ABB Optical Group, LLC
ABB Optical Group, LLC ("ABB"), is the nation's largest contact lens distributor, serving over 23,000 independent eye care professionals ("IECPs") and retailers. ABB's industry-leading distribution platform distributes over 700 million contact lenses annually, serving approximately 75% of the IECPs that use distributors. Furthermore, ABB's deep relationships with the top contact lens manufacturers, best in class distribution capabilities, cost containment efforts, and extensive sales force have enabled ABB to maintain customer retention rates of over 95% historically. ABB is headquartered in Coral Springs, FL and was founded in 1989 by its CEO, Angel Alvarez.
New Mountain identified ABB as part of the firm's proactive "deep dive" efforts in the specialty distribution and health and wellness sectors. As a result of its expertise in these sectors and the experience of its "Senior Advisor" industry experts, New Mountain was able to rapidly develop a special relationship with the ABB management team. Management selected New Mountain as their preferred partner and completed the deal on an exclusive negotiated basis.
Founded in 1947, Aceto is a virtual manufacturer of niche specialty materials sold into the life sciences and advanced technology end markets. Aceto is particularly well-recognized as a leader in active pharmaceutical ingredients (API) and pharmaceutical intermediates as well as nutritional and agricultural protection ingredients. Aceto has over 2,000 clients and over 1,100 virtual manufacturing relationships with a particular strength working with manufacturer partners in China and India. Aceto is headquartered in Port Washington, NY and has business operations in nine countries providing local support for customers and suppliers and just-in-time delivery capabilities.
New Mountain acquired Aceto as a result of the firm’s multi-year, proactive “deep dive” effort in the specialty materials and life sciences sectors. New Mountain first approached Aceto proactively in December 2017 and completed the acquisition of Aceto in April 2019. New Mountain was assisted in its diligence by the former CEO and CFO of the parent company, both of whom worked exclusively with New Mountain to provide differentiated insight in the process.
Alight Solutions is the largest provider of outsourced benefits administration and human capital technology in the United States. The Company helps drive better health and financial outcomes for employers, employees and plan participants by leveraging proprietary technology, deep domain expertise and global delivery capabilities. The Company’s clients include over 1,400 employers, including over 60 of the Fortune 100 and over 220 of the Fortune 500, through which the Company supports over 37 million plan participants. The Company is headquartered in Lincolnshire, IL and employs approximately 22,000 people.
New Mountain partnered with Blackstone to diligence and ultimately complete the acquisition of Alight Solutions from Aon plc (NYSE: AON) in May 2017. Alight Solutions falls at the intersection of multiple, long-standing New Mountain “deep-dive” efforts, including human capital management (e.g., Alexander Mann Solutions), businesses services companies that lower costs while raising quality (e.g., Equian, Connextions) as well technology-enabled healthcare administration (e.g., Convey Health Solutions). Throughout diligence, New Mountain was able to leverage key advisors to provide unique perspectives on the business: New Mountain Senior Advisor Bal Dail was previously CEO of Aon Hewitt; Andrew Appel, CEO of IRI, was previously COO of Aon; and Ash Patel, CIO of IRI, was previously CIO of Aon.
Alteon Health is a leading provider of outsourced healthcare practice management services to emergency departments, hospitalist programs, and hospital-based urgent care centers. Headquartered in Germantown, MD, Alteon provides services to more than 125 hospital programs across the United States. The company supports the highest quality healthcare delivery through patient-focused care, physician-led innovation, data-driven practices, and best-in-class healthcare partnerships.
New Mountain formed Alteon Health by partnering with Emergency Medicine Associates (“EMA”) and Island Medical (“IMM”). NMC first entered into a dialogue with IMM in 2015 and, following five months of exclusive due diligence outside of an auction process, completed the acquisition in September 2016. Island was owned by its founder, CEO, and the rest of the management team, who collectively chose NMC to be their partner due to NMC’s business building strategy and conservative investment approach. While New Mountain acquired a controlling interest in Island Medical, the firm's founder and management team maintain a significant investment in the new entity. Soon after close, New Mountain entered into discussions with EMA, the largest provider of outsourced emergency department staffing and management services in the Washington, D.C., metro area. EMA’s 42 partners elected to partner with Island Medical, and also contributed equity into the combined company upon close in May 2017. Following the merger the company was rebranded as Alteon Health, and is a top-6 player in the space.
Avantor Performance Materials Holdings S.A.
Avantor Performance Materials Holdings S.A., is a global manufacturer of performance materials and chemicals for leading-edge pharmaceutical, biopharmaceutical, laboratory, research and electronics applications. The Company's product line includes more than 12,000 different products marketed around the world under several respected brand names - including the J.T.Baker®, Macron Fine Chemicals™, BeneSphera™, Rankem™, Diagnova™ and POCH™ brands. The Company sells its products to approximately 10,000 end-customers in over 100 countries and has a premium reputation for meeting the highest standards of quality, regulatory compliance and technological innovation. Based in Center Valley, PA, Avantor has facilities worldwide, with manufacturing sites located in Phillipsburg, NJ; Paris, Kentucky; Deventer, The Netherlands; Mexico City, Mexico; Gliwice, Poland; and Dehradun, India.
New Mountain identified Avantor as part of a proactive deep dive into the specialty chemicals and materials sector with a team that included Raj Gupta. Mr. Gupta was formerly Chairman and CEO of Rohm and Haas and joined New Mountain as a Senior Advisor in March 2009 after helping to successfully sell Rohm and Haas to Dow Chemical for approximately $19 billion. As a result of this proactive work, the firm developed a network of management, banking and advisory relationships in this space and was introduced to the Company. New Mountain's team then worked closely with the management of the Company over a period of twelve months of intensive due diligence to acquire the Company outside of an auction process.
Beeline is the world’s largest independent provider of cloud‐based vendor management software. Beeline’s enterprise‐grade, end‐to‐end sourcing, workflow and decision‐optimization platform allows employers to effectively manage their extended workforce. Through Beeline’s cloud platform, human resource, procurement and finance professionals can seamlessly procure the right talent, optimize costs, manage complex regulatory and compliance risks as well as gain actionable, real‐time business intelligence into their non‐employee workforce programs.
Blue Yonder (fka JDA Software) is the proven leader in artificial intelligence and machine learning (AI/ML) driven supply chain and retail solutions for 4,000 of the world’s leading retail, manufacturing and logistics companies. Blue Yonder enables an Autonomous Supply ChainTM by connecting its cognitive SaaS solutions from end-to-end — across planning, execution and delivery — with a broad partner ecosystem, empowering customers to better predict and shape demand, transform their product delivery and deliver outstanding customer experiences. Blue Yonder’s world-class client brands include 75 of the top 100 retailers, 77 of the top 100 consumer goods companies, and 8 of the top 10 global 3PLs.
In 2010, New Mountain identified RedPrairie - one of the three global leaders in the supply chain software space, focused on supply chain execution solutions - as part of a multi-year, proactive "deep dive" in the software sector, building upon the firm's prior work and experience with Deltek, Inc. in Fund II. As a result of New Mountain's proactive industry efforts, the firm had developed a network of management, banking, and advisory relationships which enabled the team to work with RedPrairie and to acquire the Company outside of an auction process. In December 2012, with the support of RedPrairie's board and management, RedPrairie merged with JDA Software (branded as Blue Yonder today), another of the three global supply chain software leaders but with a focus on retail merchandising and supply chain planning solutions. The combination created the end-to-end, "super best of breed" provider in the supply chain space, and the company today has the broadest and most advanced suite of software solutions and services across supply chain planning and execution and retail planning and merchandising.
Careismatic Brands (formerly Strategic Partners, Inc.) is a leading designer, marketer, and distributor of high-quality uniforms, footwear and accessories to retailers. The company manufactures products through multiple brands. Careismatic Brands distributes its products globally into more than 50 countries and serves a diverse base of retailers across multiple channels, including specialty retail, mass retail, and online. The company is headquartered in Chatsworth, California and manages operations through a centralized distribution center in Dallas, TX with a global sourcing model. The combination of its geographic footprint, coupled with an expansive item profile, enables Careismatic Brands to quickly and efficiently meet the needs of its valued customers.
Founded in 1983 and headquartered in Atlanta, Georgia, Classic Collision (“Classic”) is a leading multi-site operator of collision repair centers in the U.S. and the largest operator in the Greater Atlanta market. Classic operates collision repair sites across Georgia, Florida, Alabama and South Carolina. Prior to New Mountain’s ownership, Classic had been a family-owned and operated business that successfully grew organically adding greenfield locations and building a strong reputation with automotive insurance carriers and local dealerships.
New Mountain acquired Classic as a result of the Firm’s long-standing deep-dive initiative in automotive aftermarket services. New Mountain initiated proprietary discussions with Classic in mid-2019 and used a number of expert advisors to assist in due diligence and acquire the business outside of a formal auction process.
CIOX Health is the largest clinical data exchange platform in the U.S., enabling the secure transfer of nearly 50 million medical records per year between over 1 million unique requestor constituents, including patients, providers, health plans and legal community.
CIOX Health offers products and services that assist in the management and exchange of protected health information, increasing efficiency, speed, quality, and security while also positively impacting clients’ bottom line. The company delivers expertise in information exchange, workflow, coding, and audit management through its combination of best-in-class people, technology, and business process.
CIOX Health is connected to approximately 90,000 provider sites, with an embedded presence at 18,000 hospitals, clinics, and pharmacies. By partnering with CIOX Health, healthcare organizations are able to take steps towards mitigating risk, improving financial performance, and increasing requestor satisfaction. Furthermore, the company has established relationships with over 100 commercial health plans and other large requestors, enabling these groups to partner directly with CIOX Health to access clinical information in an efficient and compliant manner.
CIOX Health is the result of New Mountain’s proactive “deep dive” efforts in the healthcare and business services sectors, with a particular focus on clinical information and healthcare technology. CIOX Health was created by the 2016 merger of four industry-leading companies – HealthPort, IOD, Care Communications, and ECS – that were all identified and acquired by New Mountain on an exclusive, proprietary basis between December 2014 and September 2015. This combination resulted in the industry’s broadest provider network and capabilities in release of information, record retrieval, and health information management, with a goal of advancing the way that healthcare organizations manage, exchange, and drive insights from clinical information.
Headquartered in Cambridge, MA, Cytel is widely recognized as the industry pioneer of adaptive clinical trials and a thought-leader in statistical science. Cytel’s software and outsourced services are used by over 400 life sciences customers, including all of the world’s 30 largest pharmaceutical companies, as well as regulatory bodies such as the FDA. Through a combination of clinical trial software solutions, strategic consulting services, and specialized resources, Cytel helps its customers to improve decision-making and reduce risk across the drug product lifecycle, to increase R&D productivity and to further medical innovation. Cytel was founded in 1987 by Cyrus Mehta and Nitin Patel, both highly distinguished statisticians and Fellows of the American Statistical Association.
Diversified Foodservice Supply, Inc.
Diversified Foodservice Supply, Inc. (“DFSI”), based in Mt. Prospect, IL, is a leading distributor of maintenance, repair and operations (“MRO”) parts, supplies, and equipment to the U.S. foodservice industry, serving over 250,000 foodservice customer locations. DFSI is uniquely positioned in the industry due to its strength in sourcing high quality parts from both original component and original equipment manufacturers. DFSI currently operates through multiple brands including AllPoints Foodservice Parts & Supplies, Tundra Restaurant Supply, Franklin Machine Products, Mill Hardware, and Restaurant Parts & More. Its brands are consistently recognized as market leaders in service, quality, and value. DFSI has a long track record of strong organic growth complemented by successful acquisitions. These acquisitions have helped to broaden its product offering and geographic footprint, enabling DFSI to provide industry-leading selection and service to its customers.
New Mountain identified DFSI as part of the firm’s proactive “deep dive” efforts in the specialty distribution space. As a result of its expertise in the sector and the experience of its Senior Advisor industry experts, management became strong supporters of New Mountain as their preferred partner.
Headquartered in Akron, OH, DRB Holdings LLC (“DRB”) is the leading provider of technology-enabled devices and software solutions to the North American car wash industry. The Company’s point-of-sale, data capture, business intelligence, and software offerings underpin core car wash operations and unlock substantial growth opportunities for operators through demand generation, subscription programs, and improved customer loyalty. DRB’s products are considered the “gold standard” in the industry, and the company has an installed base of over 10,000 systems across North America. Its customers span a wide range of car washes, from single-wash operators to national chains, including 8 of the top 10 conveyor car wash companies in the United States. DRB is widely recognized for its industry-leading customer service and operator support.
New Mountain’s investment in DRB comes as a result of its longstanding efforts in technology-enabled business services and vertically focused software, as well as a proactive interest in noncyclical areas of the automotive aftermarket space.
Founded in 2000 and headquartered in Franklin, Tennessee, emids is a leader in providing services and software to accelerate the adoption of next-generation digital technologies, particularly for health technology companies, payers and providers, and to manage an increasingly complex data ecosystem for high quality, accessible, and affordable healthcare. The Company provides digital transformation, clinical data engineering, custom software development, data analytics and integration, and strategic advisory consulting services nationwide. emids has a scaled global delivery model with a highly technical workforce of over 1,500 software development engineers and IT professionals located primarily in Bangalore and Hyderabad, India.
The acquisition of emids represents the intersection of New Mountain’s longstanding deep-dive initiatives in healthcare technology, enterprise software, and data and analytics. Our extensive research in this space and years of experience in the healthcare and technology sectors allowed New Mountain to conduct thorough, differentiated due diligence, eventually emerging as management’s preferred party. The transaction was consummated in September 2019 on an exclusive basis.
Gelest is a recognized world leader in customized, highly specialized organosilicon compounds, metal-organic compounds, and silicone materials. Headquartered in Morrisville, PA, Gelest has been an innovator, manufacturer, and supplier to advanced technology markets for over 25 years. Recognized by the industry for the high quality of its products and innovation, Gelest provides focused technical development and application support to a diverse set of markets, including life sciences, medical materials, pharmaceutical synthesis, diagnostics and separation science, personal care, and semiconductors. Gelest serves its customers through a materials science-driven approach, and is uniquely positioned due to its best-in-class manufacturing and synthetic formulation capabilities as well as a proprietary product portfolio. The Company utilizes its own state-of-the-art facilities to research, develop, manufacture, and test products in commercial and research quantities to the highest quality standards.
New Mountain acquired Gelest as a result of the firm's multi-year, proactive “deep dive” effort in the specialty materials and life sciences sectors. New Mountain first entered into exclusivity with Gelest in May 2016, and New Mountain completed the acquisition of Gelest in March 2017 on a proprietary basis outside of an auction process. While New Mountain acquired a controlling interest in Gelest, the firm's founder and management team maintain a significant investment in the new entity.
Founded in 1987 and headquartered in Newark, Delaware, Horizon Services is a leading provider of essential HVAC, plumbing, and electrical home services in the eastern United States. Horizon currently operates in 7 Metropolitan Statistical Areas (“MSAs”): Philadelphia, New York, Atlanta, Baltimore, Washington D.C., Hartford, and Jacksonville. The Company supports strong, local brands with high quality, centralized marketing, customer care, and procurement functions to deliver “best-in-class” service.
New Mountain identified Horizon as part of its multi-year deep-dive initiative in home services and was quickly able to leverage learnings and expertise to stand out as a differentiated party, as well as the founder and management’s preferred partner. Furthermore, the firm’s proactive work to identify an actionable pipeline of accretive acquisitions and develop relationships with important players across the value chain demonstrated a clear ability to add value and further positioned NMC as management’s preferred partner – eventually resulting in a preemptive opportunity outside of an auction process.
ILC Dover ("ILC") is a leading engineered solutions provider of mission-critical applications to the pharmaceutical, biopharmaceutical, food and beverage, and aerospace and defense industries. Today, ILC designs and manufactures a broad range of innovative, highly engineered products utilizing high-performance flexible materials. The Company has a more than seventy-year heritage of innovation, and commitment to expanding its product portfolio of mission-critical applications to end use cases including single-use pharmaceutical and biopharmaceutical production, personal safety, industrial packaging, infrastructure protection and a range of solutions for human space flight. Founded in 1947, ILC has over 700 team members dedicated to providing engineered solutions to address its customers’ complex problems. ILC is headquartered in Frederica, Delaware and serves its global customer base across six engineering and production facilities located in North America, Europe and Asia.
New Mountain acquired ILC Dover as a result of the firm’s long-standing sector initiative efforts in life sciences and specialty materials. Given NMC’s deep sector knowledge and relationships, NMC was able to present ILC Dover with a differentiated view on value creation opportunities, particularly in the life sciences production solutions space. As a result of its expertise in the sector and well developed strategic growth plan for ILC, management championed New Mountain as their preferred partner.
Information Resources, Inc.
Information Resources, Inc. ("IRI"), is a leader in delivering powerful market and shopper information and predictive analysis for the consumer packaged goods ("CPG") and retail industries. IRI goes beyond data to ignite extraordinary growth for clients by pinpointing what matters and illuminating how it can impact their businesses across sales and marketing. The Company's offerings are divided into two broad segments: Market Measurement (which includes point-of-sale data tracking) and Solutions & Services (which includes consumer & shopper insights, analytics, and consulting). IRI's solutions create substantial return on investment for its clients through improved marketing, category management, product placement, product innovation, inventory management, and pricing decisions. The Company has over 1,000 CPG manufacturers and retailers as clients worldwide, including more than 95 percent of Fortune 100 CPG and retail companies.
New Mountain first approached IRI proactively in May 2010 as part of New Mountain's multi-year "deep-dive" efforts in the information services and market research sectors. The Fund entered into negotiations with IRI in late 2010 outside of any traditional auction process and performed a number of months of exclusive due diligence before acquiring the company in June 2011.
Founded in 2008, Legends is a leader in premium hospitality, merchandise, ticket sales, planning, sponsorships and experiential services to the sports and entertainment industries, as well as the management of landmark attractions such as Yankee Stadium, AT&T Stadium (home of the Dallas Cowboys) and the observatory at New York City’s World Trade Center. Other marquee clients in the Legends portfolio include Live Nation, the Manchester City Football Club, the Los Angeles Angels, the Los Angeles Rams, the University of Notre Dame and ~100 other venues. Legends has a track record of delivering superior outcomes for its clients/partners and spectators, including greater visitor satisfaction and enhanced revenue per attendee.
New Mountain identified Legends as part of the firm’s proactive, multi-year “deep dive” efforts in the sports and facilities management sector. New Mountain completed its investment in Legends in May 2017, working directly with the existing ownership group (primarily comprised of affiliates of the New York Yankees and the Dallas Cowboys) on an exclusive, proprietary basis without an auction. Both the New York Yankees and Dallas Cowboys continue to remain significant equity holders of Legends and partners of New Mountain.
MAG Aerospace, headquartered in Fairfax, Virginia, is a leader in providing and enabling real-time situational awareness to help its customers make the world smaller and safer. MAG delivers full spectrum ISR Services (operations, training, and technical services) and other specialty aviation to federal, international, civilian, and commercial customers around the world. MAG's team of 1,000+ professionals operate 200+ manned and unmanned special mission aircraft, delivering ~100,000 flight hours annually on 6 continents in support of its customers' missions.
OneDigital Health and Benefits is the nation’s largest pure-play employee-benefits broker in the United States. OneDigital delivers market-leading benefits solutions for employers of all sizes through a sophisticated combination of strategic advisory services, proprietary technology, advanced analytics, compliance support, technical innovations and HR capital management tools. Headquartered in Atlanta, Georgia, OneDigital has offices throughout the country and serves over 35,000 companies and manages nearly $4 billion in premiums. The company has been named to the Inc. 5000 List of America’s fastest-growing companies every year since the honor’s inception in 2007.
New Mountain’s investment in OneDigital was driven by our firm’s multi-year and proactive “deep-dive” efforts in the insurance, human capital management and healthcare services sectors. New Mountain first began a dialogue with OneDigital in April 2016 as an outgrowth of New Mountain’s other portfolio company investments. Over the next year, OneDigital decided that New Mountain’s deep expertise in relevant sectors as well as New Mountain’s focus on growth and business-building made New Mountain the ideal partner to help OneDigital continue its growth and achieve the next level of success. Throughout diligence, New Mountain was able to leverage its broad network of relationships with industry executives developed through our “deep-dives”, to identify and evaluate multiple exciting growth opportunities. OneDigital and New Mountain ultimately completed the transaction on a fully proprietary and exclusive basis in June 2017.
Ontario Systems is a leading provider of enterprise software that automates complex workflows and accelerates revenue recovery for clients in the healthcare, accounts receivable management (ARM), and government markets. Founded in 1980, Ontario has nearly 500 employees in 28 states and serves its customers from its headquarters in Muncie, IN, and additional offices in Vancouver, WA, and Albuquerque, NM. Ontario counts among its customers 600+ hospitals—including five of the 15 largest hospital networks—that actively manage over $40 billion in receivables collectively, as well as eight of the 10 largest ARM companies and more than 600 federal, state, and municipal government clients in the U.S. Together, Ontario’s customers handle more than $170 billion in payments annually.
Pearce Services ("Pearce") is the leading technology-enabled field services platform providing independent outsourced recurring repair & maintenance and engineering services for distributed mission-critical electromechanical infrastructure assets, including wireless and wireline telecommunications, utility-scale wind and solar renewables, and electric vehicle charging station infrastructure. The business was created through the simultaneous combination of Pearce Services with MaxGen and World Wind & Solar, and is positioned to become the acquiror of choice in the industry with leading scale and density. Pearce is based in California and has over 1,000 skilled technicians and engineers with a nationwide footprint. The platform is positioned to address major long-term secular growth drivers including deployment of 5G to enable IoT and driverless cars, decarbonization of the electric power grid, and electrification of transportation. Pearce is also well positioned to be the scale service provider of choice for data centers and private telecom networks owned by utilities and railroads, as well as new microgrids, distributed generation assets, and battery storage as the grid continues to evolve.
New Mountain identified Pearce as part of its multi-year deep-dive sector initiative in infrastructure services and technology-enabled field services. New Mountain began building a relationship with Pearce’s CEO and shareholders in 2017 and tracked the company for two years as it grew. New Mountain was able to leverage its expertise and strategic vision to become Pearce’s partner of choice, negotiating the transaction on an exclusive basis, and closed the acquisition in March 2020.
Pivvot™ is a software company that delivers intelligent asset management systems to infrastructure organizations. Its data-driven, cloud-based platform securely connects people, information and technology. From siting and engineering – through long-term operations – the company’s solutions pivot clients from guessing to knowing.
Integra Link®, Pivvot’s location intelligence software as a service, integrates data from any source or system and shares that data with teams and third-parties – linking together people, process and technology. It’s a cloud-based collaboration platform that connects stakeholders to real-time operational information and documentation providing the insight needed to develop, operate, and maintain critical infrastructure assets.
Founded in 2011 and based in Norwalk, CT, Remedy Partners is a leading technology, data, analytics, and services provider for the healthcare “bundled payments” sector, with offerings that both reduce healthcare costs and improve patient outcomes. Bundled payments link payments for the multiple services beneficiaries receive during an episode of care, enabling organizations to enter into payment arrangements that include financial and performance accountability for episodes of care. Remedy uses a proprietary database and advanced data and analytics to collaborate with health systems, at-risk providers, and employers in order to improve coordination of post-acute care. Remedy is allied with 175 acute care hospitals, 139 physician group practices, 540+ home health agencies, and 1,500+ skilled nursing facilities to drive improved patient outcomes. The Company’s data analytics team of in-house statisticians and actuaries analyze a health system’s historical patient mix, procedure mix, and spending patterns to design bundled payment programs. Remedy’s proprietary suite of software applications to manage bundled payments (“Episode Connect”), identifies patients eligible for a bundle, tracks patients through acute and post-acute care, and provides process and performance reports to care providers. Lastly, Remedy’s team of 120+ patient care coordinators interact extensively with patients in the hospital and post-discharge settings to ensure successful patient recovery and to reduce hospital readmissions. Key services include the development of a comprehensive, and patient specific care plan, the determination of the appropriate site for post-acute care, and 24/7 nurse call center to support patients through the episode of care.
Revint Solutions (“Revint”) is a leading national provider of technology-enabled revenue integrity and recovery solutions and revenue cycle consulting services for healthcare providers. Revint serves over 1,500 healthcare organizations in the U.S. and helps recover over $150 million of underpaid or unidentified revenue for its clients annually. The company’s services include transfer DRG, revenue recovery, DRG validation, zero balance underpayment recovery, revenue cycle consulting, and interim management services, offering a full revenue integrity “safety net” for all types of healthcare provider organizations. Revint was created through the merger of the predecessor company Revint Solutions, a leading technology-enabled revenue integrity platform, and IMA Consulting (“IMA”), a leading provider of revenue cycle management and consulting solutions.
New Mountain’s acquisitions of IMA and Revint were driven by the firm’s multi-year proactive “deep dive” effort around the theme of healthcare technology-enabled services companies that improve efficiency while raising quality. New Mountain first began a dialogue with the owners of Revint and identified a uniquely synergistic opportunity to combine the company with IMA, partnering on an exclusive basis to pursue the transaction. IMA selected New Mountain and Revint as their preferred partner, and the transaction with both companies was consummated on an exclusive basis in December 2017.
Signify Health is a leading provider of in-home, technology-enabled healthcare services, partnering with health plans, pharma, and other risk-bearing organizations on its mission to improve quality of life by providing comprehensive care where and when it’s needed most. Deploying an intelligent technology platform and a nationwide network of physicians and nurses into the home and facility settings, Signify Health closes gaps in care and documentation for high-risk patients, which increases data accuracy and engages health plan members in ongoing care in their place of residence. In recent years, the company has adopted these robust capabilities to begin offering longitudinal complex care management in the place of greatest convenience for patients, most often their home. Signify Health's field-based, multi-disciplinary complex care team provides ongoing care to address chronic conditions, prevent hospitalizations, and integrate medical, behavioral, and social determinants of health. Based on health plans' provider network strategy, Signify Health's clinical resources and technology platform can also be leveraged within the provider network to achieve financial and quality goals per its value-based contracts. Beyond reducing healthcare costs, this unified platform and expanded network helps health plans retain members and improve their quality of life.
New Mountain formed Signify by combining CenseoHealth and Advance Health. New Mountain’s investment in Censeo and Advance came as a result of the firm’s long-standing deep dive effort in technology-enabled payor services, including investments in CIOX, Equian and Convey. New Mountain had been tracking Censeo for several years and reengaged with the company in March 2017. New Mountain also developed a relationship with the founders of Advance over the summer of 2017, with the intent of combining both businesses. Both management teams selected New Mountain as their preferred partner due to its deep payor services sector expertise, and the transactions were consummated on an exclusive basis in December 2017.
Headquartered in Hamilton, NJ, Sparta Systems (“Sparta”) is the leading provider of quality management software to the pharmaceutical, medical device, and consumer products industries. Sparta’s software solutions help improve quality outcomes and incident response, with improved regulatory compliance and lower administrative costs. The Company’s products are considered the “gold standard” within its markets, and Sparta’s flagship platform, TrackWise, is used by 35 of the top 40 pharma companies and 13 of the top 15 medical device manufacturers. Sparta has over 825,000 individual users overall across more than 30 countries.
New Mountain’s investment in Sparta comes as a result of its longstanding efforts in the enterprise software, life sciences, and consumer product sectors, as well as the firm’s proactive “deep dive” effort in compliance and supply chain integrity.
Topix is the #1 independent provider of professional skincare products in the United States. Topix develops, manufacturers and markets a differentiated portfolio of clinically-proven cosmetic and therapeutic skincare products sold across high-growth channels, including physician offices, professional spas, natural and premium retailers and direct-to-consumer. Topix’s family of brands include Replenix, DermaE, ClarityRx and custom brands developed in partnership with leading dermatologists. Topix is headquartered in New York where it maintains FDA-certified R&D and manufacturing capabilities and employs approximately 250 people.
New Mountain’s investment in Topix was driven by our firm’s multi-year and proactive “deep-dive” efforts in the life sciences, health & wellness, aesthetics, and niche consumer products sectors. New Mountain first began a dialogue with Topix’s founder and CEO in March 2015. Topix decided that New Mountain’s deep expertise in healthcare products as well as its focus on growth and business-building made it the ideal partner to help Topix continue its growth and achieve the next level of success. Throughout diligence, New Mountain was able to leverage its broad network of relationships with industry executives and physicians, developed through our “deep-dives,” to identify and evaluate multiple, significant growth opportunities. Topix and New Mountain ultimately completed the transaction on a fully proprietary and exclusive basis in July 2016.
TRC Companies (“TRC”) is a leading national engineering and consulting (“E&C”) firm providing services across the environmental, power, infrastructure, and energy end markets. A white-collar professional services firm founded in 1969, TRC has 3,900 highly skilled employees, as well as a strong reputation for quality and technical excellence in the industry. TRC provides environmental consulting, design & engineering, project management, and a range of other services to a diversified customer base, and focuses on low risk, small and medium size projects. TRC is headquartered in Lowell, Massachusetts and has 119 offices across the U.S. and one office in the U.K.
New Mountain acquired TRC as a result of the firm’s multi-year, proactive “deep dive” effort in the engineering & consulting and infrastructure services sectors. New Mountain first met TRC over five years before the investment in June 2017 and developed a strong relationship with the leadership team. As a result of its expertise in the sector and well developed strategic growth plan for TRC, management championed New Mountain as their preferred partner.
US Ocean is a leading “asset light” logistics business operating six U.S.-flagged multipurpose and heavy lift vessels. US Ocean primarily focuses on cargoes that are too heavy, large, or expensive to travel in traditional drybulk or container ships. Vessels in the US Ocean fleet have unique characteristics that are well-suited for worldwide cargo transport including heavy lift capabilities up to 900 metric tons, ice class, sprinkler outfitting, lift-on/lift-off, roll-on/roll-off, and float-on/float-off. US Ocean is routinely sought out by customers with a wide range of transport and maintains long-term relationships with a broad range of blue-chip private clients and established government agencies, including branches of the U.S. military. Five of US Ocean’s six vessels are enrolled in the 60-vessel Maritime Security Program (“MSP”), an exclusive program which provides military access to privately-owned vessels that are ready to meet national defense priorities. US Ocean is headquartered in Houston, TX.
W2O Group (“W2O”) is the largest analytics-driven, digital-first marketing and communications company for the healthcare industry. W2O uses proprietary, healthcare-specific data analytics and deep subject matter expertise to enable its clients to efficiently engage with the broader healthcare ecosystem – including consumers, providers, physicians and payors – and address complex commercial challenges, such as physician education, consumer disease awareness, patient engagement, brand positioning and value articulation. W2O employs over 700 people across a global office footprint and serves most of the top global biopharma companies. W2O was founded in 2001 by CEO Jim Weiss and is headquartered in San Francisco.
Western Dental (Premier Dental Services, Inc.), is one of the largest dental services organizations (DSOs) in the United States. With approximately 175 dental offices in California, Arizona, Nevada and Texas, the Company and its affiliates provide care or management services to approximately 625,000 patients with over 2.2 million patient visits annually. Western Dental's differentiated platform focuses on providing high-quality, full-service dentistry at affordable prices (including general dentistry, specialty and orthodontic services), as well as administrative and management support services to affiliated dental offices. The Company's affordable pricing and bilingual capabilities give it a particularly strong position in the markets it serves. Western Dental was founded in 1985, employs over 4,000 personnel, and is headquartered in Orange, CA.
New Mountain's decision to acquire Western Dental was made based on our firm's multi-year and proactive deep-dive effort in the dental sector, which also included intensive review of other prospects in the DSO space. New Mountain first proactively approached Western Dental regarding a potential partnership in 2011. New Mountain reinstated its dialogue with Western Dental in early 2012 and acquired the Company later that year.
Headquartered in Atlanta, Zep is a leading manufacturer and marketer of a wide range of high-efficacy maintenance and cleaning solutions for commercial, industrial, institutional, and consumer end-markets under well-known and respected brand names. The breadth of the Zep product portfolio provides customized, superior cleaning and maintenance solutions to a broad customer base including manufacturers, food processors and preparers, restaurants, hospitals, schools, municipalities, government organizations, hotels and car washes.
New Mountain identified Zep as part of its ongoing deep dive into the specialty chemicals and materials sector. As a result of this work, the firm had an ongoing relationship with a strong management team that worked closely with the deal team to conduct detailed due diligence and was able to acquire Zep outside of an auction process.