Riverside Add-on Upgrades Medical Software Platform June 10, 2010
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Lewis Computer Services Adds Valuable Assets to HEALTHCAREfirst Platform
Deal Type: Add-on Acquisition
9th Riverside Acquisition of 2010
43rd Healthcare Acquisition
232nd Acquisition Overall
Fund: Riverside Micro-Cap Fund
Lewis Computer Services
Based in Baton Rouge, Louisiana
- Founded in 1984.
- Provides software and complementary products designed for home healthcare agencies called Patron, Prompt 8, Receivables Master, Episode Master and HMO Watch.
- Products help home care companies manage their businesses and clinical operations.
- Provides software in a client server or hosted ASP format.
Lewis Computer Services (Lewis) provides software for the home health agency market. The increasingly stringent regulatory requirements make products and services such as the ones Lewis provides much more critical, as optimizing patient outcomes and navigating complex billing and regulatory issues will be of the utmost importance.
Lewis’ products and expertise provide an opportunity to cement HEALTHCAREfirst’s product line as the best in the business. The acquisition also opens new opportunities for HEALTHCAREfirst as well as for HEALTHCAREfirst’s and Lewis’ respective customers. HEALTHCAREfirst provides web-based software and services to the U.S. home care and hospice industries.
Lewis is the 43rd healthcare acquisition for Riverside. Riverside is a committed generalist investor, but has developed specializations in healthcare, education and training, and energy/cleantech.
Loren Schlachet, Riverside Managing Partner
“Lewis has a diverse customer base and will bring numerous new services to HEALTHCAREfirst customers. This strategic acquisition makes HEALTHCAREfirst a premier player in its niche, and we’re delighted to be adding new and valuable service offerings to clients.”
Bobby Robertson, HEALTHCAREfirst President & CEO
“We are thrilled over the opportunity to create the industry’s strongest and most complete solution provider. Our two companies have unique offerings which, combined, will allow us to fully enable agencies of all sizes to focus on patient care instead of paperwork.”
Jeff Lewis, Lewis Founder & CEO
“Joining HEALTHCAREfirst and receiving the strong backing of Riverside can only mean good things for Lewis. Our services complement the strong competencies of HEALTHCAREfirst, and this partnership will bring wonderful options to our current and future customers. It should be a fruitful relationship for everyone involved.”
Working with Schlachet on the Lewis transaction were Jack Nestor, Principal; Brad Resnick, Analyst; and Jeff Goodman, Operating Partner.
Partners: Wells Fargo Capital Finance provided the senior financing; THL Credit provided the junior debt.
The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring leading small and medium-sized enterprises (with a value of up to $200 million/€200 million) and partnering with strong management teams to enhance the success of its companies through acquisitions and organic growth. Since its founding in 1988, the firm has invested in 232 transactions with a total enterprise value of $5.0 billion/€4.1 billion. The investment portfolio in North America, Europe and Asia includes 73 companies with annual sales totaling $3.3 billion/€2.7 billion, EBITDA of $506 million/ €415 million and more than 13,000 employees (June 2009). Riverside offers the resources to complete acquisitions smoothly – thanks to its more than $3.0 billion/ €2.5 billion in assets under management, more than 185 professionals in 19 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Hong Kong, Los Angeles, Luxembourg, Madrid, Melbourne, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw) and its longstanding relationships with partner lenders. According to Thomson Venture Economics, seven of Riverside’s nine mature funds rank in the top 25% of all funds (as at December 31, 2009). The firm’s investors include the world’s leading pension funds, endowments, funds of funds, insurance companies and banks.