Petra Capital Partners, a private equity firm based in Nashville, Tennessee, has made a USD6m investment in Superior Global Solutions.
The capital is a combination of subordinated debt and preferred stock.
SGS marks Petra’s fourth investment in 2009 and sixth investment from its newest fund, Petra Growth Fund II.
Based in Dallas, Texas, SGS is a provider of medical documentation, coding and technology enabled services to many of the largest hospitals and health systems in the country.
SGS used a portion of the proceeds to buyout a minority shareholder and to make a strategic technology acquisition.
Petra managing partner Mike Blackburn and venture partner David Fitzgerald will join SGS’s board of directors.
"We’re excited about Petra Capital Partners’ deep experience working with healthcare services and technology companies and the opportunity to work with their talented team of professionals," says Greg Hackney, chief executive officer of SGS. "Petra has an outstanding track record of partnering with founding management teams to create valuable businesses. We view Petra as an ideal partner for SGS as we continue our focus on providing our hospital clients with technology and services that help them operate more efficiently."
Fitzgerald says: "Hospitals and health systems are searching for technology enabled solutions that lower costs, improve workflows and accelerate the revenue cycle. SGS addresses these issues by providing its clients with a bundled solution, comprised of professional services and innovative technology. We are pleased to have the opportunity to partner with such an outstanding management team and look forward to helping SGS achieve its growth plans."
