Latest news with #AudaxPrivateEquity
Associated Press
5 days ago
- Business
- Associated Press
Elevate Patient Financial Solutions Announces Strategic Investment from Audax Private Equity and Parthenon Capital
SPRING, Texas--(BUSINESS WIRE)--Aug 4, 2025-- Elevate Patient Financial Solutions ('Elevate' or the 'Company'), a leading provider of front-end eligibility and enrollment and back-end revenue cycle management ('RCM') technology and services, announced a strategic investment from Audax Private Equity ('Audax') and Parthenon Capital ('Parthenon'), two private equity firms with a long history of supporting innovative healthcare businesses. The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions seeking to enhance its value proposition to hospital and health system clients. 'We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate's evolution,' said Mike Shea, Elevate's CEO. 'Both firms bring deep experience in building healthcare businesses, and we are excited by the alignment in the go-forward strategic vision for Elevate. We look forward to pursuing innovative ways to deliver more value-added capabilities and support our clients as they navigate an ever-changing market environment.' With a diverse suite of front-end eligibility and enrollment, back-end complex claims, revenue integrity, and patient pay solutions, Elevate will focus on continuing to strengthen existing front-end and back-end RCM technology and services, while adding new complementary solutions that can support operating performance of hospitals and health systems. Adam Abramson, a Partner at Audax said, 'Elevate has established itself as an industry-leader in front-end eligibility and enrollment with a growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country. We believe the Company is well-positioned to continue to deliver a strong front-end and back-end value proposition to clients, while continuing to expand in other high-value RCM services and technology that can deliver tangible value to its hospital and health system clients.' Dan Killeen, a Partner at Parthenon said, 'We are entering a critical time for hospitals and health systems as they look to navigate significant regulatory changes that will impact the coverage of patients across the country. Elevate is a strategic partner to its provider clients and we are excited to support the Company as it continues to pursue its mission of ensuring hospitals and health systems are able to provide care to those patient populations who need it most.' Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP served as legal counsel, while Kirkland & Ellis served in the same capacity to Audax and Parthenon. Audax is investing in Elevate through its Flagship strategy. The transaction closed on July 31, 2025. About Elevate A trusted partner for more than 40 years, Elevate delivers market-leading RCM solutions to hospitals and health systems nationwide. Elevate provides best-in-class services and innovative, specialized technology to address the most complex challenges of the revenue cycle. Services include Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers' Compensation, Veterans Affairs, Out-of-State Eligibility, Denials Management, Extended Business Office Engagements, including A/R Services, Low Balance Insurance Follow up, Zero Balance Payment Recovery, and Legacy Receivables, and Self-Pay/Early Out Billing and Collections. Learn more at About Audax Private Equity Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. About Parthenon Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology, or delivery business with a strong value proposition and proprietary know-how. For more information, visit View source version on CONTACT: Molly Fazio Kloos, Parthenon Capital 617-960-4012 [email protected] KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH OTHER PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY OTHER HEALTH FINANCE SOURCE: Parthenon Capital Copyright Business Wire 2025. PUB: 08/04/2025 10:24 AM/DISC: 08/04/2025 10:25 AM
Yahoo
5 days ago
- Business
- Yahoo
Elevate Patient Financial Solutions Announces Strategic Investment from Audax Private Equity and Parthenon Capital
Investment provides additional resources and capital to support continued growth and strategic acquisitions to expand Elevate's value proposition to hospitals and health systems SPRING, Texas, August 04, 2025--(BUSINESS WIRE)--Elevate Patient Financial Solutions ("Elevate" or the "Company"), a leading provider of front-end eligibility and enrollment and back-end revenue cycle management ("RCM") technology and services, announced a strategic investment from Audax Private Equity ("Audax") and Parthenon Capital ("Parthenon"), two private equity firms with a long history of supporting innovative healthcare businesses. The investment will provide Elevate with additional resources and capital to support key growth initiatives and future acquisitions seeking to enhance its value proposition to hospital and health system clients. "We are thrilled to partner with the Audax and Parthenon teams as we move into this next chapter in Elevate's evolution," said Mike Shea, Elevate's CEO. "Both firms bring deep experience in building healthcare businesses, and we are excited by the alignment in the go-forward strategic vision for Elevate. We look forward to pursuing innovative ways to deliver more value-added capabilities and support our clients as they navigate an ever-changing market environment." With a diverse suite of front-end eligibility and enrollment, back-end complex claims, revenue integrity, and patient pay solutions, Elevate will focus on continuing to strengthen existing front-end and back-end RCM technology and services, while adding new complementary solutions that can support operating performance of hospitals and health systems. Adam Abramson, a Partner at Audax said, "Elevate has established itself as an industry-leader in front-end eligibility and enrollment with a growing presence in back-end revenue cycle management solutions, serving some of the largest hospitals and health systems across the country. We believe the Company is well-positioned to continue to deliver a strong front-end and back-end value proposition to clients, while continuing to expand in other high-value RCM services and technology that can deliver tangible value to its hospital and health system clients." Dan Killeen, a Partner at Parthenon said, "We are entering a critical time for hospitals and health systems as they look to navigate significant regulatory changes that will impact the coverage of patients across the country. Elevate is a strategic partner to its provider clients and we are excited to support the Company as it continues to pursue its mission of ensuring hospitals and health systems are able to provide care to those patient populations who need it most." Robert W. Baird served as financial advisor to Elevate, and Goodwin Procter LLP served as legal counsel, while Kirkland & Ellis served in the same capacity to Audax and Parthenon. Audax is investing in Elevate through its Flagship strategy. The transaction closed on July 31, 2025. About Elevate A trusted partner for more than 40 years, Elevate delivers market-leading RCM solutions to hospitals and health systems nationwide. Elevate provides best-in-class services and innovative, specialized technology to address the most complex challenges of the revenue cycle. Services include Medicaid Eligibility and Disability Enrollment, Third Party Liability, Workers' Compensation, Veterans Affairs, Out-of-State Eligibility, Denials Management, Extended Business Office Engagements, including A/R Services, Low Balance Insurance Follow up, Zero Balance Payment Recovery, and Legacy Receivables, and Self-Pay/Early Out Billing and Collections. Learn more at About Audax Private Equity Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. About Parthenon Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology, or delivery business with a strong value proposition and proprietary know-how. For more information, visit View source version on Contacts Molly Fazio Kloos, Parthenon Capital 617-960-4012 mollyk@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
28-07-2025
- Business
- Business Wire
Audax Private Equity Completes Exit of Stout
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity ('Audax'), a capital partner for middle and lower middle market companies, announced today that it has completed the sale of Stout, a global advisory firm. New York-based Integrum Holdings LP acquired Stout through the transaction, the terms of which were not disclosed. The sale was completed on July 16, 2025. Headquartered in Chicago with over 1,000 employees across North America, Asia, and Europe, Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, financial disputes, claims, and investigations. Audax made a strategic investment in Stout in 2021. 'When we first invested in the company, we were drawn to the strength of the management team and depth of the firm's client relationships,' noted Bill Allen, a Managing Director at Audax Private Equity and head of the firm's Financial Services specialization. 'We're proud of the collaboration and work that went into building upon this foundation. We want to thank the entire Stout team for their partnership over the past four years.' 'Coupled with the diversity of their business and client roster, Stout proved to be a compelling platform through which to execute our 'value agenda,' which is Audax' comprehensive, multi-layered approach to value creation,' added Adam Abramson, a Partner at Audax. 'We are looking forward to watching Stout build on this momentum in the years to come.' During Audax' hold, Stout saw its employee count and top- and bottom-line performance each grow by more than two times. This was fueled by deep investments in the company's talent and human capital, as well as 10 acquisitions that complemented organic growth initiatives and accelerated the build out of certain segments, such as Stout's Valuation Advisory practice and its Disputes, Compliance & Investigations business line. 'Audax Private Equity clearly understands 'people' businesses and recognizes the importance of investing in the team and aligning interests to set the stage for accelerated growth,' noted Craige Stout, Chief Executive Officer of Stout. 'Audax also demonstrated an intimate understanding of the financial services space. And beyond the extensive resources they brought to the table, the sense of partnership and focus on the future really reinforced our culture of innovation and client service.' Over the past two months, Audax has announced or completed two exits out of its Financial Services specialization, which was launched in 2021. In addition to Stout, Audax agreed to sell CW Advisors, a transaction that's expected to close in the third quarter. Since June of last year, Audax has agreed to or completed nine exits across its Flagship and Origins strategies. William Blair & Company acted as financial advisor and Winston & Strawn LLP and Ropes and Gray LLP served as legal counsel to Stout. Simpson Thacher & Bartlett LLP served as legal counsel to Integrum. ABOUT AUDAX PRIVATE EQUITY: Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees, and 100-plus investment professionals, Audax has invested in 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn. ABOUT STOUT: Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, and financial disputes, claims, and investigations. Stout serves a range of clients, from public corporations to privately held companies in numerous industries. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA-registered broker-dealer and SIPC member firm. Learn more at
Business Wire
18-06-2025
- Business
- Business Wire
Audax Private Equity's Origins Strategy Completes Thermogenics Exit
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Audax Private Equity ('Audax'), a capital partner for middle and lower-middle market companies, announced today that it has completed the sale of Thermogenics, a provider of industrial and commercial boiler service and maintenance across North America. Morgan Stanley Capital Partners ('MSCP') acquired Thermogenics as part of a new investment in the company that closed on June 10, 2025. Terms of the deal are not disclosed. 'Thermogenics represented our very first investment through our Origins strategy,' noted Greg Smith, a Managing Director at Audax Private Equity. 'As the strategy's first exit – almost three years to the day since we closed the acquisition – we think the investment demonstrates the impact of our Buy & Build approach to help lower middle market companies create a foundation for accelerated growth and provide management teams with the tools and resources to execute on their vision through M&A and organic value creation initiatives.' 'When we initially partnered with Audax, the scale and depth of resources stood out,' noted Ross Garland, Chief Executive Officer of Thermogenics. 'Now, in hindsight, the collaboration of their Strategic Resources Group, the breadth of Audax' business development and sourcing function, and the deep experience of the investment team, each played a critical role in positioning Thermogenics to capitalize on the opportunity set in front of the business. We're looking forward to building on this momentum and embarking on our next phase of growth with MSCP.' Based in Aurora, Ontario, and with over 250 employees, Thermogenics is a provider of boiler lifecycle solutions to a diverse set of commercial and industrial customers. Under Audax' ownership, Thermogenics expanded its executive team and added key roles to facilitate growth; upgraded and enhanced its IT infrastructure, including the implementation of a new ERP system; and completed and integrated six acquisitions that expanded the company's geographic footprint in the U.S., while enhancing its service offering. During the hold, Thermogenics' top- and bottom-line performance more than doubled. The investment in Thermogenics was made through Audax' debut Origins Fund, announced in 2023, which closed above target with $965 million, inclusive of GP co-investment vehicles, to deploy across the North American lower middle market. 'Throughout our hold, we leveraged our deep experience in Industrial Services & Technologies, a sector where we have completed over 60 platform investments through our Flagship and Origins strategies and have deployed over $3 billion,' noted Don Bramley, a Partner at Audax Private Equity. 'We want to thank Ross and the entire management team at Thermogenics,' added Jay Mitchell, a Partner at Audax Private Equity. 'When we launched our Origins strategy in 2022, our objective was to leverage our deep investment in our organization and extend our Buy & Build approach to lower middle market companies. Our conviction in the strategy, the investment thesis, and the management team translated into what we consider to be a tremendous outcome for Thermogenics, Audax and our investors. It's an investment we're proud of and believe helps to set the tone for our strategy going forward.' Solomon Partners served as sell-side lead advisor, while KeyBanc Capital Markets served as co-advisor. Kirkland & Ellis LLP provided legal counsel to the sellers, while Debevoise & Plimpton LLP served in the same capacity to MSCP. ABOUT THERMOGENICS: Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers' mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers' most complex steam and heating needs. Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV. ABOUT AUDAX PRIVATE EQUITY: Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit or follow us on LinkedIn.
