 month period. 

CBV Collection Services Ltd. is a major servicer and purchaser of charged-off receivables in the Canadian market. The firm is based in Vancouver, British Columbia and maintains offices throughout Canada. As part of its growth strategy, CBV sought to acquire an ARM firm in the United States to serve as its platform for accessing the much larger charge-off volumes that are available in the US. They engaged Greenberg Advisors to advise them in validating, fine-tuning, and executing their strategy, resulting in the acquisition of Primary Financial Services, based in Phoenix, Arizona. Primary, which focuses on the collection of financial and related charge-offs for major credit grantors, is an excellent fit for CBV both culturally and strategically, and is an ideal platform for CBV's entry into the US market.

H.I.G. Capital, through its affiliate, National Asset Recovery Services (NARS), sought to build upon its BPO and first-party outsourcing capabilities by expanding significantly into third-party debt collection. Greenberg Advisors led the buy-side process, which included a targeted search for firms meeting their criteria and due diligence advisory, culminating in this acquisition. Pinnacle Financial Group, a growing mid-sized ARM firm, provides debt collection and related services for clients in many sectors, including healthcare, financial services, education, telecommunications, consumer/retail, and auto loans. The combined companies will employ approximately 3,500 people. This represents the third recent investment by H.I.G., in collaboration with Reprise Management Group, in the ARM sector. 

Great Lakes was an established national provider of debt collection for financial institutions and municipal governments. GE Capital sought to divest this subsidiary and its pool of owned paper, which totaled $3.3 billion in face value. Brian Greenberg’s involvement resulted in a sale of the company and its portfolio for $33.5 million to NCO Group, as well as the establishment of a multi-year agreement for NCO to provide ongoing services to GE Capital.

Academy is a national provider of contingency debt collection services for major credit card/bank card issuers and debt purchasers. The shareholder sought to divest the company and provide opportunities for his management team post-transaction. 

Sallie Mae sought to acquire a leading servicer and purchaser of credit card and related receivables. Greenberg co-led the comprehensive buy-side program to identify and acquire the best possible platform to meet Sallie Mae's goals, culminating in the acquisition of a majority stake in Arrow Financial.

Universal Fidelity L.P. (UFLP) filed for Chapter 11 bankruptcy in early 2010, requiring that it sell selected assets in order to satisfy obligations due to creditors. Greenberg Advisors was approved in late February by the United States Bankruptcy Court to represent UFLP regarding the sale of its Panamanian ARM/BPO division. Our relationships with investors seeking an opportunity with these characteristics enabled us to contact a narrow group of highly capable parties, and close the transaction quickly -- within 60 days -- while maximizing the value for UFLP. As a result of this transaction, UFLP can focus on expanding its Houston operations, and National Recovery Agency has gained a strategically important near-shore platform to service its clients. 

Resurgence Capital is an established purchaser and collector of charged-off credit card receivables that utilizes a state-specific legal collection strategy. The shareholders sought to establish a new lending relationship in order to expand their portfolio purchasing capability and to buy out a former lender. They engaged Greenberg Advisors to lead the process of finding the most suitable financial partner to help accomplish their goals. As a result, Resurgence secured a senior credit facility with Javlin Capital, a group comprised of industry executives who are experienced lenders to the ARM and Debt Purchase sector.

BCC is one of the most established commercial (business-to-business) debt collection agencies in the country. In order to transition to retirement, BCC’s shareholder sought to liquidate his interest while preserving the future of the company. BCC was acquired by an investor never before known to the debt collection industry.

Vertex, a subsidiary of United Utilities (a publicly-held utility based in the United Kingdom) and provider of business process outsourcing (BPO) services, sought to establish a presence in the US with the acquisition of an ARM firm. Brian Greenberg co-led the nationwide engagement, which resulted in a structured transaction with FRA, a growing ARM firm servicing clients in the utility and financial services sectors.

Our client is a national provider of consumer and commercial collection services, with a defined specialization in the collection of student loan receivables. We were engaged to secure debt capital to be used in order to build out the company’s infrastructure for several large new contracts. Given Greenberg Advisors’ comprehensive relationships with lenders interested in all facets of consumer finance, we established credit facilities for this client within 95 days with two different lenders. This funding enables our client to pursue its growth objectives from a well-capitalized position.

TFC's shareholders had built a unique analytics and debt collection platform for debt buyers and financial services clients. With a mandate to quickly consummate a transaction, the deal was completed within approximately 2 months from the time of engagement, and sold to a proven strategic buyer.

MCS specializes in providing debt collection services to healthcare providers. The shareholder of MCS had been approached by a buyer and wanted to continue the discussions to determine the feasibility of a transaction. Upon engagement, deal discussions were seamlessly assumed, and terms were further negotiated and agreed upon, resulting in a successful sale to The Outsource Group.