Sheridan Capital Partners, a healthcare private equity firm, has completed the majority of the recapitalization of SpendMend, a profit recovery services firm. The idea is in partnership with management and Morgan Stanley Capital Partners. The transaction was led by Sean Dempsey, Jonathan Lewis, Nicholas Rowland, and Addison Jones at Sheridan Capital Partners.
SpendMend is a provider of tech-enabled services to optimize the cost cycle for the healthcare industry. Sheridan Capital Partners is a healthcare private equity firm that focuses on lower middle market buyouts and growth equity. Sheridan originally invested in SpendMend in January 2018 and enjoyed four successful years working closely with the founders. SpendMend serves more than a third of the top 100 health services to utilize their tech-enabled platform.
Sean Dempsey, partner at Sheridan commented, “Dan, Rob and the rest of the SpendMend team built an incredible company whose proprietary technologies illuminate the cost cycle of its healthcare customers in transformative ways. There is significant value in their offerings and a perpetual need in the market for cost cycle management solutions.”
Evercore served as financial advisor to SpendMend. Kirkland & Ellis LLP and Miller Johnson served as legal counsel to the Company. Harris Williams served as a financial advisor and DLA Piper LLP served as legal counsel to MSCP.