Dec 23, 2010
High Road Capital Partners’ portfolio company Accentus completes two add-on acquisitions
High Road Capital Partners (www.highroadcap.com) announced today that an affiliate of its portfolio company Accentus has completed two add-on acquisitions: Florida-based ZyloMed, a leading provider of outsourced medical transcription services to the U.S. ambulatory healthcare market, and Illinois-based Transolutions, Inc., a medical transcription provider which utilizes a proprietary software platform that integrates with voice recognition technology and is focused on the U.S. acute care market.
Accentus, which was acquired by High Road in March 2009, is the leading provider of integrated medical document management solutions – medical transcription, document conversion, and coding services – to healthcare providers in Canada.
“These two acquisitions give Accentus timely entry into the rapidly growing U.S. market for outsourced clinical documentation and electronic health records services. Physicians are frustrated and demoralized by the amount of time and money they must devote to practice management rather than patient care,” said Bob Fitzsimmons, High Road’s Managing Partner. “High Road’s strategy of creating a leading North American provider of comprehensive outsourced medical records management services, serving both the hospital and ambulatory markets, is significantly advanced by these transactions,” added High Road partner Jeff Goodrich.
“The combined Transolutions and ZyloMed management team, led by Mike Carnrite and Susan Sumner, will drive our U.S. efforts,” said Stephen Rogers, CEO of Accentus. “Transolutions and ZyloMed will continue to provide best-in-class physician service and high-quality transcription services. These complementary services, together with Accentus’ know-how and reliability in the growing areas of document imaging and coding, will provide a compelling value proposition for physicians and a strong platform for growth throughout North America. Our services will reduce medical costs and should ultimately improve patient care.”
The Zylomed acquisition closed on November 2, 2010, while the Transolutions transaction closed on December 22, 2010. Financing for the transactions was provided by Bank of Montreal and BMO Capital Corp. Transaction consideration was not disclosed. Jeff Goodrich was High Road’s lead partner on the transactions. Also working on the transactions from High Road were Partner William Hobbs, Vice President Ben Schnakenberg, and Associate Paul Langley. Kruse Acquisitions advised the sellers of Zylomed, and Brookwood Associates advised the sellers of Transolutions.
High Road has completed eleven transactions – seven platform investments and four add-on acquisitions – for its debut fund, High Road Capital Partners Fund I, LP, since June 2008.
For further information, please contact Bob Fitzsimmons of High Road Capital Partners at (212) 554-3265.
High Road Capital PartnersHigh Road Capital Partners is a private equity firm focused on smaller middle market transactions. High Road was formed in 2007 and currently manages over $150 million of committed capital. High Road focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of $2 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level, with the expectation of doubling or tripling EBITDA during the course of its ownership through a combination of organic growth initiatives and add-on acquisitions. More information on High Road may be found on its website, (www.highroadcap.com).
AccentusAccentus provides integrated medical document management solutions for the creation of electronic health records. Leading hospitals, medical clinics, and independent physicians across Canada rely on Accentus to capture accurate and timely patient health information. Combining state-of-the-art technology, human resources, industry knowledge, and value-add services, Accentus delivers outsourced or co-sourced medical document management solutions based on a pay- and scale-as-you-go business model. Accentus was founded in 2001 and is headquartered in Ottawa, Canada. Additional information about Accentus may be found on its website, (www.accentus.ca).
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