Wed, 05/12/2012 - 10:13
High Road Capital Partners has sold Accentus, marking the second exit for the firm’s debut fund, High Road Capital Partners Fund I.
The sale generated a 3.1x gross cash-on-cash return and a 49 per cent gross IRR for High Road.
The firm’s first exit was Milwaukee Gear in February 2012.
Ontario-based Accentus is a provider of medical transcription, document imaging, and remote coding technology and services to hospitals and physician groups in Canada and the US. Accentus was acquired by Nuance Communications.
“In the three and a half years High Road owned Accentus, revenues and EBITDA increased by 400 per cent,” says Bob Fitzsimmons, High Road’s managing partner. “Our investment strategy is to buy niche leaders and work with management to build bigger, more efficient, and qualitatively better businesses. In partnership with Accentus’s outstanding management team, we were able to execute our value creation plan by expanding service offerings, completing four add-on acquisitions to build a presence in the US acute and ambulatory markets, and broadening technological capabilities.”
Steve Rogers, chief executive of Accentus, says: “With High Road’s support, we achieved significant growth in our medical transcription business in Canada while expanding into the United States. Additionally, we made significant investments in our proprietary workflow management platform and in developing medical document imaging and remote coding services. These investments enabled us to broaden and deepen our client relationships.”
Partners Jeff Goodrich and Bill Hobbs and principal Ben Schnakenberg led High Road’s investment in Accentus. Harris Williams advised the shareholders on the transaction. Jones Day and Cassels Brock & Blackwell provided legal counsel.
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