Private Equity

Our experience and judgment is evident in how we work with management teams to structure investments that make sense. Our preferred equity and debt with warrants structures are tailored for each opportunity. When we find an excellent management team, we have the experience to structure a deal that works for all constituencies. Then, we take active board roles, harnessing the resources of the entire firm to serve as value-added partners and advisors of management teams.

Health Care
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Current Portfolio Companies
  • AtriCure, Inc.
    atricure

    AtriCure, Inc.

    Health Care

    AtriCure, Inc. (NASDAQ: ATRC, www.atricure.com), based in West Chester, Ohio, is an international medical device company focused on the therapeutic treatment of atrial fibrillation and stroke reduction. The Company develops, manufactures, and sells cardiac surgical ablation systems designed to create lesions in cardiac tissue. AtriCure holds roughly 50% share of the surgical atrial fibrillation market.

    Deal Contact
    • AtriCure, Inc.
    Associated Team Members
    • Judy R. Qiu
    • Richard M. Johnston
    View Our Team
  • BioMedical Enterprises, Inc.
    bme

    BioMedical Enterprises, Inc.

    Health Care

    BioMedical Enterprises, Inc. (private, www.bme-tx.com), based in San Antonio, Texas, is a medical device company with a focus on minimally invasive orthopedic instrumentation and implants that elicit a biological response. The Company specializes in orthopedic memory metal technology to treat musculoskeletal disorders.

    Deal Contact
    • Richard M. Johnston
    • Donald W. Hughes
    Associated Team Members
    • Scott P. Motejunas
    View Our Team
  • Essence Group Health Corporation
    logo_eghc

    Essence Group Health Corporation

    Health Care

    Essence Group Health Corporation (private, www.eghc.com), based in St. Louis, Missouri, owns and operates (1) Lumeris,  a health care software-as-a-service company that aggregates and analyzes data across the entire continuum of care to deliver previously unattainable collaboration among health plans, hospitals, physicians, and patients, (2) ClearPractice, a leading provider of SaaS-based practice management solutions for offices of one to ten physicians, and (3) Essence Healthcare, a leading 42,000-member Medicare Advantage Plan in St. Louis.

    Deal Contact
    • Christopher W. Kersey
    Associated Team Members
    • Judy R. Qiu
    View Our Team
  • HemCon Medical Technologies, Inc.
    hemcon

    HemCon Medical Technologies, Inc.

    Health Care

    HemCon Medical Technologies, Inc. (private, www.hemcon.com), based in Portland, Oregon, is a developer, manufacturer and marketer of advanced wound care products utilizing proprietary chitosan-based and other technologies. HemCon’s products are currently offered to certain U.S. and U.S. sanctioned militaries, surgical hemostatic and advanced wound care markets, and the oral surgery and general dentistry market. HemCon plans to introduce several of its cleared products into new surgical markets and is developing novel formulations that the Company believes will address large and high value market segments.

    Deal Contact
    • Richard M. Berkeley
    Associated Team Members
    • Scott P. Motejunas
    View Our Team
  • LipoScience, Inc.
    liposcience

    LipoScience, Inc.

    Health Care

    LipoScience, Inc. (private, www.liposcience.com), based in Raleigh, North Carolina, is a diagnostic company focused on indentifying and quantifying metabolic markers associated with cardiovascular disease. Their flagship test, called the NMR LipoProfile®, is a diagnostic test that quantifies lipoprotein particles using nuclear magnetic resonance (NMR) technology that has been clinically shown to be a better predictor of coronary heart disease and has been used in over 5 million patients.

    Associated Team Members
    • Christopher W. Kersey
    • Judy R. Qiu
    View Our Team
  • Lombard Medical Technologies, plc
    lombard

    Lombard Medical Technologies, plc

    Health Care

    Lombard Medical Technologies, plc (AIM: AMT, www.lombardmedical.com), based near Oxford, U.K., is a commercial stage medical device company. The Company’s key product Aorfix is a stent graft for repairing abdominal aortic aneurysms (AAA), a market worth $1B and growing at 10% per year. The stent graft is uniquely flexible for the treatment of patients where the anatomy of their AAA would preclude the use of other such stent grafts. The Company is undergoing a pre-marketing approval trial for selling Aorfix in the U.S. Aorfix is CE marked and has been sold in Europe since 2006.

    Associated Team Members
    • Richard M. Johnston
    View Our Team
  • MinSec Holdings, Inc.
    minsec

    MinSec Holdings, Inc.

    Health Care

    MinSec Holdings, Inc. (private, www.minsec.com), based near Philadelphia, Pennsylvania, is Pennsylvania’s largest network of community corrections facilities and outpatient centers for the treatment of chemical dependency and mental health disorders. The Company operates eight residential treatment facilities and three outpatient treatment facilities throughout the state with a capacity of over 1,000 beds and 195 employees. MinSec contracts with city, state and federal governmental agencies, serving the full spectrum of needs for the non-violent, pre-release inmate population with a strong differentiated brand.

    Deal Contact
    • Christopher W. Kersey
    Associated Team Members
    • Judy R. Qiu
    View Our Team
  • PatientSafe Solutions, Inc.
    Print

    PatientSafe Solutions, Inc.

    Health Care

    PatientSafe Solutions, Inc. (private, www.patientsafesolutions.com), based in San Diego, California, is a healthcare software and services company whose PatientTouch technology platform is used in the hospital to ensure that the right medication is administered to the right patient at the right time. The system delivers relevant clinical care information to nurses in real-time through a customized iPod Touch. The patient- and workflow-centric design has been implemented in over 80 hospitals, including the Health Management Associates (HMA) network and New York Presbyterian Hospital, in order to dramatically reduce hospital error and improve nurse efficiency and retention.

    Deal Contact
    • Christopher W. Kersey
    Associated Team Members
    • Judy R. Qiu
    View Our Team
  • Ranir, LLC
    ranir

    Ranir, LLC

    Health Care

    Ranir, LLC (CP Kayak Holdings, Inc.) (private, www.ranir.com), based in Grand Rapids, Michigan, is a leading global private label manufacturer of oral care products. The Company manufactures and markets tooth-whitening strips, power brush heads, dental floss, toothbrushes, and travel kits and accessories, which can be found in Wal-Mart, Target, Walgreens, Dollar Tree, and Safeway. Ranir is also a contract manufacturer of products for leading global branded consumer oral care companies.

    Deal Contact
    • David L. Warnock
    • Jason R. Tagler
    Associated Team Members
    • Judy R. Qiu
    View Our Team
  • Vantage Oncology, Inc.
    vantage

    Vantage Oncology, Inc.

    Health Care

    Vantage Oncology, Inc. (private, www.vantageoncology.com), based in Manhattan Beach, California, owns and operates 34 radiation oncology centers in 12 states, providing critical oncology services to over 700 patients per day. Vantage encourages joint venture ownership opportunities that empower physicians to maintain control of their practice while leveraging the strength of the Company’s network. Vantage also provides joint venture ownership opportunities for hospitals interested in maximizing the benefits created by a strong oncology department.

    Deal Contact
    • Shane H. Kim
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
Recently Exited Portfolio Companies (within last 12 months)
  • Medivance, Inc.
    logo_medivance

    Medivance, Inc.

    Health Care

    Medivance, Inc. (private, www.medivance.com), based in Louisville, Colorado, develops and markets temperature management products designed to improve outcomes in critically ill patients. The Company’s products are fully non-invasive, in contrast to the invasive approaches used by other emerging temperature management technologies, and are used for surgery and neurovascular disorders, such as stroke. The company’s flagship Arctic Sun® Temperature Management System has been utilized to treat tens of thousands of critically ill patients throughout the world.

    Associated Team Members
    • Christopher W. Kersey
    • Richard M. Johnston
    • Scott P. Motejunas
    View Our Team
  • Webmedx, Inc.
    webmedx

    Webmedx, Inc.

    Health Care

    Webmedx, Inc. (www.webmedx.com) is a leading outsourced medical transcription provider to healthcare providers. The Company was acquired by Nuance Communications (NASDAQ: NUAN) in June 2011.

    Associated Team Members
    • Christopher W. Kersey
    • Richard M. Johnston
    • Judy R. Qiu
    View Our Team
  • Pet DRx, Inc.
    logo_vcaanimalhospitals

    Pet DRx, Inc.

    Health Care

    PetDRx, Inc. (www.petdrx.com) is a preferred provider of high-quality pet care by offering a broad array of pet services under one brand. The Company was founded in 2004 for the purpose of consolidating the veterinary-care industry in selected high-income regional markets and was acquired by VCA Antech (NASDAQ: WOOF) in July 2010.

    Associated Team Members
    • Christopher W. Kersey
    • Judy R. Qiu
    • Richard M. Johnston
    View Our Team
  • Picis, Inc.
    logo_picis

    Picis, Inc.

    Health Care

    Picis, Inc. (www.picis.com) is a developer and provider of software and internet-based solutions for healthcare providers, automating the patient care process and optimizing treatment outcomes. The Company’s products automate portions of the patient care process in critical care and perioperative environments, which are the fastest growing and most resource-intensive areas of a hospital. The Company’s products are currently installed or being installed at over 1,700 sites in 19 countries throughout North America, Europe and Southeast Asia. Picis was acquired by UnitedHealth Group (NYSE: UNH) in July 2010.

    Associated Team Members
    • Richard M. Johnston
    • Scott P. Motejunas
    View Our Team
Other Exited Portfolio Companies
  • »Pharmanetics, Inc.
  • »Aradigm Corporation (NASDAQ: ARDM)
  • »Masterplan, Inc., sold to Berkshire Partners
  • »CB Technologies
  • »Inkine Pharmaceuticals
  • »Medplus, sold to Quest Diagnostics
  • »Centene Corporation (NYSE: CNC), IPO
  • »Occupational Health and Rehabilitation, sold to Concentra Operating Corporation
  • »Masimo Corporation (NASDAQ: MASI), IPO
Business and Financial Services
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Current Portfolio Companies
  • IncentOne, Inc.
    logo_incentone

    IncentOne, Inc.

    Business and Financial Services

    IncentOne, Inc. (private, www.incentone.com), based in Lyndhurst, New Jersey, is a leading provider of incentive solutions to health plans, healthcare service providers and Fortune 500 employers, and is the first incentive provider focused exclusively on healthcare. The Company’s programs deliver a range of immediate, intermediate and long term incentives designed to result in healthcare cost savings and has driven more than 7 million health milestones and over 10 million health transactions.

    Deal Contact
    • Richard M. Berkeley
    Associated Team Members
    • Donald W. Hughes
    • Jason R. Tagler
    • Scott P. Motejunas
    View Our Team
  • Planet Payment, Inc.
    planetpayment

    Planet Payment, Inc.

    Business and Financial Services

    Planet Payment, Inc. (AIM: PPT, PPTR, www.planetpayment.com), based in Long Beach, New York, is a market leader in international payment and data processing, providing banks and their merchants with innovative solutions to accept, process, and reconcile payments, anytime, anywhere, and in any currency. Its customer base consists of more than 45 acquiring banks and processors and stretches across North America, the Middle East, Africa, and the Asia Pacific.

    Deal Contact
    • Shane H. Kim
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • Primo Water Corporation
    logo_primowaterco

    Primo Water Corporation

    Business and Financial Services

    Primo Water Corporation (NASDAQ: PRMW, www.primowater.com), based in Winston Salem, North Carolina, is the producer of the top-selling line of water dispensers in the U.S. and is the leading provider of water exchange programs at retailers such as Lowes, Kroger, and Walmart. With the recent acquisition of Culligan’s refill business, Primo is the second largest water vending company in the U.S.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • Prolexic Technologies
    prolexic_677161090

    Prolexic Technologies

    Business and Financial Services

    Prolexic (private, www.prolexic.com) is the world’s largest, most trusted Distributed Denial of Service (DDoS) mitigation provider.  Able to absorb the largest and most complex attacks ever launched, Prolexic restores mission critical Internet facing infrastructures for global enterprises and government agencies within minutes.  Six of the world’s ten largest banks and the leading companies in e-Commerce, payment processing, travel/hospitality, gaming and other at-risk industries rely on Prolexic to protect their businesses.  Founded in 2003 as the world’s first “in the cloud” DDoS mitigation platform, Prolexic is headquartered in Hollywood, Florida and has scrubbing centers located in the Americas, Europe and Asia.

    Deal Contact
    • Jason R. Tagler
    Associated Team Members
    • Scott P. Motejunas
    View Our Team
  • RealPage, Inc.
    realpage

    RealPage, Inc.

    Business and Financial Services

    RealPage, Inc. (NASDAQ: RP, www.realpage.com), based in Carrollton, Texas, is the largest software-as-a-service provider to the residential rental housing industry. The Company helps apartment owners and managers: (i) increase revenue through higher occupancy and pricing, (ii) develop new sources of revenue through ancillary services, and (iii) reduce operating expenses through more streamlined and centralized business processes. The Company’s product suite encompasses more than 45 product offerings available to roughly 30,000 sites, representing approximately 7.2M rental units.

    Deal Contact
    • Richard M. Berkeley
    Associated Team Members
    • Scott P. Motejunas
    View Our Team
  • Santa Rosa Consulting, Inc.
    santarosa

    Santa Rosa Consulting, Inc.

    Business and Financial Services

    Santa Rosa Consulting, Inc. (private, www.santarosaconsulting.com), based in Southfield, Michigan, is a national provider of information technology and management consulting services to the healthcare industry. The Company offers a broad range of management advisory services as well as technical consulting expertise across a full range of IT vendor products and systems. Santa Rosa employs more than 77 consultants, serves clients across the United States and Canada, and is building a leading brand in healthcare consulting.

    Deal Contact
    • Shane H. Kim
    Associated Team Members
    • Christopher W. Kersey
    • Donald W. Hughes
    • Meghan J. McGuire
    View Our Team
  • Towne Holdings, Inc.
    townepark

    Towne Holdings, Inc.

    Business and Financial Services

    Towne Holdings, Inc.(private, www.townepark.com), based in Annapolis, Maryland, is a leading national provider of contracted hospitality services and parking systems with over 325 clients in over 50 markets and more than 6,500 employees. Towne Park partners with its clients to provide high quality customer service for their guests. The Company’s principal client service is valet parking, but they also offer a variety of ancillary services, including banquet service, doorman, bellman, concierge, and consulting services.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Donald W. Hughes
    • Meghan J. McGuire
    View Our Team
  • WageWorks, Inc.
    logo_wageworks

    WageWorks, Inc.

    Business and Financial Services

    WageWorks, Inc.(private, www.wageworks.com), based in San Mateo, California, is a leading on demand provider of consumer-driven, tax-advantaged spending accounts for health care, dependent care, and commuting. Products include flexible spending accounts (FSA), health reimbursement accounts (HRA), health savings accounts (HSA), COBRA and commuter reimbursement accounts. The Company offers products on an integrated platform with debit cards and convenient account management tools such as electronic-bill payment, cash reimbursement, and home delivery of transit passes.

    Deal Contact
    • Richard M. Berkeley
    Associated Team Members
    • Scott P. Motejunas
    View Our Team
  • Winery Exchange, Inc.
    logo_wineryexchange

    Winery Exchange, Inc.

    Business and Financial Services

    Winery Exchange, Inc.(private, www.wineryexchange.com), based in Novato, California, is the premier value-added provider of corporate brand or private label beverage alcohol products and services to customers around the world. Its products include wine, spirits and beer. In addition, it is the leading supplier of strategic information to the industry. Founded in 1999, Winery Exchange has 75 employees at its headquarters in Novato, California with regional offices in Atlanta, Chicago, Dallas, Houston, Los Angeles, Raleigh-Durham, Atlanta, San Diego, and San Francisco, and with international offices in Barcelona, New Zealand and London.

    Associated Team Members
    • Richard M. Johnston
    • Scott P. Motejunas
    View Our Team
Recently Exited Portfolio Companies (within last 12 months)
  • TradeBeam, Inc.
    logo_TradeBeam

    TradeBeam, Inc.

    Business and Financial Services

    TradeBeam, Inc. is an on-demand global trade management software and services company providing solutions that streamline global trading processes for enterprises and their partners. TradeBeam’s integrated solution provides import and export compliance, inventory management, shipment tracking, supply chain event management and global trade finance solutions. TradeBeam has over 3,000 customers with users in over 100 countries worldwide and a joint venture with the Chinese government. Tradebeam was acquired by CDC Software in May 2010.

    Deal Contact
    • Richard M. Berkeley
    Associated Team Members
    • Judy R. Qiu
    View Our Team
Other Exited Portfolio Companies
  • »Vantas, Inc., sold to Frontline Capital (NASDAQ: FLCG)
  • »Anicom, Inc.
  • »Environmental Safeguards, Inc.
  • »Kennedy-Wilson, Inc.
  • »QC Holdings
  • »Blue Rhino Corporation, sold to Ferrellgas Partners (NYSE: FGP)
  • »Superior Consultant Holdings, sold to Affliated Computer Services
  • »Infocrossing, Inc., sold to WIPRO (NYSE: WIT)
  • »CardSystems, Inc.
Education
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Current Portfolio Companies
  • CIBT Education Group, Inc.
    cibt

    CIBT Education Group, Inc.

    Education

    (AMEX: MBA, www.cibtcorp.com), based in Vancouver, Canada, is an education management company with a special focus on the global education market. Its three subsidiaries, CIBT School of Business & Technology Corp., Sprott-Shaw Community College, and King George International College, are focused on the Chinese and Canadian education sectors. CIBT delivers North American and Chinese accredited business and management degree programs, automotive and diesel maintenance programs, IT programs, and career and vocational programs through its network of campuses across China and Canada.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • National American University Holdings, Inc.
    nationaledu

    National American University Holdings, Inc.

    Education

    (OTCBB: NAUH, www.national.edu), based in Rapid City, South Dakota, operates National American University (NAU), a proprietary post-secondary education institution founded in 1941. NAU currently has 29 campuses, six of which are pending approvals, in nine states, as well as extensive online course offerings. NAU offers undergraduate and graduate career-oriented technical and professional degree programs in a variety of disciplines. The Company is a leader in a hybrid approach, combining site-based with online learning. NAU is the successor company to Camden Learning Corp, a SPAC sponsored by Strategic III. NAU merged with Camden Learning in November 2009.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • New Horizons Worldwide, Inc.
    logo_newhorizons

    New Horizons Worldwide, Inc.

    Education

    (OTC: NEWH.PK, www.newhorizons.com), based in Conshohocken, Pennsylvania, is the world’s largest independent IT training company. Its training centers, franchised and corporate owned, provide application software, technical certification, and business skills training. Target-customers include individuals, employer-sponsored individuals, national and international corporations, service organizations, and government agencies worldwide. The Company has over 300 centers in 70 countries and has graduated over 30 million students.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Donald W. Hughes
    • Meghan J. McGuire
    View Our Team
  • Princeton Review, Inc.
    princeton

    Princeton Review, Inc.

    Education

    (NASDAQ: REVU, www.princetonreview.com), based in Framingham, Massachusetts, has been a pioneer and leader in helping students achieve their higher education goals for more than 25 years through college and graduate school test preparation and private tutoring. The Company partnered with the National Labor College, the nation’s only accredited higher education institution devoted exclusively to educating AFL-CIO affiliates, to expand its online secondary education offerings in 2010. In 2009, Princeton Review acquired Penn Foster, a global leader in distance education and provider of career-focused training programs.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • Questar Assessment, Inc,
    logo_questar

    Questar Assessment, Inc,

    Education

    (OTC: QUSA.PK, www.questarai.com), based in Apple Valley, Minnesota, is a full service provider of K-12 custom assessments for state and federal assessment programs, providing comprehensive solutions spanning the assessment lifecycle, from test development and materials production to scoring and reporting. Questar also offers customized online testing services to schools and educational entities in the K-12 market. The Company is the largest provider of online scoring and reporting for online K-12 tests.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Donald W. Hughes
    • Meghan J. McGuire
    View Our Team
Recently Exited Portfolio Companies (within last 12 months)
  • Nobel Learning Communities, Inc.
    No Image Available

    Nobel Learning Communities, Inc.

    Education

    (NASDAQ: NLCI) is a network of more than 180 private schools with a commitment to outstanding preschools, K-8 schools and private high schools. Nobel’s schools around the country are all supported by the Nobel Learning Communities Education Department, a team of highly skilled experts in curriculum design, instruction and assessment. Virtually all of its revenue is private pay (paid by the parents as opposed to the state). Tuition at a Nobel school is at a modest premium to the tuition paid by students at parochial schools. The Company has grown historically by acquisition, the opening of new schools, and introduction of new programs. Nobel was acquired by Leeds Equity in August 2011.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • Meghan J. McGuire
    View Our Team
  • American Public Education, Inc.
    apei

    American Public Education, Inc.

    Education

    (NASDAQ: APEI) is an exclusively online, for-profit, post-secondary education institution that offers undergraduate and graduate degree and certificate programs. The Company’s ten academic departments offer over 50 programs, including strategic intelligence, military studies and homeland security to both the civilian and military population in over 110 countries.

    Deal Contact
    • David L. Warnock
    Associated Team Members
    • American Public Education, Inc.
    View Our Team
Other Exited Portfolio Companies
  • »Concorde Career Colleges, sold to Liberty Partners
  • »School Company, Inc.
  • »Ellis, sold to Pearson Digital Learning