Edgewater Growth Capital Partners III, L.P. (“Edgewater”) is pleased to announce that its portfolio company Bolder Healthcare Solutions (“BHS”), a leading provider of revenue cycle management (“RCM”) services to the healthcare market, has recently acquired Prospective Payment Specialists, Inc. (“PPS”).
PPS provides medical coding and revenue cycle management solutions to the largest hospital systems, regional medical centers and critical care access hospitals in the country. For over 25 years PPS has improved the billing compliance, revenue and cash flow for more than 3,500 hospital engagements. PPS will continue to be led by its founder, Jay Janov, who will serve as its President. PPS will operate as a division within the ROI platform which was acquired by BHS in June of 2015. The combined companies add tremendous knowledge and management depth to the Company’s coding and chargemaster service offering.
Bolder Healthcare Solutions offers a growing suite of best of breed healthcare RCM services to the Hospital and Physician marketplace. BHS was formed through a partnership with experienced industry executive Michael Shea. BHS currently has over 2,000 employees serving over 600 clients across the U.S.
BHS is selectively targeting additional acquisition candidates in the RCM sector. Please contact Mike Shea (firstname.lastname@example.org) to discuss any acquisition opportunities.
Edgewater Growth Capital Partners III, L.P. (“Edgewater”) is pleased to announce that its portfolio company Industrial Service Solutions (“ISS” or the “Company”) recently added five businesses to its family of companies: Midwest Valve Parts Supply Co., Inc. (“MVP”), Cajun Valve Services, LLC (“CVS”), All-Pump & Equip. Co. (“APE”), Service Equipment & Repair Company, LLC (“SER”) and Plant-N-Power Services, LLP (“PNP”). Each business provides specialty industrial services to its client base and has built a reputation of quality, responsiveness and superior technical expertise. These companies augment the ISS platform with additional products and services, talented personnel and physical assets in new geographies.
ISS is building a national provider of industrial field services, repair and refurbishment of equipment found in most industrial and manufacturing facilities in North America. This market is extremely fragmented, making it difficult for major industrial companies to find a reliable single source of repair and maintenance services for mission critical equipment. Types of equipment in which ISS has particular expertise includes valves, actuators, motors, generators, pumps, compressors and boilers. The Company’s services are critical to the success of complex plant operations, the prevention of costly facility downtime, and the reduction of safety hazards.
Since inception, ISS has completed twenty-one (21) acquisitions and maintains over 40 service and distribution locations across the U.S. with approximately 1,500 employees. This combination of skilled technical workforce and physical assets enables ISS to offer a broad and valuable set of solutions to its expansive customer base.
The company seeks to acquire companies that provide industrial field services, repair and refurbishment of equipment found in industrial and manufacturing facilities in North America.
Edgewater Growth Capital Partners III, L.P. (“Edgewater”) is pleased to announce that its portfolio company Apex Parks Group (”Apex Parks” or the “Company”) has recently completed the acquisition of Indiana Beach Amusement Resort. Indiana Beach is a regional amusement and water park with a history dating back to its founding in 1926. Apex Parks is now one of the largest owners of family entertainment centers and regional amusement parks in the United States.
Apex Parks was formed by Edgewater with the initial platform investment completed in September 2014. The Company is led by Al Weber, a highly experienced industry CEO who previously was CEO of Six Flags Entertainment, Paramount Parks and Palace Entertainment. Apex is continuing to pursue a robust pipeline of additional acquisition opportunities.
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.
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.
Edgewater Growth Capital Partners, III L.P. (“Edgewater”) is pleased to announce the sale of its portfolio company Testing Services Holdings Industries, Inc. (“TSHII”) to Geneva Switzerland based SGS, SA (“SGS”). TSHII is the holding company of Galson Laboratories, Inc. (“Galson” or the “Company”). Galson provides environmental health and safety testing services to manufacturing industries and for environmental clean-up projects in order to monitor workplace safety conditions. The Company is headquartered in Syracuse, NY with five strategically located services centers. SGS is a global leader in the Testing, Inspection and Certification industry and acquired Galson to reinforce its position in the U.S. while strengthening its industrial hygiene, health and safety capabilities globally.
Under Edgewater’s ownership, Galson accelerated its organic growth and made three acquisitions to expand its service offerings and geographic coverage. We want to acknowledge the outstanding leadership of the TSHII team for their work in leading the company’s profitable expansion.
Edgewater will continue to own Galson’s sister company TSH Distribution Industries, Inc. (“TSHD”), a company that distributes, rents and services instrumentation and personal protective equipment used in workplace safety. The TSHD team has already completed three acquisitions and is actively working on additional add-on opportunities.
Edgewater Announces Sale of Testing Services Holdings Industries (272 KB)
Industrial Service Solutions (“ISS”), a portfolio company of Edgewater Growth Capital Partners III, L.P. is pleased to announce that it has recently completed two acquisitions: Construction & Turnaround Services, Inc. (“CTS”) and Parts Services International LLC (“PSI”). Each of these companies will augment the ISS platform with additional products and services, talented personnel, and physical assets in new territories.
• CTS is based in Snyder, TX and provides plant inspection and maintenance services primarily for the oil & gas and chemical industries. The transaction was completed in May 2014.
• PSI is a distributor of compressed air aftermarket parts, filters, separators, dryers and other equipment via the internet. The transaction was completed in July 2014.
ISS was formed to execute a strategic build-up in the industrial repair, refurbishment and field services market. Equipment in which ISS has particular expertise includes valves, actuators, motors/generators, pumps and compressors among other categories that are critical to maintaining plant operations and minimizing downtime. Since inception, ISS completed eleven acquisitions and maintains over 20 service and distribution locations across the U.S. with over 500 skilled technicians. This combination of human and physical assets enables ISS to offer a broad and valuable set of solutions to its expansive customer base. The company maintains a robust pipeline of complementary companies that should continue the current pace of expansion and profitable growth.
Edgewater Platform Company Completes Two Acquisitions (85 KB)
Edgewater Growth Capital Partners III, L.P. (the “Fund”) is pleased to announce the recent acquisition of Premier Safety & Services, Inc. (“Premier” or the “Company”). Premier is a leading industrial safety equipment distributor specializing in a range of safety equipment including gas detectors, respiratory equipment, fall protection and other personal protection supplies. Premier is being added to the Fund’s platform company Testing Services Holdings, LLC. (“Testing Services”)
Testing Services was formed in 2010 to acquire specialty testing companies servicing the Health, Safety and Environmental market (“HSE”). Testing Services has completed 7 acquisitions to date in two verticals: 1) industrial hygiene testing and laboratory services and 2) sales and rental of equipment used to test and maintain a safe work environment. Premier is a highly complementary addition to the sales and rental vertical, adding well respected industry relationships and personnel to the platform.
Testing Services is continuing to pursue acquisitions of complementary, high quality niche companies in the HSE services and equipment industry.
Edgewater Adds To Its Testing Services Platform (144 KB)