HealthX Merges with Zipari

Healthx Merges with Zipari, Supported by a Strategic Growth Investment from Thoma Bravo, to Create an End-to-End Consumer Experience Platform for Healthcare Payers

Brentwood Capital Advisors Serves as Exclusive Financial Advisor to Healthx and JMI Equity

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Healthx, Inc. (“Healthx” or the “Company”) in its merger with Zipari, Inc. (“Zipari”). The merger was sponsored by Zipari’s new partner, Thoma Bravo, through a strategic growth investment that values the combined company at more than half a billion dollars.

Headquartered in Indianapolis, Indiana, Healthx has been providing healthcare payers with a trusted platform of engagement solutions for over 20 years. The Company’s portals and growing suite of targeted technology offerings power payers’ engagement tech stacks. Payers can enhance engagement, reduce call center costs, and improve clinical outcomes with market leading solutions from Healthx. Used by 170 healthcare payers to manage more than 27 million lives, Healthx is a proven partner for engagement needs.

“We are excited to join Zipari and move our common mission forward. This combination will offer our clients the most comprehensive platform in the market and our team looks forward to working together to deliver just that.” said Mark Rapoport, CEO of Healthx. “BCA was our trusted advisor, playing an important role in this transaction process. Their healthcare technology domain expertise and transaction experience were valuable in closing an optimal deal with the right partner for our employees, clients, and shareholders.”

“Healthx’s industry leadership over the last 20 years, combined with its deep connectivity within the payer and TPA ecosystem, created a compelling combination opportunity with Zipari,” added Jack Jeong and John Kibler, Managing Directors and Co-Heads of Healthcare Technology Investment Banking at BCA. “We were thrilled to work with the Healthx and JMI Equity teams, and we look forward to seeing the industry-leading consumer experience platform that Healthx and Zipari create together in their partnership with Thoma Bravo.”

About Brentwood Capital Advisors

Headquartered in Franklin, Tennessee, Brentwood Capital Advisors is one of the nation’s leading independent investment banks, specializing in providing financial advice on mergers, acquisitions, corporate divestitures, and capital raising to growth-oriented, middle-market healthcare, technology, and tech-enabled services companies. For more information, visit www.brentwoodcapital.com.

About Healthx

Healthx is a provider of cloud-based digital engagement platforms intended for healthcare payers. The Company’s healthcare member engagement orchestration platform connects members, providers, and payers integrating all tech tools into one platform, enabling them to lower costs and improve health. For more information, visit https://www.healthx.com, and follow Healthx on LinkedIn and Twitter.

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.


FCC Receives investment from Revelstoke

Brentwood Capital Advisors Serves as Exclusive Financial Advisor to Family Care Center


Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Family Care Center, LLC (“FCC” or the “Company”), a provider of outpatient psychiatry services to the U.S. Armed Forces, veterans and the surrounding communities, in its recently completed investment from Revelstoke Capital Partners (“Revelstoke”).

Founded in 2016 by Dr. Charles “Chuck” Weber, a Board-certified psychiatrist and a 25+ year Army veteran, FCC provides therapy, medication management and Transcranial Magnetic Stimulation (“TMS”) in four clinics located across the Colorado Springs market.  FCC’s 40+ mental health providers offer services to both children and adults and specialize in services for military families and veterans.  FCC is the largest provider of private psychiatry services to U.S. Armed Forces and veterans in Colorado.

“We are thrilled to partner with Revelstoke, who shares our vision for serving the military community and expanding our psychiatric services to more patient populations. Revelstoke’s expertise in multi-site healthcare service practices combined with their relationships and operational resources will be extremely valuable as we expand our current footprint to other markets,” said Dr. Weber, founder & Chief Medical Officer of FCC. “BCA was a critical resource in guiding me through the M&A process, advocating on my behalf for the best possible outcome at every point during the transaction. They served as a trusted advisor as they helped FCC find the right partner for its next phase of growth.”

“FCC’s replicable business model, commitment to the military community, operational excellence and stellar clinical reputation created a highly attractive and differentiated platform opportunity,” said L.A. Galyon, Managing Director and Partner at BCA. “The behavioral health sector continues to be a key focus area for BCA’s healthcare services practice, and the FCC transaction bolsters BCA’s leadership position in behavioral health investment banking, which now includes 16 transactions in this sector.  We were honored to work with Chuck and his team, and we expect nothing but continued success for FCC as the Company and Revelstoke seek to expand access to high-quality outpatient mental healthcare services.”

About Brentwood Capital Advisors

Headquartered in Franklin, Tennessee, Brentwood Capital Advisors is one of the nation’s leading independent investment banks, specializing in providing financial advice on mergers, acquisitions, corporate divestitures, and capital raising to growth-oriented, middle-market healthcare, technology, and tech-enabled services companies. For more information, visit www.brentwoodcapital.com.

About Family Care Center

Family Care Center is the largest provider of private psychiatry services to the U.S. Armed Forces and veterans in Colorado. FCC offers comprehensive psychiatric services for both children and adults including psychotherapy, medication management, TMS and other similar outpatient mental health services. FCC has assembled a treatment team that is grounded in evidence-based and research-proven interventions which allow for the highest quality of care. For more information, visit www.fcsprings.com.

About Revelstoke Capital Partners

Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy as it strives to build exceptional companies. Revelstoke is based in Denver, Colorado and has approximately $2.5 billion of assets under management. Since its inception in 2013, Revelstoke has completed 82 acquisitions, which includes 19 platform companies and 63 add-on acquisitions. For more information, visit www.revelstokecapital.com.


FSC is Acquired by The Speech Pathology Group

BRENTWOOD CAPITAL ADVISORS SERVES AS EXCLUSIVE FINANCIAL ADVISOR TO FAMILY SUPPORT CENTER

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Family Support Center (“FSC” or the “Company”) in its recently completed acquisition by The Speech Pathology Group (“SPG”), a portfolio company of Ridgemont Equity Partners.

Founded in 2012, Family Support Center is a leading provider of Applied Behavioral Analysis (“ABA”) services for children and their families with four outpatient clinics located in and around Colorado Springs, CO. FSC provides one-on-one, individually tailored ABA therapy, primarily in a clinic setting and adheres strictly to evidence-based practices. The Company’s clinics operate in densely populated, growing communities, and over 50% of FSC’s patients come from military families.  FSC has experienced strong growth and continues to expand its service capabilities and clinic locations. 

“I am extremely proud of the Company we built, which has positively and profoundly impacted the lives of hundreds of children and their families in the Colorado community,” said Brian Duncan, founder and CEO of FSC. “We’ve had a longstanding relationship with L.A. and the BCA team, who provided tremendous advice and guidance throughout every step of this process. I’m confident that together we have found the right buyer to continue to build on the great work we started.”

“FSC’s seasoned leadership team, leading market position and stellar clinical reputation created a highly attractive opportunity, even during these uncertain times,” added L.A. Galyon, Managing Director & Partner at BCA. “It has been a great pleasure working with Brian and the FSC team, and we expect nothing but continued success for the Company moving forward.”

ABOUT BRENTWOOD CAPITAL ADVISORS

Based in Franklin, Tennessee, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor on transactions totaling over $6.8 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 24 investment banking professionals. For more information, please visit www.brentwoodcapital.com.

ABOUT FAMILY SUPPORT CENTER

Founded in 2012 by CEO Brian Duncan, Family Support Center provides ABA therapy to children diagnosed with Autism Spectrum Disorder in the Colorado Springs region. FSC offers evidence-based, individualized treatment for children, many of whom come from military families, and provides tremendous results for patients and their families.  For more information, please visit https://fscautism.com/.

ABOUT SPEECH PATHOLOGY GROUP

SPG is a leading school, center and home-based provider of multi-disciplinary services for children with autism spectrum disorder and other special needs. The company provides comprehensive speech and language services, applied behavior analysis therapy, behavior intervention services, and OT/PT services across several states in the Western US. The company has a 30-year history of therapeutic excellence, best in class clinical support and a workplace culture that fosters professional growth and mentorship.  For more information, please visit https://speechpathologygroup.com/


Rsource Receives Investment from Sunstone Partners

BRENTWOOD CAPITAL ADVISORS SERVES AS EXCLUSIVE FINANCIAL ADVISOR TO RSOURCE

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to R. Smith International, LLC, d/b/a RSource (the “Company”) in its recently completed investment from Sunstone Partners (“Sunstone”).

Headquartered in Boca Raton, Florida, RSource provides specialty revenue cycle management (“RCM”) services that help hospitals and health systems to efficiently manage complex areas of the revenue cycle, including clinical denials, patient-involved denials and accident claims. Beyond these core offerings, RSource assists its customers with eligibility services, low-balance insurance recovery and legacy system conversions. The Company delivers industry-leading performance through the combination of a multidisciplinary approach and cross-functional expertise, driving measurable ROI for its clients across the country. 

“This investment is a very exciting milestone for RSource. We are thrilled to partner with Sunstone Partners and to leverage their deep healthcare and operational experience to power us through our next phase of growth” said Larry Reid & Robert Smith, Co-Founders of RSource. “We’ve had a longstanding relationship with BCA, who advised and guided us through every step of this process. We appreciate their excellent work and dedication to finding the right partner for our employees, partners and shareholders”. 

“RSource’s seasoned leadership team, leading market position and accelerating growth, even in this challenging market, created a highly attractive opportunity,” added Porter Meadors, Director at BCA. “It was a pleasure representing RSource and we look forward to watching their continued success as a partner of Sunstone.” 

About Brentwood Capital Advisors

Based in Franklin, Tennessee, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor on transactions totaling over $6.8 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 24 investment banking professionals. For more information, please visit www.brentwoodcapital.com.

About RSource

Founded in 2008, RSource helps major health systems and hospitals across the U.S. recover maximum dollars from all types of third party-payer claims. Specializing in denials, complex claims and RCM optimization, RSource deploys an experienced, tech-enabled team to customize receivables management solutions. RSource’s programs are designed to accelerate and maximize netback, enhance patient satisfaction, and provide actionable feedback to improve front-end processes. For more information, please visit https://rsource.com/.

About Sunstone Partners

Sunstone Partners is a growth-oriented equity firm that makes majority and minority investments in technology-enabled services and software businesses. The firm seeks to partner with exceptional management teams, often as their first institutional capital partner, to help accelerate organic growth and fund acquisitions. Founded in 2015, the firm has $800 million of committed capital to its first two funds. For more information, visit www.sunstonepartners.com


CareHere to be Acquired by Premise Health

BRENTWOOD CAPITAL ADVISORS SERVES AS EXCLUSIVE FINANCIAL ADVISOR TO CAREHERE

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to CareHere, LLC (“CareHere”), which recently entered into a definitive agreement to be acquired by Premise Health (“Premise”).  The transaction is scheduled to close on September 30, 2020, subject to customary closing conditions.

Headquartered in Brentwood, TN, CareHere is a leading operator of wellness centers for self-funded organizations, including large manufacturers, municipal and state governments, universities, and Taft-Hartley plans.  Operating 200+ on-site and near-site primary care and occupational health clinics in 28 states, CareHere partners with employers to inspire their employees and families to achieve well-being and greater health through innovative, quality, cost-effective health care solutions. 

“I am proud of our unfailing commitment to innovation and patient care at CareHere.  We look forward to continued success and innovation with Premise as we remain committed to delivering superior health and financial outcomes by challenging traditional conventions of health care for employers across the country” said Ernie Clevenger, Co-Founder and CEO of CareHere.  “We enjoyed working with BCA on this important transaction as they advised and guided us through every step of this process.  Their healthcare and transactional expertise played a critical role in structuring, negotiating and ultimately signing a deal with the right partner for our employees, patients and shareholders.”

“Since co-founding the company 16 years ago, Ernie Clevenger, Ben Baker and their team have built CareHere into an industry leader serving self-insured employers and municipalities nationwide.  Combining with Premise Health provides tremendous resources and scale to continue to lead the industry in innovation and client services,” added Tom Wylly, Senior Partner at BCA.  “It was a pleasure representing CareHere, and we look forward to watching the combined success of CareHere and Premise.” 

ABOUT BRENTWOOD CAPITAL ADVISORS

Based in Franklin, TN, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies.  BCA has served as exclusive financial advisor on transactions totaling over $6.8 billion in value in these sectors.  Founded in 1999, the firm is partner-owned and has 24 investment banking professionals. For more information, please visit www.brentwoodcapital.com

ABOUT CAREHERE

CareHere is a trusted population health management solutions organization that pioneered and continues to innovate employer provided on-site and near-site primary care and occupational health at significant cost savings. The Nashville-based health care leader utilizes health centers, TeleHealth, and has recently launched eHealth™ Centers, utilizing an on-site nurse and a secure, HD video connection to the provider.  Started in 2004 and known for its patient-centered approach and delivering its care with enthusiasm and compassion, CareHere cares for patients in 28 states and 200+ health centers nationwide. For more information, please visit www.carehere.com. 


NHCC Financing the Deal

Nashville Health Care Council Presents “Financing the Deal” Virtual Panel

NASHVILLE, Tenn. (May 27, 2020) – Last Thursday, the Nashville Health Care Council hosted their annual event, “Financing the Deal: Deal-Making Trends and Strategies for Health Care Companies,” featuring expert financial executives discussing current and future investment trends. The panel participants provided inside perspectives on the state of the market, the impact of the coronavirus on deal flow and trending sectors to watch.

The conversation was moderated by Tom Wylly, senior partner, Brentwood Capital Advisors. Panelists included Geoffrey G. Clark, senior managing director, Starr Investment Holdings; Bruce Crosby, co-founder and managing partner, Health Velocity Capital; Ann Lamont, co-founder and managing partner, Oak HC/FT; and Scott Poole, partner, Ridgemont Equity Partners.

Wylly began the discussion with background on health care deal activity from the last 18 months, explaining the number and the dollar volume of deals had decreased in 2019 and, in the first quarter of 2020, health care mergers and acquisitions dropped another 10% and the dollar value of those deals was down 77%.

“So you can see the M&A market has been weakening over the last few years and was really put on life support with COVID-19,” he said. Wylly then asked the panelists to characterize their deal flow prior to the coronavirus and describe the impact of the pandemic on their portfolio companies.

Poole said the impact to his firm’s portfolio companies has varied widely depending on the business, with about half of the companies being largely unaffected. For struggling companies, they have furloughed staff and cut salaries. “Other businesses have had very different experiences,” he said. “For example, we have two health care distribution businesses, one that delivers defibrillators. Historically, defibrillator demand has grown 10% per year, but demand is down in this environment. For those customers, we’re now selling personal protective equipment. We created a whole new product portfolio of masks, gloves, gowns, hand sanitizer, wipes and more, which has filled the hole from the defibrillator demand slow-down.”

According to Crosby, digital health was a very robust market in the first quarter of 2020, with $3.1 billion invested in digital health companies, according to Rock Health. “Like most, once COVID-19 hit, we retreated and focused on our portfolio. Now we’re slowly moving out of it,” said Crosby. “We’re invested in MDLive, one of the largest telehealth platform companies. Like other telehealth companies, they’ve seen a tremendous growth in volume and benefited from the coronavirus. On the other side of the spectrum, we have companies that sell software to health systems and we expect sales to be slow for three to sixth months until hospitals get back on their feet.”

Lamont referred to the coronavirus as “an accelerant” for investment trends such as primary care, home care and digitizing health care services. “Right now, you don’t want to be in an institution like a nursing home or hospital unless you have to be. You want to stay home and have all the support at home. Just like everyone has gotten used to using Zoom, the reality is whether it’s mental or physical health, the coronavirus has changed the dynamic between the clinician and the patient.”

Clark said his firm’s health care portfolio companies took the hardest hit between mid-March and mid-April but are recovering quickly with volumes up 50% to 75% in the last four weeks. “We are seeing an aggressive snapback. The question we wrestle with is when will this start to level out? What does pandemic recovery look like? At this point no one knows the answer. The other question is what will the practice of health care look like? COVID-19 has been the biggest accelerator of change I’ve seen in 25 years of investing, not just in health care but across business processes and spending.”

Looking ahead, the panelists identified key factors needed to close new deals and valuation expectations post-coronavirus. They agreed it will take time for the financing markets and valuations to look like they did pre-coronavirus.

“From a valuation perspective, sometimes it takes time,” said Clark, who is looking for high-quality and high-growth assets and market leaders “Like the real estate market, it will take sellers time to come to terms with reasonable valuations.”

Poole indicated confidence in forward-looking projections and predictability are key. Crosby mentioned that while Zoom videoconferencing aids communication, face-to-face meetings with the management team are critical so investments may be delayed until travel habits resume. Lamont agreed and suggested the exception to that rule is investing in company executives and businesses that the firm already knows.

To conclude, the panelists identified several sectors with growth potential. Crosby expressed interest in the behavioral health and substance use disorder spaces and referenced investments with Ginger, a text-based virtual behavioral health company, and Spero Health, a Nashville-based addiction treatment organization. Poole is also interested in behavioral health, alongside specialty home infusion services and post-acute care. Clark identified tech-enabled companies and organizations that address the “pain points” of health care such as physician staffing. Lamont reiterated her interest in primary care and companies embracing digitization to expand access to care.

The Nashville Health Care Council will continue to offer relevant and timely virtual events during the COVID-19 pandemic. Register now for the next installment in the Council’s virtual series, “Health Care Brass Tacks” on Tuesday, June 2, at 11:30 a.m. Watch for more information on this and upcoming programs at healthcarecouncil.com.

About the Nashville Health Care Council

The Nashville Health Care Council is a premier association of health care industry leaders working together to inspire global collaboration to improve health care by serving as a catalyst for leadership and innovation. Since 1995, the Council has served as a trusted source for information on trends and innovations influencing the nation’s health care industry. Through regular programs, the Council provides members with unparalleled access to national and international policymakers, industry innovators, and thought leaders. 

For more information on the Council, please visit www.healthcarecouncil.com.


Senior HCIT Banker Joins BCA

Brentwood Capital Advisors Adds Senior HCIT Banker Jack Jeong As Managing Director

Brentwood Capital Advisors LLC (BCA), a partner-owned investment bank focused on the healthcare and technology industries, is expanding the capabilities of its healthcare information technology (HCIT) practice by hiring Jack Jeong as Managing Director. With over 12 years in middle-market, growth-focused healthcare investment banking, Mr. Jeong has completed over 80 advisory and underwriting transactions representing $24 billion in aggregate transaction value.

“We are very excited to have Jack join our team,” said Kevin Murphy, BCA Managing Partner. “Jack’s hiring reflects our view on the significant opportunity available in HCIT and strong commitment to the space. He has deep, longstanding relationships within the industry and brings a wealth of knowledge and expertise to our HCIT practice. Jack will bring a new and highly valued dimension to our HCIT capabilities.”

Mr. Jeong joins BCA from Raymond James, where he was instrumental in the growth of its HCIT franchise. Prior to Raymond James, Mr. Jeong worked for Morgan Keegan before its acquisition by Raymond James and started his career at SunTrust Robinson Humphrey. Mr. Jeong holds a Bachelor of Arts degree in Economics and Mathematics, summa cum laude, Phi Beta Kappa, from Washington and Lee University.

Mr. Jeong will partner with John Kibler (Managing Director), Porter Meadors (Director), and Brian Brett (Associate) as the fourth member of BCA’s growing, dedicated HCIT team and will primarily work with provider-focused, consumer-focused, payor-focused, and pharma-focused HCIT and digital health companies. BCA’s recent HCIT transactions include representing Orchard Software in its sale to Francisco Partners, the recapitalization of Harmony Healthcare IT by Primus Capital, and the divestiture and sale of Connecture’s Medicare and commercial enrollment software solutions to Harris / Constellation Software and Benefitfocus, respectively.

“BCA has a 20+ year history of delivering exceptional results and serving as trusted advisors to leading healthcare companies, management teams, and investors,” said Mr. Jeong. “I am excited to join and am honored to be part of this talented team, helping to expand its HCIT franchise.”

ABOUT BRENTWOOD CAPITAL ADVISORS

Based in Franklin, Tennessee, Brentwood Capital Advisors LLC is one of the South’s leading boutique investment banks that provides mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor in over 100 successfully closed transactions totaling approximately $6.6 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 23 investment banking professionals. For more information, please visit www.brentwoodcapital.com


Springhill Acquired by Abode Healthcare

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Springhill Home Health & Hospice (“Springhill” or the “Company”) in its recently completed acquisition by Abode Healthcare (“Abode”).

Springhill is a high-quality provider of home health, hospice and palliative care in the Alabama Gulf Coast market, including Mobile, Baldwin and Washington counties.

“We are excited to join the Abode Healthcare team and are confident they will continue the legacy of high-quality patient care in the communities we serve,” said Bobby Wofford, President of Springhill. “Brentwood Capital’s strong industry relationships and home health & hospice expertise generated a process that yielded the best outcome for shareholders, employees and patients.”

“Springhill Home Health & Hospice has served the greater Mobile market for 19 years and has a reputation of providing high-quality clinical care,” added L.A. Galyon, Partner at Brentwood Capital Advisors. “We were pleased to serve as Springhill’s exclusive financial advisor on this important transaction and enjoyed working with Bobby Wofford and his team.”

About Brentwood Capital Advisors
Based in Franklin, Tennessee, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor on transactions totaling approximately $6.6 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 22 investment banking professionals. For more information, please visit www.brentwoodcapital.com.

About Springhill Home Health & Hospice
Serving Mobile, Baldwin and Washington counties in Alabama, Springhill Home Health and Hospice has been providing compassionate care and support to the seriously ill and their families since 2001. The Company provides assistance and comfort care at end-of-life for hospice patients or at-home illness and injury treatment for home health patients.

About Abode Healthcare
Abode is a leading provider of home health and hospice services throughout the United States. It offers a full spectrum of palliative care and support services that are tailored to the individual needs and preferences of terminally ill patients and their families. Abode was formed in 2012 and is based in Durango, Colorado.


Orchard Software Acquired by Francisco Partners

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Orchard Software Corporation (“Orchard” or the “Company”) in its recently announced acquisition by Francisco Partners.

Headquartered in Carmel, Indiana, Orchard is a privately-owned company specializing in developing and supporting award-winning Laboratory Information Systems (“LIS”) that enhance clinical and pathology laboratory workflow, as well as support laboratory outreach and point-of-care testing. Orchard has been a leader in KLAS rankings since 2002 and currently serves more than 1,500 multi-site and multi-specialty physician groups and clinics, hospitals, independent reference labs and other healthcare facilities.

“I am proud of what our team has built at Orchard and look forward to continued success and innovation with our new equity partner, Francisco Partners, that brings additional expertise and capital to our growing software platform”, said Rob Bush, Founder and CEO. “BCA provided sound advice throughout the process that yielded a fantastic outcome for our shareholders, employees and customers”.

“Orchard has been a trailblazer in the LIS industry, developing industry-leading products for a large, loyal customer base,” stated John Kibler, Managing Director at BCA. “It was a pleasure representing Orchard in this important transaction and working with such a high-quality company and team”.

About Brentwood Capital Advisors

Based in Franklin, Tennessee, Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor on transactions totaling approximately $6.5 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 22 investment banking professionals. For more information, please visit www.brentwoodcapital.com.

About Orchard Software Corporation

Orchard Software Corporation, founded in 1993, is a leader in the LIS industry and offers a variety of laboratory system solutions. Orchard’s products are installed in all sizes of multi-site and multi-specialty physician groups and clinics, hospitals, independent reference labs, student health centers, veterinary labs and public health organizations. Orchard serves more than 1,500 laboratories across the country, helping them improve efficiency, reduce errors and enhance integration.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry.


Connecture is acquired by Harris Computer

Brentwood Capital Advisors Served as Exclusive Financial Advisor to Connecture, Inc.

Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to Connecture, Inc. (“Connecture” or the “Company”) and its affiliated entities in its recently completed acquisition by N. Harris Computer Corporation (“Harris”). Connecture is a portfolio company of Francisco Partners, a leading private equity firm focused exclusively on investments in technology and technology-enabled services businesses.

Headquartered in Milwaukee, Wisconsin, Connecture is a recognized leader in web-based Medicare shopping and enrollment and drug comparison tools serving payers, brokers, PBMs and the government. Connecture’s PlanCompare product is the industry’s most widely adopted Medicare enrollment solution.

“BCA, our exclusive financial advisor, played a critical role in managing a competitive process that maximized shareholder value and ultimately resulted in a transaction with the right strategic partner for the company and Connecture’s customers. This represents our second closed transaction with BCA in 2019, and we are thrilled with the outcomes of both processes,” stated Kraig McEwen, Executive Chairman of Connecture prior to closing.

“With its market leading position within a growing segment of healthcare and blue-chip customer base, Connecture represented a unique HCIT asset for potential buyers,” stated John Kibler, Managing Director at BCA. “We had the pleasure of representing Connecture on two successful transactions this year and are pleased to have found a new partner in Harris that has such a strong-track record of successfully integrating and growing healthcare companies”.

About Brentwood Capital Advisors Based in Franklin, Tennessee,

Brentwood Capital Advisors is one of the South’s leading boutique investment banks, providing mergers and acquisitions and capital raising advice to privately-held, middle-market healthcare, technology and tech-enabled and outsourced services companies. BCA has served as exclusive financial advisor on transactions totaling approximately $6.5 billion in value in these sectors. Founded in 1999, the firm is partner-owned and has 22 investment banking professionals. For more information, please visit www.brentwoodcapital.com.

About Connecture, Inc.

Provider of a web-based sales, service and process automation platform designed to streamline health insurance distribution. Connecture’s process automation platform offers a personalized health insurance shopping experience that recommends the best fit insurance plan based on an individual’s preferences, health status, preferred providers, medications and expected out-of-pocket costs. The Company’s solutions enable insurance marketplace operators to distribute health insurance in a cost-effective manner.

About N. Harris Computer Corporation

A wholly owned subsidiary of Constellation Software Inc. (TSX: CSU) that provides mission critical software solutions for the Public Sector, Healthcare, Utilities and Private Sector verticals throughout North America, Europe, Asia and Australia.