Ozark-based HealthcareFirst has sold from one private equity firm to another.
Charlotte, N.C.-based Pamlico Capital has acquired the company from The Riverside Co., which purchased majority ownership of HealthcareFirst in 2008. Terms of the acquisition were undisclosed, according to a Sept. 5 news release.
HealthcareFirst, which develops Web-based software for home health and hospice agencies, posted 2011 revenues of $22.5 million, according to
Springfield Business Journal archives.
Bobby Robertson, HealthcareFirst president and CEO, said the move presents an opportunity for the company to push its growth.
"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," Robertson said in the release. "With its successful history investing in the health care (information technology) 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 seeks buyout investments of up to $75 million in its target industries - business and technology services, communications and health care. The firm manages more than $2 billion in assets, the release said.
While holding majority ownership of HealthcareFirst, New York City-based Riverside completed two add-on acquisitions of Lewis Computer Services and CareFacts in 2010, according to a separate release.
“HealthcareFirst's growth has been remarkable, and we’re proud to be part of it," Riverside Principal Jack Nestor said in the release.
The HealthcareFirst transaction is Riverside's 10th company sale in 2012, according to the firm.
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