Healthcare & Technology

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve’s professionals have extensive experience in the healthcare and technology sectors, having collectively executed more than 80 transactions worth nearly $6 billion in the following sectors:

 Healthcare

Technology

Representative Experience

VERISMA SYSTEMS, INC.

Western Reserve Partners LLC announced that it served as the exclusive investment banker to Verisma Systems, Inc. in the healthcare technology company’s first institutional capital raise. The growth equity financing was led by Radnor, PA-based NewSpring Capital and Richmond, VA-based Blue Heron Capital, among other investors, including Jim Crook, former President of IDX Systems Corporation, and Jim Riley, former President of Capario. The growth capital will be used to fund the Verisma’s marketing, technology and management expansion initiatives.

Verisma is a leading provider of technology-enabled Release of Information (ROI) services to healthcare organizations across the country. The company’s patented, cloud-based software platform allows healthcare systems to securely manage the release of medical records, improve workflow efficiency, decrease error rates and lower administrative costs. Verisma is a recognized innovator in the ROI market, known for developing next generation functionalities related to HIPAA compliance, audit reporting and dashboard analytics.

Verisma’s executive chair, Ken Thompson, said, “We are greatly appreciative to Western Reserve Partners for advising us through this transaction process, which resulted in our partnering with two excellent healthcare investment firms in NewSpring and Blue Heron. This is the third transaction I have engaged Western Reserve Partners on and greatly value our longstanding relationship.”

“We are very pleased to have assisted Verisma in this transformative financing. With NewSpring and Blue Heron’s strategic and financial backing, Verisma can accelerate the inflection-point growth it is experiencing and meet providers’ increasing demand for highly compliant, secure and efficient patient health information,” said Mr. Male.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Adexis

lucite-cranelCRANEL, INC. (ADEXIS DIVISION)

Western Reserve acted as exclusive financial advisor to Cranel, Inc. in the divestiture of its Adexis division to FusionStorm.

Founded by James Wallace in 1985 and headquartered in Columbus, Ohio, Cranel is a full-service distributor of computer equipment and related services, serving VARs that supply Fortune 1000 and small and medium-sized businesses in the U.S. and Canada.  The Company’s Adexis division is a leading provider of turnkey data storage solutions, from hardware and software products to professional consulting and support services.

Western Reserve was engaged by Cranel to explore a divestiture of Adexis, a non-core division, and through a competitive auction process, Western Reserve introduced Adexis to several potential strategic buyers.

Adexis was acquired by FusionStorm in November 2009.  Based in San Francisco, California, FusionStorm is provider of technology solutions.  The acquisition of Adexis enhanced FusionStorm’s engineering talent and strengthened its Midwest sales teams across all technology business units and provided Adexis’ customers with access to many more technology solutions from FusionStorm’s technology practices

Cranel Chairman and Chief Executive Officer James Wallace said, “We are very appreciative of Western Reserve’s creativity and dedication to execution.  This transaction will allow our management team to focus on Cranel’s industry leading Imaging business and its complementary Versitec service offering, which we believe will create significant long-term value for our stakeholders.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Diebold

Diebold-ERASDIEBOLD, INCORPORATED (DIEBOLD ERAS SUBSIDIARY)

Western Reserve Partners served as the exclusive advisor to Diebold, Incorporated (NYSE: DBD) in the divestiture of Diebold ERAS, Inc. (“ERAS”) to CheckAlt, LLC.

ERAS is a leading provider of Check 21-compliant image-based check processing and remittance services to regional and community-based financial institutions throughout North America. Headquartered in Miami, Florida, with additional locations in Florida and Georgia, the Company’s services capture and transmit check image data from ATMs, branches, remote locations and mobile devices.

Founded in 1859, Diebold is a global leader in providing innovative self-service technology, security systems and related services.  Diebold has approximately 16,000 employees worldwide and is headquartered in Canton, Ohio.

Knowledge Center

KNOWLEDGE CENTER, INC.

Western Reserve Partners served as the exclusive financial advisor to Knowledge Center, Inc. in its recapitalization by private equity firm Evolution Capital Partners.

Knowledge Center is the leading provider of emergency management software tools allowing government, healthcare, commercial and non-profit organizations to monitor and respond to incidents of all sizes in real-time.  The daily emergency management operations Knowledge Center supports include incident, resource, critical infrastructure and document management.

“Knowledge Center has been positioned for major growth and Evolution has the needed experience to help the company achieve its goals.  We are entering into a very exciting phase of the company’s life cycle,” said John Degory, CEO of Knowledge Center.

n2yN2Y LLC

Western Reserve Partners served as financial advisor to n2y LLC in its sale to The Riverside Company. DeSilva+Phillips, Western Reserve’s affiliate member firm of M&A International, co-advised on the transaction.

Based in Huron, Ohio, n2y is a leading developer of special education curriculum and supplemental materials. n2y’s core products include Unique Learning System, a standards-based special needs curriculum; news-2-you, a weekly current events newspaper; and SymbolStix, a symbol-based language used in all of the Company’s learning materials. The Company’s products, which are delivered to classrooms through an interactive web-based platform, serve the special education community by improving student performance, teacher efficiency, school compliance and parent satisfaction.

n2y Founder and CEO Jacquie Clark first developed the newspaper that would become news-2-you during her 30-year career as a speech-language pathologist. The homemade newspaper used symbols and current events news stories to engage students in a learning environment and as word-of-mouth of its success spread among teachers, Jacquie recognized a significant opportunity to improve special education practices nationwide. Jacquie then, with her husband Dave, himself a retired U.S. Air Force Colonel, started n2y out of their spare bedroom in 1997. Jacquie’s daughter Chrissy (President), son Michael (CTO) and son-in-law Don (COO) each joined the Company soon thereafter and they together have grown n2y to become the world’s leading developer of innovative special education curriculum and supplemental materials. The Clark family’s decision to partner with Riverside now allows the Company to pursue its significant growth opportunities and bring n2y’s innovative curriculum to more of the United States’ 6.6 million special education students.

The Riverside Company is a global private equity firm focused on acquiring and investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 420 transactions. The firm’s international portfolio includes more than 80 companies.

Of working with Western Reserve, Jacquie Clark said, “The Western Reserve team did an excellent job advising us throughout the entire process. Their hard work and dedication resulted in an extremely favorable outcome. We are excited to partner with Riverside and look forward to utilizing the firm’s knowledge and experience in the sector as we continue to enhance and expand our business.”

Hyland Software, Inc. (portfolio company of Thoma Bravo LLC)

Developer and marketer of Enterprise Content Management (“ECM”) software primarily under its flagship brand, OnBase™

Provided solvency opinion for recapitalization

Other Healthcare & Technology Clients

  • Quatech, Inc.

    Western Reserve acted as exclusive financial advisor to Quatech Inc., a subsidiary of DPAC Technologies (NASDAQ: DPAC) in its sale to B&B Electronics, a portfolio company of Graham Partners. Western Reserve also rendered a fairness opinion to DPAC’s Board of Directors in connection with the transaction. This represented the firm’s second engagement by Quatech, as Western Reserve advised the company in its 2006 reverse merger with DPAC.

    DPAC, headquartered in Hudson, Ohio, designs and markets enterprise and industrial grade wireless device networking solutions that allow OEMs to embed “Wi-Fi” modules into their product designs.  The company’s products are used in an array of machine-to-machine (M2M) applications and end-markets, including retail point of sale, healthcare, transportation, industrial automation and homeland security markets, among others.

    “This sale to B&B Electronics is a great outcome for all DPAC stakeholders,” said DPAC Chief Executive Officer Steven Runkel.  “Western Reserve was instrumental in identifying B&B as a potential acquirer, assisting us in efficiently clearing the market for other potential buyers and then negotiating an advantageous deal with B&B on our behalf.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Hanford Pharmaceuticals (cephalosporin finishing facility)

    Western Reserve acted as exclusive financial advisor to the G.C. Hanford Manufacturing Co. (d/b/a Hanford Pharmaceuticals) in the divestiture of its cephalosporin finishing facility to Steri-Pharma LLC.

    Founded by George C. Hanford in 1846 and based in Syracuse, New York, Hanford Pharmaceuticals is the only U.S.-based independent contract antibiotic finisher, specializing in the sterile filling of injectable antibiotics. The company also fills proprietary veterinary products and provides ancillary product development and support services for its customers.

    Western Reserve was engaged by the Board of Directors to assist them in exploring strategic alternatives that would strengthen Hanford’s financial position and achieve long-term value for the business and shareholders.  After several rounds of preliminary discussions with certain strategic parties, the Company elected to pursue a sale of its cephalosporin finishing facility to Steri-Pharma LLC, a Paramus, New Jersey-based sterile pharmaceutical finisher.  Steri-Pharma is a subsidiary of ACS Dobfar spa, a top five producer and exporter of bulk cephalosporins and penicillins.  Proceeds from the divestiture were used to pay down Hanford’s debt and reinvest in the remaining business.

    George W. Hanford, Chief Executive Officer of Hanford, said, “Western Reserve did an outstanding job of evaluating our alternatives and advising us through all stages of the transaction.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Vision Care Holdings (Eyeglass World LLC subsidiary) (portfolio company of Summit Partners)

    Western Reserve acted as exclusive financial advisor to Vision Care Holdings, a portfolio company of Summit Partners, in the sale of its Eyeglass World, LLC subsidiary to National Vision, a portfolio company of Berkshire Partners.

    Headquartered in Lake Worth, Florida, Eyeglass World provides retail optical products and services through 62 vision superstores in 24 states.  According to Vision Monday Magazine, Eyeglass World is the 14th largest optical retail chain in the U.S.  Eyeglass World’s strategy is to offer value-conscious customers a large selection of high-quality, brand name eyewear and superior customer service at discount prices.

    Vision Care was in need of additional capital to execute its strategic plan in a difficult economic environment and engaged Western Reserve to assist in the sale of the business.  Western Reserve leveraged its expertise in specialty retail, and the optical sector in particular, to orchestrate a sale process that included conversations with the leading domestic and international strategic buyers as well as private equity groups with related interests.

    In January 2009, Eyeglass World was acquired by National Vision, the fifth largest optical retail chain in the U.S.  Western Reserve’s delivery of an effective and timely solution maximized the outcome for Summit and Vision Care’s other stakeholders despite a challenging economic environment.

  • Simbionix USA Corporation

    Western Reserve acted as exclusive financial advisor to Simbionix USA Corporation in its September 2008 $7 million private placement of Series C Convertible Preferred Stock.  The lead investor was River Cities Capital Funds, and co-investors included Early Stage Partners LLC, a current Simbionix shareholder.

    Simbionix, headquartered in Cleveland, Ohio, is the world’s leading provider of innovative and effective virtual reality simulation products and solutions for clinical education and training of medical professionals.  The company’s products, which are protected by 20 global patents and pending and provisional applications, accelerate best-practice medical training, advance clinical performance and improve patient safety.  In addition to its Cleveland operations, Simbionix has a world-class R&D facility in Lod, Israel and e-learning operations in Denver, Colorado.

    River Cities Capital Funds, based in Cincinnati, Ohio, is one of the most active and experienced venture funds investing in the Midwest and Southeastern U.S.  Early Stage Partners, based in Cleveland, Ohio, provides venture capital financing to the Midwest’s most promising early stage technology companies.

    Simbionix Chief Executive Officer Gary Zamler said, “We cannot be more pleased with Western Reserve’s thoughtful advice in structuring the transaction and best approach to the market.  Their effort in arranging this financing in a very difficult market was outstanding.  We look forward to a long relationship with Western Reserve as we execute our strategic plan.”  

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • The SpyGlass Group, Inc.

    Western Reserve Partners served as the exclusive investment banker to The SpyGlass Group, Inc. in its recapitalization by an investor group led by Crane Investment Company.  The transaction was led by Managing Director David Dunstan, Director Charles Aquino and Vice President Andrew Male of the firm’s Business Services and Consumer group, who were supported by Analyst Courtney Downs.

    SpyGlass is a leading provider of niche telecommunications expense management services.  Headquartered in Westlake, Ohio, the Company’s services include audit and implementation of telecom expense savings opportunities such as recovery of funds paid in error, elimination of unnecessary services and improvement of provider cost structures.  SpyGlass serves a diverse range of customers, including private sector businesses of all sizes, government agencies, educational institutions and healthcare facilities.

    Co-Chief Executive Officers Bradley Clark and Edward DeAngelo will remain significant shareholders in the company and continue to serve in the same capacity along with the existing management team.  “Our team is thrilled to be partnering with Crane Investment Company as we continue to invest in the business and execute our long term growth strategy,” said Mr. DeAngelo.

    “It was a pleasure to represent SpyGlass on this transaction,” said Mr. Dunstan.  “SpyGlass is well positioned for continued growth given its unique sales model, compelling value proposition and proven ability to penetrate new markets.”

    Mr. Clark said, “Western Reserve’s assistance and advice were critical in finding the right partner and navigating through the process.  Their team’s expertise, responsiveness, perseverance and creativity allowed us to achieve a very favorable outcome for the company, our employees and our customers.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Molina Healthcare, Inc.

    Western Reserve served as a co-advisor and placement agent to Molina Healthcare, Inc. (NYSE: MOH) in its sale and lease back of its corporate headquarters in Long Beach, California and satellite office in Columbus, Ohio.  Molina closed the transaction on June 13, 2013, conveying both properties to AG Net Lease Acquisition Corp., the dedicated net lease group of Angelo, Gordon & Co., for $158.6 million in proceeds.  The transaction was led by Managing Director Victor Faris, supported by Associate Matthew Reus and Analyst Andrew Foster.

    Molina Healthcare, Inc., a FORTUNE 500 company, provides quality and cost-effective Medicaid-related solutions to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program. Molina’s licensed health plans in California, Florida, Michigan, New Mexico, Ohio, Texas, Utah, Washington, and Wisconsin currently serve approximately 1.8 million members, and Molina’s subsidiary, Molina Medicaid Solutions, provides business processing and information technology administrative services to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West Virginia, and drug rebate administration services in Florida. More information about Molina Healthcare is available at www.molinahealthcare.com.

    “We were delighted to represent Molina and to work with McKinney Advisory Group and Molina’s management team on this transaction,” said Mr. Faris.  “This partnership allowed Molina to cost-effectively monetize the value of its real estate and is a great outcome for both parties.”

    “We thoroughly enjoyed working with Western Reserve Partners, McKinney Advisory Group and Molina on this sale lease back. We look forward to a long and mutually beneficial relationship with all of the involved parties,” said Fort Parker, a Director at Angelo, Gordon & Co.

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • SolmeteX, a division of Layne Christensen Company

    Western Reserve acted as exclusive investment banker to Layne Christensen Company (NASDAQ:LAYN) in the divestiture of its SolmeteX division to Gemini Investors, Riveria Investment Group and the management team of SolmeteX.

    SolmeteX provides dental amalgam separator devices and amalgam recycling services to the dental industry, which are highly regarded as the best solution for regulatory compliance.  SolmeteX is widely recognized as the single trusted source for comprehensive environmental solutions for dental waste needs.

    Layne Christensen is a global water management, construction and drilling company, providing responsible solutions to the world of essential natural resources — water, mineral and energy. The company offers innovative, sustainable products and services with an enduring commitment to safety, excellence and integrity.

    Founded in 1993, Gemini is a private equity firm that invests in companies between $5 and $50 million in sales, either looking for growth capital or pursing a recapitalization.  Since its inception, the firm has invested approximately $500 million in more than 100 companies throughout the U.S., typically investing $3 – $8 million per transaction in either control or minority positions.

    Founded in 2011, Riveria is a private investment group with offices in Washington D.C and New York. Riveria primarily focuses on growing companies with a history of positive operating cash-flows and seeks transactions that present unique investment opportunities in industries experiencing significant growth. Riveria’s private equity efforts emphasize growth and value-added strategies to generate strong returns. The investment in SolmeteX represents Riveria’s 6th investment since inception.

    Nick Mozzicato, SolmeteX’s President said, “I believe SolmeteX’s potential is significant. We’re approaching a critical phase in the growth of our company, and Gemini and Riveria are the right partners to help us execute on our strategy. Western Reserve did a superb job representing SolmeteX and Layne, and their understanding of the business and industry was critical to a successful transaction.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Quincy Bioscience, Inc.

    Western Reserve Partners served as the exclusive investment banker to Quincy Bioscience, Inc.  in its successful private offering of senior subordinated notes. Proceeds from the offering will be used to finance Quincy’s rapid growth and refinance existing debt. The sole investor in the transaction is CapitalSouth Growth Fund.

    Headquartered in Madison, Wisconsin, Quincy is a leading biotechnology company focused on the discovery, development and commercialization of novel technologies to address brain health and other age-related health challenges, including memory loss.  The Company utilizes an innovative protein to manufacture its flagship product, Prevagen®, which is sold directly to consumers through direct response marketing campaigns and major drug store chains in the United States.

    Mike Beaman, CEO of Quincy, said, “We are very pleased to be partnering with CapitalSouth and very appreciative of Western Reserve’s dedication to structuring a creative financing solution.  Western Reserve delivered a successful outcome to Quincy’s shareholders, as we are now well-positioned with a strong financial partner to capitalize on our growth strategy.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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