January 23, 2019
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to ADURO, LLC (“ADURO”) in receiving a minority investment from Abry Partners, a Boston-based private equity firm.
ADURO, based in Redmond, Washington, is a leading provider of human performance solutions for optimizing the health, well-being and productivity of enterprise employers. The Company offers a native coordinated experience across its biometric and well-being measurement platform, showcasing digital to human intervention through an app-based solution for employers, their employees, and dependents. ADURO will collaborate with Abry to accelerate innovation, fuel growth and expand globally.
“ADURO has a remarkable track record. No other firm in this industry has grown to ADURO’s level organically,” commented Tyler Wick, Partner at Abry. “We were struck by their leadership team and their approach to unlocking human potential. Now is the opportunity to deliver their vision at scale.”
Cascadia ran a capital raising process to assist the leaders of ADURO in choosing the best partner with which to grow. After careful evaluation, the Company chose Abry Partners due to the investment firm’s deep industry knowledge and experience scaling similar businesses.
“Cascadia leveraged their deep expertise to position ADURO as an industry disruptor at the intersection of workplace health, engagement and human performance,” said Dr. Darren White, CEO of ADURO. “Our story resonated with the private equity community, ultimately leading to an exceptional outcome with Abry. We are grateful for the vision and value Cascadia saw in ADURO.”
“Cascadia did an excellent job positioning ADURO with a funding partner that aligns with our team and growth strategy.” added Chris Dickinson, Chief Business officer of ADURO. “Their industry relationships were key to cultivating multiple offers, and ultimately finding a partner to help us lift the broken health & wellness industry.”
“ADURO had reached an inflection point in their business where customers were getting larger and more complex,” noted Kevin Cable, Co-Founder and Managing Director at Cascadia Capital. “Abry brings the experience to help build the infrastructure to successfully service larger enterprises.”
The minority equity raise represents another successful transaction for Cascadia Capital in the healthcare group. Recent transactions in the sector advised on by Cascadia include Concord Technologies’ minority recapitalization with Excellere Partners, SonoSim’s growth financing with GE Healthcare and DatStat’s sale to SCI Solutions.
For more information about this transaction, please contact the Cascadia Capital deal team: