March 17, 2020
Cascadia Capital, an investment bank serving middle market clients globally, is pleased to announce it acted as the exclusive financial advisor to RJ Health, a leading provider of pharmaceutical reimbursement and coding information services for the healthcare industry, in its acquisition by MMIT, a provider of specialized market data and analytics to pharmaceutical and managed care companies. MMIT is a portfolio company of Welsh, Carson, Anderson & Stowe (“WCAS”), a healthcare and technology focused private equity firm.
RJ Health, based in Middletown, Connecticut, is a leading provider of price adjudication services to healthcare stakeholders including payors, providers, PBMs and pharmaceutical companies. The Company’s solutions include Reimbursement Codes, Analytics, and curated Pharmaceutical Services.
Cascadia advised RJ Health on a targeted sell side process, leveraging deep industry expertise in healthcare IT and software systems, to identify a suitable strategic partner capable of expanding the Company’s data-driven products and penetrating new customer segments. RJ Health was previously owned by Fitzroy Health, a healthcare investment firm based in New York. This transaction further demonstrates Cascadia’s experience representing private equity-backed companies and shareholders as they navigate through multi-strategy liquidity events.
“The synergies and strategic fit between RJ Health and MMIT were extremely compelling,” added Kevin Cable, Cascadia Capital Managing Director. “Both companies were experiencing strong growth and the combination results in a dominant player in the medical drug spend space.”
The acquisition represents another successful transaction for Cascadia in the Digital Health & Healthcare Services sector. Other recent transactions include the acquisition of Bluetree Network by Providence, the strategic investments in ADURO, Concord Technologies’ minority recapitalization with Excellere Partners, and SonoSim’s growth financing with GE Healthcare.
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