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Pamlico Capital Acquires HEALTHCAREfirst from The Riverside Co.

Sep 05, 2012

HEALTHCAREfirst, headquarted in Ozark, Missouri, announced today that Pamlico Capital has acquired the company from The Riverside Company. Members of management have reinvested in partnership with Pamlico Capital to complete the acquisition. Terms of the acquisition were not disclosed.

HEALTHCAREfirst is the leading technology and services company dedicated exclusively to serving Home Health Care and Hospice Care agencies. HEALTHCAREfirst had been owned by The Riverside Company and the company’s management since 2008. Bobby Robertson, CEO of HEALTHCAREfirst, and the current management team will retain a significant ownership position in the company and continue to lead its growth in partnership with Pamlico Capital going forward.

HEALTHCAREfirst is committed to becoming the most advanced web-based home health and hospice care software and services provider to help caregivers reduce desk time, increase care time, and discover the anywhere, anytime freedom that improves outcomes. The Company’s solutions provide critical patient information and management tools at the point of care. Product and service offerings include complete administrative, clinical, and financial technology solutions as well as revenue cycle services including outsourced billing and coding.

According to Mr. Robertson, the partnership with Pamlico will allow HEALTHCAREfirst to continue to build on its long history of success. “HEALTHCAREfirst is poised to expand through continued product innovation, development of new software and service solutions, expansion into new end markets, and the pursuit of complementary acquisitions. With its successful history investing in the healthcare IT sector, Pamlico recognized the company’s potential and is committed to providing us the financial support and strategic resources necessary to help execute our growth strategy.”

Pamlico Partner Art Roselle said, “We are excited about the opportunity to partner with Bobby Robertson and the team at HEALTHCAREfirst. The company is a clear leader that serves the large and growing home health and hospice markets with resilient underlying demand trends and a strong need to invest in software and automation. We will look to leverage the company’s proven affordable web-based software solutions and acquisition success to expand its position in existing and new markets.”

The Riverside Company Principal Jack Nestor said, “During our partnership with HEALTHCAREfirst, the company’s management team did a stellar job of enhancing the product capabilities and driving growth through acquisitions. The entire HEALTHCAREfirst management team, led by Bobby Robertson, deserves a great deal of credit for the company’s success.”

HEALTHCAREfirst and The Riverside Company were advised by Piper Jaffray & Co. (financial advisor) and Jones Day LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).

About Pamlico

Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.