BGF’s North West Investment team is celebrating a strong run of investment activity over the last six months. Since March, it has completed two multi-million pound deals and three exits, returning £80 million from £40 million invested.

Last month, BGF successfully exited a subsidiary of Hobs Group when e-discovery business, Anexsys was acquired by US PE-backed Xact Data Discovery (XDD). BGF invested in Liverpool-headquartered Hobs Group back in 2014. Anexsys revenues grew by 250 per cent in this period, with EBITDA rising from zero to £2.5 million at the point of sale.   

This deal follows BGF’s exit from vehicle manufacturer Woodall Nicholson in April, which generated a 2.5x return. BGF backed the business in 2016 with funding supporting the business’ product development and acquisition strategy. Woodall Nicholson grew three-fold in four years and during this time the business made four acquisitions, which accelerated international expansion and broadened its market reach.  

BGF also exited web hosting company, Miss Group in February 2020. Revenues rose from £8 million to £25 million in the 18-month investment period with EBITDA of £11 million at the time of exit. The deal delivered an IRR of more than 100 per cent for BGF.  

Neil Inskip, head of BGF’s North West team, said: “This trio of exits demonstrates the strength and flexibility of BGF’s model. We backed three North West businesses at different stages of their evolution and from a range of sectors. We have facilitated several acquisitions, built out well-rounded management teams and expanded internationally. All three companies have proven to be fantastic investments, delivering excellent returns for all shareholders. 

“The average investment hold period was 3.5 years, and ranged from 18 months to nearly six years, facilitated by our investment model. Our flexibility has also allowed us to retain an investment in two of these businesses, providing future upside potential.” 

BGF has also announced two new investments in the region as it continues to support the economy in uncertain times. Lead generation technology company, ROI received £3 million to accelerate its UK and European expansion. Miss Group CEO, Mattias Kaneteg and Non-Executive Chair, Phil Male both join the ROI board. 

A Wilderness Way (AWW), a provider of specialist residential childcare and crisis intervention services, also secured backing from BGF. Fiona Lowry was appointed as Non-Executive Chair, having founded and sold several successful businesses in the healthcare sector, including The Good Care Group, a former BGF portfolio company. 

Neil Inskip added: “Our recent investments clearly show the long-term value creation and the strength of the network we’re building with the appointment of two non-executive chairs from businesses we’ve already had successful exits from. 

“The past six months have been a testing time for most entrepreneurs, but we have seen impressive resilience and reinvention from the businesses we work with. It has also been a time for entrepreneurs to take stock of their long-term goals. Our combination of flexible capital and access to experienced Non-Executive Directors through our Talent Network means we’re perfectly placed to support the ambitious business leaders driving the growth economy – even against the most challenging backdrop.” 

Revint’s merger with Triage Consulting Group extends a commitment to delivering deep industry knowledge with technology-enabled solutions 

 ATLANTA, GA – Revint Solutions, a leader in technology-enabled revenue integrity solutions for healthcare providers, announced the execution of a definitive agreement to merge with Triage Consulting Group, one of the nation’s premier healthcare revenue integrity companies. The combined organization will deliver the most comprehensive revenue integrity services and technology platform in the healthcare industry.

“Together, these two companies will deliver a revenue integrity solution unlike any other in the industry, combining advanced technology with deep subject matter expertise,” commented Lee Rivas, Chief Executive Officer of Revint. “With health systems losing billions of dollars annually in unrecovered reimbursement, it is our mission and purpose to work with our customers to identify and capture every dollar that they are entitled to. By combining our strengths into a single, powerful solution, healthcare providers will benefit from a more effective way to capture all revenue accurately, securely, and reliably.”

Since its inception in 1994, Triage has identified and recovered billions of dollars in lost revenue for more than 900 hospital clients. Triage delivers a comprehensive array of payment review, recovery, consulting, and legal support services to its clients. Their healthcare reimbursement expertise encompasses all payers including commercial health plans, government programs, and workers’ compensation. Triage is the 2020 Revenue Integrity and Underpayment Services KLAS® Category Leader, with major office locations in Atlanta and San Francisco.

“We look forward to joining forces with Revint and accelerating innovation in revenue recovery,” said Brian Neece, President of Triage. “Now, more than ever, it is critical to ensure healthcare providers remain financially strong. Together with Revint, we can leverage technology and domain expertise to recover all potential revenue and ensure providers receive accurate and timely reimbursement.”

Revint has achieved tremendous growth, enabled by the first-of-its-kind revenue integrity enterprise platform. This technology-driven safety net solution identifies and recovers revenue and is delivered through a guaranteed ROI model for health systems. The company’s rapid growth has been bolstered by investments in technology and product innovation, which has enabled a more integrated customer experience and improved recoveries.

The Revint and Triage merger is being facilitated by New Mountain Capital LLC (“New Mountain”), a growth-oriented investment firm that currently manages over $25 billion in assets.

“Bringing together these highly complementary revenue integrity companies will be a big step forward in evolving the category,” said Matt Holt, President of Private Equity, New Mountain Capital. “The combination of technology and domain expertise will set a new standard for providers.”

The transaction is expected to close later this year, subject to customary conditions and approvals.

 About Revint 

Revint is a leading provider of technology-enabled solutions for health systems, focused on offering revenue integrity and recovery services to ensure accurate and timely reimbursement for their services. Serving over 1,700 healthcare organizations in the U.S., Revint helps recover over $800 million of underpaid or unidentified revenue for its clients annually. The Company’s solution set includes suites centered around Revenue Assurance, Payer Accountability, and Medicare Reimbursement. Revint was recognized by Black Book among the highest-ranked Revenue Recovery vendors based on customer satisfaction and client experience. Revint’s Revenue Recovery solution suites have HFMA Peer Review status and are HITRUST certified. For more information, visit www.revintsolutions.com.