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Riverside sells Healthcare First to Pamlico after quadrupling revenue

5 Sep 2012

Operations-focused private equity firm The Riverside Company has made its tenth exit of 2012 by selling Healthcare First to Pamlico Capital.

The sale marks the end of a four-year ownership by the buyout house, which bolted-on two acquisitions to make HCF one of the largest software providers to the home health and hospice market.

HCF provides a web-based program to help health agencies and hospices manage their business, and has more than 1,200 clients.

Pamlico, which span out from financial services company Wells Fargo in 2010, last raised a $1.1bn buyout fund in 2007.

Last month it made a “significant” equity investment to acquire a majority interest in software and cloud business services company TekLinks from growth investor Symmetric Capital.

Riverside said it quadrupled HCF’s revenue during its ownership of the company.

Piper Jaffray acted as financial advisor to Riverside on the transaction, while Deloitte provided accounting and tax support and Jones Day provided legal counsel.

In August Riverside sold Health & Safety Institute, a company which provides CPR, EMT and healthcare training materials and services to help businesses meet workplace safety and health requirements.

That sale followed a six-year hold period which saw revenues at the Eugene, Oregon-based business grow roughly 25 per cent and EBITDA grow more than 126 per cent.

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