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Apex Analytix acquired by PNC Equity Partners

Apex Analytix has announced that it has been acquired by PNC Equity Partners of Pittsburgh, Pennsylvania.

Apex Analytix has announced that it has been acquired by PNC Equity Partners of Pittsburgh, Pennsylvania.

Headquartered in Greensboro, North Carolina, Apex Analytix provides recovery audit services to more than a third of the Fortune 100.

The company’s traditional recovery audit services are enhanced by proprietary software tools that detect and recover payment errors for clients. It claims to have saved clients more than USD2bn in overpayments to date.

Senior debt for the transaction was led by Union Bank, and also provided by TriState Capital Bank. Subordinated debt was provided by Babson Capital Management. Raymond James served as the financial adviser to Apex Analytix in the transaction.

"Our investment in Apex Analytix, with its highly differentiated product and service offering, reflects our strategy to invest in niche market leaders with sustainable competitive advantages," says Jack Glover, partner of PNC Equity Partners (pictured). "Moreover, we believe there is an opportunity to leverage our recent experience in a similar investment to advance Apex Analytix’s value proposition to customers."

"We were particularly attracted to Apex Analytix’s consistent track record of organic growth and future prospects," says Mike Hand, senior associate of PNC Equity Partners. "Especially in this challenging economic environment, companies are seeking additional ways to sustain profitability and improve cash flow. We believe Apex Analytix is uniquely positioned to capture these opportunities and continue expanding its presence in the industry."

Glover and Hand will represent the firm on the Apex Analytix board of directors. In addition, also serving on the board will be David Huebner, chairman of the Receivable Management Services, formerly a PNC Equity Partner portfolio company. Other board members include Michael Lustig, chief executive of Apex Analytix, and James Arnold, Apex Analytix president.

"We have a strong partner in PNC Equity Partners," Lustig says. "Their team has demonstrated a deep understanding of all aspects of our services and software, the value delivered to our clients and our business model. We look forward to working with our new board members as we launch into our next phase of growth.’

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