| |
FRANKLIN, Tenn. and Cleveland, Ohio,
April 17, 2006 – Passport Health Communications, Inc. is pleased to announce the
completion of a $70 million leveraged recapitalization. Brentwood Capital
Advisors LLC, based in Nashville, acted as exclusive financial advisor to
Passport and arranged the private equity and subordinated and senior debt
required to fund the transaction. Primus Venture Partners, Inc. led the private
equity investment, Allied Capital provided subordinated debt financing and Fifth
Third Bank provided senior debt financing.
William C. Mulligan and
Phillip C. Molner from Primus will join Passport’s
Board of Directors.
“This investment validates the value of our business model and the services
provided to our customers,” states
Jim Lackey, Chief Executive Officer. “In
addition, it provides capital to fund our aggressive plan of organic growth and
selective acquisitions and allows our original investors and management to
achieve some liquidity while retaining significant ownership.”
“Passport is a clear leader in eligibility and other revenue cycle services,”
stated Bill Mulligan, Managing Director of Primus. “We are delighted to be
associated with such a high quality company and management team.”
Phil Molner, Director at Primus added, “We have been impressed with the strong
growth rate, market share and high customer satisfaction achieved by the team at
Passport. We look forward to supporting their vision and goal of being a leading
consolidator in this exciting revenue cycle management sector of healthcare
services.”
About Passport
Passport Health Communications, Inc., headquartered in Franklin, Tenn., is a
national healthcare solutions provider. Passport connects its customers – 1,300+
hospitals, 1,600+ 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.
For more information on Passport Health Communications and its products and
services, please visit
www.passporthealth.com.
About Primus
Primus is a Cleveland, Ohio-based private equity firm focused on established
companies with exceptional growth potential. Primus has raised a total of $620
million across five private equity funds and has invested in more than 120
companies since its inception. Primus is currently investing Primus Capital Fund
V, a $280 million fund. Primus has invested across a broad range of industries
with an emphasis on business services, healthcare, education and communications.
Primus will consider both control and minority investments, as well as leveraged
and non-leveraged transactions.
About Allied Capital
Allied Capital (NSYE: ALD), a leading business development company with total
assets more than $4 billion, provides long-term debt and equity capital to
middle market companies to support management and sponsor-led buyouts,
recapitalizations, acquisitions and growth of companies with EBITDA of at least
$5 million. Allied Capital invests in the American entrepreneurial economy by
providing capital to companies seeking a long-term financial partner and access
to managerial resources often unavailable to smaller companies. Since its IPO in
1960, Allied Capital has invested in thousands of middle market companies. Today
the Company's private finance portfolio includes investments in more than 100
companies that generate aggregate revenues exceeding $10 billion and employ more
than 85,000 people. For more information, please visit
www.alliedcapital.com.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in
Cincinnati, Ohio. Fifth Third has $105.2 billion in assets, operates 19
affiliates with 1,119 full-service banking centers, including 119 Bank Mart®
locations open seven days a week inside select grocery stores and 2,024 Jeanie®
ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Pennsylvania and Missouri. The financial strength of Fifth Third’s
Ohio and Michigan banks continues to be recognized by rating agencies with
deposit ratings of
AA- and Aa1 from Standard & Poor’s and Moody’s, respectively. Additionally,
Fifth Third Bancorp continues to maintain among the highest short-term ratings
available at A-1+ and Prime-1 and is recognized by Moody’s with one of the
highest senior debt ratings for any U.S. bank holding company of Aa2. Fifth
Third operates four main businesses: Retail, Commercial, Investment Advisors and
Fifth Third Processing Solutions. Investor information and press releases can be
viewed at www.53.com. Fifth Third’s common stock is traded through the NASDAQ®
National Market System under the symbol “FITB.”
About Brentwood Capital Advisors LLC
Brentwood Capital Advisors LLC (BCA), 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. Since 2002 BCA has completed 25 financial
advisory transactions as exclusive financial advisor with healthcare services
transactions representing 19 of its 25 assignments. More information about
Brentwood Capital Advisors can be found at
www.brentwoodcapital.com
|
