Passport Health Completes $70 Million Leveraged Recapitalization

Passport Health Communications, Inc. is pleased to announce the completion of a $70 million leveraged recapitalization. Brentwood Capital Advisors LLC, based in Nashville, acted as exclusive financial advisor to Passport and arranged the private equity and subordinated and senior debt required to fund the transaction. Primus Venture Partners, Inc. led the private equity investment, Allied Capital provided subordinated debt financing and Fifth Third Bank provided senior debt financing. William C. Mulligan and Phillip C. Molner from Primus will join Passport’s Board of Directors.

“This investment validates the value of our business model and the services provided to our customers,” states Jim Lackey, Chief Executive Officer. “In addition, it provides capital to fund our aggressive plan of organic growth and selective acquisitions and allows our original investors and management to achieve some liquidity while retaining significant ownership.”

“Passport is a clear leader in eligibility and other revenue cycle services,” stated Bill Mulligan, Managing Director of Primus. “We are delighted to be associated with such a high quality company and management team.”

Phil Molner, Director at Primus added, “We have been impressed with the strong growth rate, market share and high customer satisfaction achieved by the team at Passport. We look forward to supporting their vision and goal of being a leading consolidator in this exciting revenue cycle management sector of healthcare services.”

About Passport
Passport Health Communications, Inc., headquartered in Franklin, Tenn., is a national healthcare solutions provider. Passport connects its customers – 1,300+ hospitals, 1,600+ physician clinics and outpatient centers with access to payer information to facilitate and improve their revenue cycle process. Passport is committed to providing quality data through innovative technology and information solutions and unsurpassed customer support. Passport has been named as one of Healthcare Informatics Top 100 Healthcare Companies by Revenue, Inc 500′s (ranked 120th) Fastest Growing Private Companies and one of Business Tennessee Magazine’s 20 Best Employers.