Category Archives: News

CapMan Real Estate acquires airside logistics and last mile asset at Turku Airport

Capman

CapMan Real Estate press release
21 June 2022 at 3.00 p.m. EEST

CapMan Real Estate acquires airside logistics and last mile asset at Turku Airport

CapMan Nordic Real Estate III fund has acquired an airside logistics and last mile asset from AVIA Real Estate Oy, a property investment and development company. The property is unique due to its location at Turku Airport adjacent to the airport’s runway. It serves both air and ground freight and is a significant node in the Finnish and Nordic logistics network. The main tenants are TNT FedEx and DHL Express.

“We are very pleased with the acquisition of the first logistics property for the fund in this sought-after segment. We are looking forward to the co-operation with the property’s tenants to develop this strategically located asset further. Logistics assets serve strong demand trends such as e-commerce, and we see great potential in the development of well-located and high-quality warehouse and logistics properties through e.g. sustainability aspects and leasing activities,” says Aleksi Konsti, Investment Manager at CapMan Real Estate. Helix Real Estate and Hannes Snellman Attorneys acted as advisers for CapMan in the transaction.

“We have clear strategy to focus on developing the Avia City as an urban airport city and now was the right time to divest this asset. We are very pleased that the asset found a great new owner who understood the importance of the property to the whole logistics network of Finland as a hub of air-, maritime- and road transportation of cargo. The domesticity of the buyer was also important for AVIA Real Estate”, comments Ilkka Pitkänen, CEO of AVIA Real Estate Oy.

JLL Capital Markets Finland and HPP Attorneys acted as advisers for AVIA Real Estate in the transaction.

CapMan Real Estate currently manages approximately €4.0 billion in real estate assets and the Real Estate Team comprises over 60 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For additional information, please contact:

CapMan Real Estate: Aleksi Konsti, aleksi.konsti@capman.com, +358 400 815 123

AVIA Real Estate Oy: Ilkka Pitkänen, ilkka.pitkanen@aviarealestate.fi, +358 40 667 0906

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com

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CapMan Buyout invests in award-winning Finnish architectural firm SARC Architects

Capman

 

Sarc2

21 June 2022 at 12:00 EEST

CapMan Buyout invests in award-winning Finnish architectural firm SARC Architects

CapMan Buyout has agreed to invest in award-winning Finnish architectural firm SARC Architects. SARC is one of the leading architectural firms in Finland, specialised in demanding architectural projects and the development of urban environments. CapMan Buyout aims to support SARC in further developing and growing their business. The current owners of the firm, Sarlotta Narjus and Antti-Matti Siikala, will continue as significant shareholders in the company, while SARC also appoints new employee partners.

SARC Architects, founded in 1965, is specialised in the design and planning of both new builds and renovations of office, retail, and residential real estate. The firm also has competence and experience in designing hospitals, laboratories, universities, museums, and public spaces. SARC has received multiple awards for their work in Finland and abroad. For instance, the firm was awarded the Finlandia architecture prize for their design of the new children’s hospital in Helsinki. The firm employs around 80 employees.

“We are very impressed by the development of SARC and its people. Over the years, the team has built an admired and ambitious firm with several long-term client relationships and very competent personnel. The company’s current position and competitive advantages are an excellent foundation for future development, and we are pleased to support the team in their aspirations towards becoming an even more prominent player in their field.” says, Antti Karppinen, Partner at CapMan Buyout.

”I am very satisfied with this next step on our firm’s journey. CapMans’ investment will provide us with stronger resources for continuous development over the coming years, and as such grant us better opportunities to focus on our core work, architecture. Going forward, as over the past 50 years, we continue to feel a sense of responsibility towards our clients and society to confront architectural and societal challenges with ambition and expertise – while listening to our clients,” comments, Sarlotta Narjus, CEO at SARC.

In the transaction, CapMan acquires a majority equity share in the company. The company’s founding partners remain significant shareholders and the company appoints three current employees as partners. The investment is made from the CapMan Buyout XI fund, which was established in 2019, and is the fund’s fifth investment. The transaction is expected to close on 30 June 2022.

The CapMan Buyout team includes investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in mid-sized, unlisted companies in the Nordic countries.

For more information, please contact:

Antti Karppinen, Partner, CapMan Buyout, +358 50 534 0614

Sarlotta Narjus, CEO and Partner, SARC Architects, +358 40 502 0351

Antti-Matti Siikala, Partner, SARC Architects, +358 40 580 5650

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About SARC

SARC is a Finnish architectural firm with over 50 years of wide-ranging and diverse experience within the different fields of architectural planning and design. SARC designs prominent urban and functionally challenging new buildings and renovation projects. Besides office, retail and residential projects, we design and plan hospital, university and public buildings as well as laboratories and museums. Demanding renovation projects, changes in use and development projects for protected sites and investment properties are our strengths. Many of our buildings have started with broader urban and town planning projects. SARC employs over 80 architecture professionals.

In the picture: The New Children’s Hospital

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Main enters growth partnership with Enterprise Architecture (EA) leader Bizzdesign

Main Capital Partners

Main Capital Partners today announces the acquisition of a majority stake in Bizzdesign, a global Enterprise Architecture software company. Bizzdesign’s Enterprise Architecture cloud platform helps customers with complex digital business changes by giving them insights to increase the success rate of business transformation and drive strategic execution. The partnership with Main strengthens Bizzdesign’s market-leadership position and fuels its growth strategy by further expanding its global footprint and executing strategic add-on acquisitions.

Bizzdesign, headquartered in The Netherlands, was founded in 2000 by a team of Dutch innovators as the commercial spin-off of a Research and Development institute. The company’s growth has accelerated significantly over the years, fuelled by its inspiring customer-centric vision, relevant and innovative product offerings, talented employees, and a dedicated global partner system. Bizzdesign has local international operating offices in Boston (USA), London (UK), and Gronau (Germany).

In 2021, Bizzdesign was recognised as a leader in Gartner’s Magic Quadrant for Enterprise Architecture for the 6th consecutive time. Bizzdesign Horizzon, its flagship Enterprise Architecture SaaS platform, brings together strategy, IT architecture, operating models, data, capabilities, change portfolios and ideas into a single, intuitive, collaborative business design platform. Real-time visibility of key metrics and trends allows customers to take action quickly.

Bizzdesign has more than 350 customers globally with a strong customer presence in the financial services and public sectors. The company counts many blue-chip giants amongst its global base, including Desjardins Technology Group, Maersk, T-Mobile and ASML. Bizzdesign has direct operations in EMEA and North America, and it has recently expanded to the Asia-Pacific region with a presence in Australia.

International growth acceleration
Supported by Main’s international software expertise, Bizzdesign will now look to further develop its product portfolio offering to enable customers to achieve rapid time to value of their business transformation initiatives. In addition, Bizzdesign and Main will jointly aim to accelerate its already impressive growth trajectory. This strategy will include the expansion and delivery of its innovative product offering and roadmap, and strategic add-on acquisitions with a prerequisite for geographical expansion.

Hugo Ehrnreich, Chief Executive Officer of BiZZdesign, commented:
“We’re proud of how we’ve consolidated and expanded our global leadership position over the last five years. We’ve done so thanks to our growing world-class customer base, uniquely powerful Enterprise Architecture cloud platform, and above all, our unique culture and the unrivalled expertise, passion and dedication of our team. But this is only the beginning. We see immense untapped potential to ‘take our company to the next level’ and unleash the full value and power of Enterprise Architecture for our customers’ businesses and the broader enterprise, business, solution and security architect community. We’re therefore delighted to partner with Main to accelerate this path to ‘next-level value’ and strengthen our product offering and innovation, geographic footprint and global strategic partner network through selected strategic add-on acquisitions.”

Dr. Harmen van den Berg, co-founder of Bizzdesign, said:
“Over the past 22 years, Bizzdesign has grown from a small Dutch R&D start-up to a Global Leader in Enterprise Architecture and we’re partnering with some of the largest private and public organizations in the world. As founders, we’re proud to welcome Main as co-investors to the Bizzdesign family. It was critical for us to find the right partner with the right cultural fit and a strong expert team to support us in scaling further while ensuring continuity for our customers and our team. With Main, we’re convinced that we’ve found this partner and we’re excited to write the next chapter of our company’s story together.’’

Pieter van Bodegraven, Managing Partner Benelux at Main Capital Partners, added:
“We have known the founders and management team of Bizzdesign for several years and have been consistently impressed by their performance. Bizzdesign is a leading software provider in the Enterprise Architecture market, which has been rapidly expanding in recent years. The increasing need to align business strategy with IT and the complexity of these change projects is expected to continuously drive growth moving forward. We are therefore delighted to partner with the Bizzdesign team and combine forces to further strengthen and accelerate the company’s profitable growth track record through the combination of strong continued organic growth and strategic add-on acquisitions.”

Bizzdesign
Founded in 2000, Bizzdesign is the trusted global SaaS Enterprise Architecture platform and recognized as a leader by major analyst firms. They help the world’s leading public and private organizations guarantee the success of investment prioritization, transformation initiatives, and risk management. Bizzdesign helps architects and executives to see a full multi-dimensional picture, find and design the right path and execute with confidence to their targeted future. The company believes that success should not be a matter of luck. It should be by design.

Main Capital Partners
Main Capital Partners is a leading software investor in the Benelux, DACH and the Nordics. Main has almost 20 years of experience in strengthening software companies and works closely together with management teams of its portfolio companies as a strategic partner, in order to realize sustainable growth and build excellent software groups. Main counts over 50 employees and has offices in The Hague, Stockholm and Düsseldorf. As of October 2021, Main has over EUR 2.2 billion of assets under management. Main has invested in more than 130 software companies to date, whom have created jobs for approximately 5,000 employees.

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Ratos company HENT signs major contract to build 70,000 square metres of office premises in Stavanger

Ratos

The construction company HENT has been appointed as general contractor for the Valhall project, where 70,000 square metres of modern, flexible and energy-efficient office premises will be completed in the middle of 2025 in Jåttåvågen, Stavanger. The land is owned by Hinna Park Utvikling (HPU), and the buildings will be, among other things, home to the new headquarters of Aker BP and Aker Solutions in Stavanger.

The project, which is worth NOK 2 billion, will be carried out with HENT as general contractors after a collaboration phase within HENT’s “Project agreement model”.

Ratos strongly believes in partnering and collaboration in construction contracts. Partnering leads to more satisfied customers, lower total costs for customers and significantly fewer miscommunications.

“As the company’s owner, we are proud that HENT will be involved in building another landmark in an important region in Norway. We will do our utmost to live up to the trust invested in us,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President, Business Area Construction & Services, Ratos.

“We are very pleased that after a good and constructive phase of collaboration, we can realize the project as general contractors. The building will, in line with the best sustainability standards, be certified to BREEAM Excellent and WELL GOLD and thus become an office building adapted to current and future sustainability requirements. Rogaland is a region that HENT will continue to invest in moving forward,” says Jan Jahren, CEO of HENT.

For further information and media contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 14 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 25 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Linden Announces Agreement to Acquire Majority Stake in Aspirion

Linden

Chicago, IL and Columbus, GA (June 21, 2022) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare industry, today announced that it has signed a definitive agreement to make a majority investment in Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management (“RCM”). Following the transaction, the Company’s management team and Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London, will remain investors in the Company.

Aspirion is a leading healthcare RCM provider across complex claims and revenue integrity, offering a broad array of technology-driven solutions for the most specialized revenue cycle challenges faced by hospital systems and healthcare providers. The Company’s team of healthcare, legal, and technical professionals, in conjunction with its proprietary AI-enabled software, help hospitals and physicians improve claims processing time and increase overall collections. Aspirion’s product suite is centered on complex claims, an umbrella category for third party liability claims related to non-traditional payors, and revenue integrity, which addresses clinically complex claims with traditional medical payors.

“We are very excited to enter into this partnership with Linden and leverage Linden’s deep healthcare experience, relationships, and strategic support to execute against our shared value creation plan and better serve our clients,” said Jason Erdell, CEO of Aspirion.

Kam Shah, Partner at Linden, said “We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records. We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A.”

“We are proud to have helped Aspirion become an industry leader in complex claims RCM through investing in people, technology and strategic acquisitions,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We look forward to continuing as investors and, alongside Linden, supporting Aspirion through its planned next phase of growth.”

The transaction is subject to customary closing conditions. Baird is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal counsel to Aquiline and Aspirion. Guggenheim Securities, LLC and Cain Brothers, a division of KeyBanc Capital Markets Inc., are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to Linden. Twin Brook Capital Partners is providing debt financing for the transaction.

About Aspirion
Aspirion, headquartered in Columbus, GA, helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, Veterans Affairs, and TRICARE as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. The Company serves over 140 clients across 45 states, including 40% of the largest health systems in the U.S.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.

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Ardian acquires majority stake in telecoms operator, Aire Networks

Ardian

Ardian, a world leading private investment house, has today announced its acquisition of a majority stake in Aire Networks, the Alicante-based telecommunications services company, through its latest buyout fund.  Ardian has purchased the stake from Magnum Capital, and will support Aire Network’s growth plans in the coming years.

Aire Networks, based in Elche, Alicante, was founded in 2002 by Raul Aledo, Miguel Tecles and Emilio Gras, who are currently the CEO, CTO and CIO of the company respectively, and maintain their stake in the company. The Ardian Buyout team will work together with the Aire Networks management team to continue driving its ambitious growth plan.

The company provides telecommunications services for operators and companies, offering connectivity, digitalisation and digital transformation services based on cloud and neutral fibre. The company is a market-leader in Spain and Portugal, and is developing an international expansion plan.

With Ardian’s support, the telecommunications company will continue to drive its growth, with the aim of becoming the European market-leader. Aire Networks has made several acquisitions of other operators since 2019, including Unelink and Prored, its rival LCRcom, and the Portuguese company, AR Telecom. It aims to further expand its portfolio of products and services, as well as strengthening its geographical presence.

This investment has been made by the Ardian Buyout team, led by Gonzalo Fernandez-Albiñana in Spain. The company will be managed independently from Adamo, another Ardian portfolio company owned by the Infrastructure team, led by Juan Angoitia in Spain.

“Aire Networks is a company with a unique business model that makes it a key player in the digitalization of companies and the development of communications. We are very pleased to have the opportunity to support Raul, Miguel, Emilio and the entire Aire team in this new phase of growth.” Philippe Poletti, Member of the Executive Committee and Head of the Ardian Buyout team

The closing of the transaction is subject to customary closing conditions, including obtaining regulatory approvals.

ABOUT ARDIAN

Ardian is a world leading private investment house, managing or advising $130bn of assets on behalf of more than 1,300 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. We also provide a specialist service for private clients through Ardian Private Wealth Solutions. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 900+ employees, spread across 15 offices in Europe, the Americas and Asia, are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

www.ardian.com

Media contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com  

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Butterfly Ventures from Finland announces new sustainable fund

Tesi

The Finnish fund manager Butterfly Ventures has announced a new sustainable fund which bases its  operations on the EU Arcticle 8 and on the related Sustainable Finance Disclosures Regulation (“SDFR”). The first closing was made at EUR 47 million, and the targeted size is EUR 100 million.

The fourth fund by the manager invests in science-driven deep tech and hardware startups in the Nordics and the Baltics.

”Butterfly Ventures differentiates in the Finnish market with its close cooperation with local universities and research communities. This cooperation can generate new deep tech and hardware startups among others, and the commercialization of their innovations. The fund manager thus has a noticeable impact on the society, and we at Tesi are glad to be able to support the continuation and development of such operations,” comments Enni Rautio, Investment Manager at Tesi.

“From the very beginning, Tesi has supported us in fund raising. They have sparred us along, and Tesi’s thorough approach is highly thought of among investors. Such approach has been especially valuable as this is the first time when Tesi and its Swedish counterpart, Saminvest, are cornerstone investors in a fund where the latter operates under AB-structure and and other investors in the Finnish KY-structure”, elaborates Juho Risku, partner and founder at Butterfly Ventures.

Also, the KRR IV fund-of-funds managed by Tesi gave an investment commitment in the new fund. Read about the KRR concept, established to boost the investment operations of Finnish institution investors. Neither Tesi or KRR have invested in the other, earlier funds by Butterfly Ventures.

Read more:

 

Additional information:

Enni Rautio, Investment Manager, Fund Investments
enni.rautio@tesi.fi
+358 45 137 3653

 

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 2.4 billion euros. www.tesi.fi | @TesiFII

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Tesi exits battery diagnostics startup Akkurate

Tesi

The global metal and mining corporation Sandvik acquires Akkurate, a Finnish startup developing analytics software for batteries.

With the transaction and the know-how Akkurate brings with it, Sandvik will advance the electrification of its operations.

Tesi’s investment in Akkurate was made from the Venture Bridge special investment programme that was established to mitigate the negative effects of the corona pandemic and closed for initial investments at the end of March 2022.

Read more:

 

Additional information:
Samppa Sirviö, Investment Manager, Venture Capital Investments
samppa.sirvio@tesi.fi
+358 50 518 6063

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 2.1 billion euros. www.tesi.fi | @TesiFII

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Carla raises funding from Bonnier Ventures

Bonnier Ventures is pleased to announce an investment in Carla, the first Nordic e-commerce company for electric cars. Existing investors Inbox, Black Ice and VNV also participated in the round of approximately SEK 205 million.

 

At carla.se you can buy and sell electric cars. Carla offers delivery and collection of electric cars throughout Sweden within 72 hours. All cars are battery tested, inspected at 280+ points and prepared for top condition. The customer always gets a 12-month guarantee, favorable financing, a 14-day right of withdrawal and a free return where Carla picks up the car.

 

Since the start in autumn 2021, Carla has experienced a high growth. The company has reached an annual turnover rate of SEK 600 million and an average Trustpilot score of 4.9. The capital is intended for Nordic expansion, product development, increased capacity for deliveries, repair of cars, and development of aftermarket services.

 

“We are extra proud of raising money from reputable investors, both existing and new – despite the current world and market situation. It feels safe that we, together with our investors, share the long-term vision of radically improving the experience of selling, acquiring, and owning an electric car.” says Patrik Illerstig, CEO and founder of Carla.

 

“We are glad to be supporting Carla in this round and are impressed by the growth they have shown and the reception the service has received in the market. The investment is also part of our increased focus on sustainability and an important investment in relation to the transition to a more sustainable society. We look forward to following and supporting the company on its continued journey that is only in its infancy.” says Dajana Mirborn, Investment Director at Bonnier Ventures.

 

For more information:

Dajana Mirborn, Investment Director, Bonnier Ventures, dajana.mirborn@bonnier.se

 

About Bonnier Ventures:

Bonnier Ventures is the venture and growth arm of the Bonnier Group. We make investments in fast growing companies with exceptional teams across multiple growth stages. Our investment focus areas are HealthTech, FinTech, Sustainability, Software and MediaTech. Previous investments include (among others) Doktor.se, Natural Cycles and Acast.

 

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Linden Announces Agreement to Acquire Majority Stake in Aspirion from Aquiline Capital Partners

Aquiline

Chicago, IL and Columbus, Ga. (June 21, 2022) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare industry, today announced that it has signed a definitive agreement to make a majority investment in Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management (“RCM”). Following the transaction, the Company’s management team and Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London, will remain investors in the Company.

Aspirion is a leading healthcare RCM provider across complex claims and revenue integrity, offering a broad array of technology-driven solutions for the most specialized revenue cycle challenges faced by hospital systems and healthcare providers. The Company’s team of healthcare, legal, and technical professionals, in conjunction with its proprietary AI-enabled software, help hospitals and physicians improve claims processing time and increase overall collections. Aspirion’s product suite is centered on complex claims, an umbrella category for third party liability claims related to non-traditional payors, and revenue integrity, which addresses clinically complex claims with traditional medical payors.

“We are very excited to enter into this partnership with Linden and leverage Linden’s deep healthcare experience, relationships, and strategic support to execute against our shared value creation plan and better serve our clients,” said Jason Erdell, CEO of Aspirion.

Kam Shah, Partner at Linden, said “We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records. We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A.”

“We are proud to have helped Aspirion create its industry-leading complex claims RCM platform through investing in people, technology and strategic acquisitions,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We look forward to continuing as investors and, alongside Linden, supporting Aspirion through its planned next phase of growth.”

The transaction is subject to customary closing conditions. Baird is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal counsel to Aquiline and Aspirion. Guggenheim Securities, LLC and Cain Brothers, a division of KeyBanc Capital Markets Inc., are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to Linden. Twin Brook Capital Partners is providing debt financing for the transaction.

About Aspirion Aspirion, headquartered in Columbus, Ga., helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, Veterans Affairs, and TRICARE as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. The Company serves over 140 clients across 45 states, including 40% of the largest health systems in the U.S.

About Linden Capital Partners Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.

About Aquiline Capital Partners Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, healthcare, and business services. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.

Media Contacts Katie Kornel for Linden Capital Partners info@lindenllc.com 312-506-5600

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