Brentwood Capital Advisors completes $70 million financing for Passport Health Communications. Eighth completed assignment since March 2005.
Nashville, Tennessee, April 17, 2006 - Brentwood Capital Advisors LLC ("BCA") is pleased to announce
the completion of a leveraged recapitalization for Passport Health Communications, Inc. ("Passport"), a leading provider of information technology and revenue cycle management services to the healthcare industry. BCA acted as the exclusive financial advisor to Passport and arranged the private equity, subordinated debt and senior debt required to fund the transaction. Primus Venture Partners, Inc. led the private equity investment, Allied Capital provided the subordinated debt financing and Fifth Third Bank provided the senior debt financing.
"We had a great experience working with the BCA team," said Jim Lackey, CEO of Passport. "The firm conducted a highly targeted process that led to a very attractive valuation and transaction for the Passport shareholders and secured new, high quality capital partners. BCA delivered on their promise of daily, senior-level attention. In addition, the BCA team showed excellent judgment, provided sound advice and were effective advocates throughout the process. We enjoyed working with them and hope to do so again."
The Passport transaction is another example of our team's ability to solve important financial needs for our clients. Passport needed capital to execute its aggressive plan for organic growth and strategic acquisitions while the shareholders had a desire for significant liquidity. After reviewing alternative strategies with the management team and Board of Directors, we executed a plan to bring a combination of new equity and debt capital. This strategy provided Passport with the capital it needed and delivered significant liquidity to the original investors and management while preserving majority ownership.
The Passport assignment exemplifies Brentwood Capital Advisors' focus on providing high quality
investment banking advice to leading private healthcare and business services companies in this region. In our healthcare services practice, Passport joins BlueCross BlueShield of Tennessee, HealthSpring, Psychiatric Solutions, and Symbion as another example of leading national healthcare services companies that we have been privileged to advise. The Passport transaction represents BCA's eighth completed assignment since March 2005 for clients including BlueCross BlueShield of Tennessee, Cummings, HealthSpring, SETECH, and Universal Tax Services. Since 2002, BCA has completed 25 financial advisory transactions as exclusive financial advisor.
About Brentwood Capital Advisors LLC
Brentwood Capital Advisors LLC, founded in 1999, is a privately held investment bank headquartered in Nashville, Tennessee, providing mergers and acquisition and capital raising advisory services to middle market healthcare and business services companies. More information about Brentwood Capital Advisors can be found at http://www.brentwoodcapital.com/.
About Passport Health Communications
Passport Health Communications, Inc. headquartered in Franklin, Tennessee is a national healthcare
solutions provider. Passport connects its customers - 1,200+ hospitals, 1,500+ physician clinics and
outpatient centers with access to payer information to facilitate and improve their revenue cycle process. Passport is committed to providing quality data through innovative technology and information solutions and unsurpassed customer support. Passport has been named as one of Healthcare Informatics Top 100 Healthcare Companies by Revenue, Inc. 500's (ranked 120th) Fastest Growing Private Companies and one
of Business Tennessee Magazine's 20 Best Employers in Tennessee.
Please visit http://www.passporthealth.com/
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