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PE firm Frazier HealthCare Partners acquires RevSpring from GTCR

por John R. Fischer, Senior Reporter | March 15, 2024
Business Affairs Health IT
Private equity firm Frazier Healthcare Partners has acquired RevSpring from PE firm GTCR.
Private equity firm Frazier Healthcare Partners, in Seattle, has acquired communications and payment solutions manufacturer RevSpring from Chicago PE firm GTCR for an undisclosed sum.

RevSpring is based in Nashville and designs intelligent digital solutions for omnichannel communication, payments, and analytical tools that make it easier for patients to communicate with providers, plan out payment schedules based on their needs, and pay bills with reduced compliance risks. Its technology is based on behavior analysis, propensity-to-pay scoring, contextual messaging, and user experience best practices.

Founded in 1991, Frazier Healthcare Partners has raised over $8 billion in capital for private funds and co-investment opportunities in the healthcare space and invested in more than 200 companies across the U.S., Canada, and Europe. Its strategy involves partnering with strong management teams and using its internal operating resources and networks to build on progress already made by companies.

"RevSpring is in a growth mode, and I believe the private equity model supports a company through this phase with financial support, resources, and networking to supplement that growth. While there is quarterly financial reporting and accountability, the focus is on getting to an end-point run rate and growth trajectory," RevSpring CEO Scott MacKenzie told HCB News.

According to RevSpring, Frazier’s investment experience, and deep industry expertise will help it build on its success in the revenue cycle management and financial consumer experience sectors. The firm has Centers of Excellence that will consult with RevSpring and improve its solutions and capacity for handling growth.

It also has assembled a board with industry and technical knowledge to help the company further its potential, and says that its presence will help RevSpring broaden its solution set as well as use new technologies, including AI, to accelerate its growth and improve customer experiences.

“GTCR and RevSpring built a strong, rapidly growing company, and we look forward to bringing additional resources to accelerate and enhance RevSpring’s offerings, including the expertise of Frazier’s executive-in-residence Roger Davis, who will become executive chairman of the board, as well as support from several of its senior advisors and members of its Center of Excellence," said Christina Reszka, partner at Frazier, in a statement.

Morgan Stanley and TripleTree were financial advisors for RevSpring, and William Blair was the financial advisor to Frazier. Kirkland & Ellis LLP and Goodwin Proctor LLP served as legal counsel, respectively.

Frazier did not respond for comment in time for publication.

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