Health care-focused private equity firm Great Point Partners LLC acquired an undisclosed stake in iVantage Health Analytics for $10 million, as part of a growth recapitalization deal.
The investment is expected to help iVantage market and distribute its products on a wider scale.
The Portland, Maine-based target provides various services to hospitals, including institutional ratings and business analytics that help benchmark a facility’s financial performance. The company was formed in August 2011 from the $9 million merger of four separate companies: Nashville-based Health InfoTechnics LLC, Boston-based Healthcare Management Council, Belfast, Maine-based Ratings Guy LLC and Portland, Maine-based Performance Management Institute LLC.
The transaction with Great Point marks the end of a sale process that began in December 2012. IVantage tapped financial adviser Chris Helmrath of SC&H Group LLC in Baltimore to help find a buyer.
Great Point, based in Greenwich, Conn., tapped into its second fund GPP II to facilitate the deal. GPP II is a $200 million fund that makes growth recapitalizations and investments that range from $7 million to $25 million.