PLANO,
Texas, Oct. 24, 2024 /PRNewswire/ -- CorroHealth,
a leading provider of revenue cycle management (RCM) solutions to
health systems and health plans, announced it has signed definitive
agreements for a strategic investment from Patient Square Capital
(Patient Square), a dedicated health care investment firm. Current
shareholders, including investment funds affiliated with global
investment firm Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka
Group, and CorroHealth management, will remain investors, with
Patient Square and Carlyle sharing joint control of
CorroHealth.
"Since its inception in 2019, CorroHealth has grown into a
technology and clinically led health care RCM platform," said
CorroHealth CEO Pat Leonard. "The
Patient Square team has a long history of successfully investing in
and scaling health care companies. We are pleased to welcome them
and look forward to leveraging our investors' expertise to continue
expanding our capabilities and delivering exceptional value to our
customers."
Patient Square Partner Justin Sabet-Peyman said, "We are excited
to be partnering with CorroHealth's management team and investors
to build upon CorroHealth's strong track record of organic and
inorganic growth. We have conviction in the attractiveness of the
RCM market and believe CorroHealth is well-positioned to continue
delivering differentiated tech-enabled solutions to its provider
and payer customers."
Carlyle has been the majority investor in CorroHealth since 2019
and a predecessor business since 2017. Carlyle Partner and Global
Co-Head of Health Care Joe Bress said, "We are tremendously proud
of CorroHealth's evolution since its founding. We consider the
future bright for CorroHealth and are committed to supporting
CorroHealth's continued growth and innovation alongside our new and
existing partners."
The transaction is expected to close by the end of the year.
Barclays and TripleTree are serving as co-lead financial advisors
to CorroHealth; Latham & Watkins is serving as legal counsel to
CorroHealth and Carlyle; and Kirkland & Ellis is serving as
legal counsel to Patient Square.
About CorroHealth
CorroHealth is a leading provider of
clinically led healthcare analytics and technology-driven
solutions, dedicated to positively impacting the financial
performance for physicians, hospitals, and health plans. With over
15,000 employees worldwide, CorroHealth offers integrated
solutions, proven expertise, intelligent technology, and
scalability to address needs across the entire revenue cycle. Our
global presence extends over 10 locations, including the United States, India, and the United Kingdom. Further information is
available at www.corrohealth.com.
About Patient Square
Patient Square Capital is a
dedicated health care investment firm with approximately
$10.5 billion in assets under
management as of June 30, 2024. The
firm aims to achieve strong investment returns by collaborating
with high-quality, growth-oriented companies and top-tier
management teams whose products, services, and technologies improve
health. Patient Square utilizes deep industry expertise, a broad
network of relationships, and a partnership approach to make
investments in companies grow and thrive. Patient Square invests in
businesses that strive to improve patient lives, strengthen
communities, and create a healthier world. For more information,
visit www.patientsquarecapital.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across its business and conducts its operations through
three business segments: Global Private Equity, Global Credit and
Global Investment Solutions. With $435
billion of assets under management as of June 30, 2024, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. Carlyle
employs more than 2,200 people in 29 offices across four
continents. Further information is available at www.carlyle.com.
Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle
Group.
Media Contacts:
CorroHealth:
Mellissa Gardner, (202) 978-8942
mellissa.gardner@corrohealth.com
Patient Square:
Prosek Partners
pro-PatientSquareCapital@prosek.com
Carlyle:
Brittany Berliner, (212)
813-4839
Brittany.Berliner@carlyle.com
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SOURCE CorroHealth
