Edgewater Growth Capital Partners III, L.P. (“Edgewater” or the “Fund”) is pleased to announce its recent investment in Vertical Bridge Holdings, LLC (“Vertical Bridge” or the “Company”). Vertical Bridge is an owner and manager of wireless communications infrastructure. Edgewater is partnering with the same management team that grew a very similar business, Global Tower Partners (“GTP”), from its inception in 2002 to the largest private operator of wireless communications infrastructure in North America. GTP was ultimately sold to American Tower in 2013 for $4.8 billion.
Vertical Bridge is executing the same investment thesis that its management team followed in building GTP. The Company is acquiring cell towers and rooftop cell sites to build out its national mobile communications network. The rapid growth of wireless data usage is leading to greater network demand from mobile carriers who are Vertical Bridge’s core customers. We believe Vertical Bridge represents an excellent ground floor opportunity to partner with a proven, world class management team in an industry sector with strong growth trajectory.
The Edgewater Funds is a Chicago-based private equity firm with $1.4 billion in committed capital. Through Edgewater Growth Capital Partners, we partner with management to help accelerate growth in their businesses. Edgewater focuses on funding high quality middle market companies where we can add substantial value through our capital, our experience and our broad network. Edgewater leverages the experiences of its Partners and the Executive Advisory Board who have distinguished themselves as successful CEOs and business leaders.
Edgewater Growth Capital Partners III, L.P. is pleased to announce that its portfolio company, Bolder Healthcare Solutions (“BHS”) has recently completed the acquisition of two significant revenue cycle management (“RCM”) companies.
BHS first announced the acquisition of Avectus Healthcare Solutions, based in Corinth, MS. Avectus is a leader in the resolution of complex third party liability and workers’ compensation accounts for hospitals and trauma centers. Avectus will continue to be led by its founder and CEO Tim Smith along with his experienced team.
The second acquisition is The ROI Companies (“ROI”) based in Timonium, MD. ROI provides critical services to hospitals and physician groups including insurance billing and follow-up, self-pay billing, coding, eligibility, consulting, cash acceleration and collections. The Company has offices in the Baltimore, Boston, Cleveland, Philadelphia and Washington, DC markets. Chris Wunder, ROI’s CEO and founder, will continue to lead his team in the management and growth of ROI.
Bolder Healthcare Solutions was formed in 2012 and offers a growing suite of best of breed healthcare revenue cycle management services to the Hospital and Physician marketplace. BHS is led by Mike Shea who previously was the founder and CEO of MedAssist. With the addition of Avectus and ROI, BHS now has over 1,500 employees in the US and India to serve over 500 clients across 47 states. BHS continues to pursue acquisitions of select, high quality RCM service providers.
Edgewater Growth Capital Partners II, L.P. (Edgewater) is pleased to announce the recent sale of its portfolio company Dental Holdings Corporation, doing business as Dental Services Group (“DSG” or the “Company”). DSG owns and operates the largest network of dental laboratories in North America. The Company manufactures and supplies dental prosthetic solutions including dentures, implants, orthodontic and sleep therapy products to over 10,000 customers, ranging from the largest dental practice management companies to individual dental practitioners. DSG was acquired by Cressey & Company, a highly respected private equity firm focused on health care industry investments.
Edgewater recruited an outstanding management team who successfully led the Company to become a low cost manufacturer, producing a wide range of quality products across every price point. The team completed 14 acquisitions to expand DSG’s product line and market coverage which resulted in a revenue growth rate that has outpaced the industry since 2011.
Edgewater Growth Capital Partners III, L.P. is pleased to announce that its water industry portfolio company Triwater Holdings, LLC has recently completed the acquisition of Paragon Water Systems, Inc. (“Paragon” or the “Company”). Paragon designs, develops and produces point of use water filtration products for leading global OEM clients, including major retailers, dealers and direct selling channels. Paragon offers its worldwide customers innovative R&D, proprietary technology and low cost manufacturing through their facilities in the U.S. and China. The Company has grown rapidly over the past several years as a result of new product and technology introductions and expansion into the Asian market.
Triwater has partnered in this investment with Paragon’s founders and they will continue to lead the Company’s operations.