NEW YORK, June 5 /PRNewswire/ -- Charterhouse Group, Inc.
("Charterhouse") a New York-based private equity firm that has backed
entrepreneurs and supported growing middle-market companies since 1973,
announced today that it has partnered with Highlander Partners
("Highlander") and MTS Health Investors ("MTS") to complete the acquisition
of Chamberlin Edmonds & Associates, Inc. ("CEA" or the "Company"), the
market leader in providing specialized eligibility determination services
to America's hospitals.
CEA guides uninsured patients through complex application processes to
secure government and community reimbursement for uncompensated medical
care expenses. Specializing in federal and state disability programs, the
Company primarily serves acute care hospital customers. Using an on-site,
patient- centric approach supported by application resolution centers, CEA
manages the entire eligibility determination process from initial patient
referral through the post-application resolution process. Founded in 1986,
the Company currently has contracts in 27 states and works claims
nationwide through its regional network of resolution centers.
T. Ulrich Brechbuhl, Chief Executive Officer of CEA, stated,
"Charterhouse is a firm with substantial experience in partnering with
management teams of leading services companies. With the capital resources
and industry knowledge from Charterhouse, Highlander and MTS, we are now
positioned to generate substantial organic growth, expand our service
offerings and pursue strategic acquisitions."
C. Taylor Cole, Jr., Partner at Charterhouse, stated, "Led by Ulrich
and his exceptional management team, CEA provides tremendous value to its
hospital customers. Without CEA's services, many hospitals would forego
much needed financial resources that help sustain their ability to provide
critical healthcare services to communities across the country. We are
quite excited to help CEA continue its impressive growth, and we look
forward to working with Highlander and MTS who both have significant
knowledge and relationships that are highly strategic to CEA."
Founder Judith Starkey, Mr. Brechbuhl and Executive Vice Presidents
Kirk Reid and Brian Sadler continue as significant shareholders in the
Company.
Charterhouse Operating Partner, Christopher J. Garcia will serve as
Chairman of the Board of Directors of CEA. Mr. Garcia has extensive
experience in building and leading healthcare and business services
companies. He previously founded and built National Healthcare Resources,
which was sold in 2001. Since joining Charterhouse in 2003, Mr. Garcia has
served as Chairman of three Charterhouse portfolio companies, Lason, Inc.,
a business process outsourcing company which was successfully sold in 2007,
Camelot, Inc., a behavioral health and alternative education services
provider and Upstream Rehabilitation, Inc., an outpatient rehabilitation
services provider.
Proskauer Rose LLP served as legal advisor to Charterhouse on this
transaction.
GE Healthcare Financial Services served as Arranger and Administrative
Agent and with CIT Healthcare provided the senior financing for the
acquisition.
Robert W. Baird and Co. acted as exclusive financial advisor to the
selling shareholders of CEA on this transaction.
About Chamberlin Edmonds:
Headquartered in Atlanta, Georgia, Chamberlin Edmonds and Associates,
Inc. serves as patient advocates and provides comprehensive eligibility
determination services for hospitals, governments and managed care
organizations nationwide. The Company currently provides contracted
eligibility determination services to over 160 customers in 27 states and
guides patients through complex application processes to secure government
and community reimbursement for uncompensated medical care expenses.
Chamberlin Edmonds has over 20 years of healthcare experience, with six
regional offices in the U.S. and more than 650 employees.
For more information on CEA, please visit http://www.chamberlinedmonds.com.
About Charterhouse Group:
Charterhouse Group, Inc. is a private equity firm with over three
decades of experience in building leading middle-market companies.
Established in 1973, Charterhouse has invested in excess of $2.0 billion in
equity and established over 100 platform companies with a focus in the
Healthcare Services, Business Services and Consumer Products and Services
sectors.
For more information on Charterhouse, please visit
http://www.charterhousegroup.com.
About Highlander:
Highlander Partners, L.P. is an investment firm based in Dallas, Texas
that manages assets across a variety of investment types with a significant
portion of its funds allocated for direct private equity investments.
Highlander Partners primarily focuses on healthcare investments, but also
has expertise in basic manufacturing, performance chemicals, food
ingredients and other sectors.
About MTS:
MTS Health Investors, LLC, located in New York, is a healthcare private
equity firm that makes equity investments in the buyout, recapitalization
or growth financing of healthcare operating companies. MTS focuses on
businesses that operate in certain services sectors of healthcare including
managed care/health insurance, providers of healthcare services,
distributors of medical products and providers of outsourced services to
the healthcare industry. The firm also invests in manufacturers of
low-technology medical products.
For further information on MTS, please visit http://www.mtshealthinvestors.com
SOURCE Charterhouse Group, Inc.
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Related links:
http://www.charterhousegroup.com
http://www.chamberlinedmonds.com
http://www.mtshealthinvestors.com
CONTACT:
David G. Hoffman, Partner, +1-212-584-3234,
C. Taylor Cole, Jr., Partner, +1-212-584-3212, Christopher J.
Garcia, Operating Partner, +1-212-584-3236, all of Charterhouse
Group, Inc.; or Dan Jacobs, +1-212-232-2227,
djacobs@broadgate.com of Broadgate Consultants
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