CHICAGO, IL, January 11, 2018 — Sheridan Capital Partners (“Sheridan” or “SCP”) announced today its investment in SpendMend, LLC (“SpendMend” or the “Company”), a leading provider of spend visibility and audit recovery services to the healthcare industry. In the transaction, Sheridan invested alongside SpendMend’s founders and management, who will retain a meaningful ownership stake in the business. Terms of the transaction were not disclosed.
Headquartered in Grand Rapids, MI, SpendMend provides audit recovery, cost containment, and spend visibility services to leading healthcare providers nationwide. SpendMend’s services deliver tangible results, including monetary recoveries, cost reduction insights, and analytics and benchmarking tools to its customer base. SpendMend is an expert in its field, having specialized in spend visibility and audit recovery for more than two decades and has analyzed billions of dollars in healthcare operating expenditures and produced millions of recovery while also helping to improve spend visibility across complex expenditure categories and organizations.
“We are pleased to announce our partnership with SpendMend,” said Jonathan Lewis, Managing Partner at Sheridan Capital Partners. “As the market leader in healthcare audit recovery, SpendMend’s services help healthcare executives, operators and providers navigate an increasingly challenging macro-economic environment of reimbursement pressure and rising organizational costs. Cost containment is and will continue to be a high-priority focus in healthcare, and SpendMend plays a critical part in helping organizations find and establish long-term operational sustainability.”
Dan Geelhoed, CEO of SpendMend, commented, “We are thrilled to announce our partnership with Sheridan Capital Partners. Sheridan’s sector focus and ability to bring both relevant experience and immediate value to our organization was undeniable. Together, we are dedicated to serving our valued customers and to improving our services in order to continue to deliver outstanding value.”
Rob Heminger, President of SpendMend, added "Through our partnership with the Sheridan team, we look forward to accelerating the growth of SpendMend and further developing our capabilities and overall value proposition as it relates to the healthcare industry.”
Katten Muchin Rosenman LLP and Miller, Johnson, Snell & Cummiskey, P.L.C served as legal advisors to Sheridan and SpendMend, respectively. Charter Capital Partners served as financial advisor to SpendMend. Fidus Investment Corporation and Cadence Bank provided debt financing for the transaction.
The investment was led by Lewis, Sean Dempsey, Nicholas Rowland, and Jonathan Gavron at Sheridan Capital Partners.
About SpendMend LLC
SpendMend helps leading healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous and pesky financial leakage. SpendMend helps recover financial leakage and partners with clients to identify control gaps harboring financial leakage and improve spend visibility. For more information visit www.spendmend.com.
About Sheridan Capital Partners
Sheridan Capital Partners is a Chicago-based private equity firm focused on leveraged buyouts in the healthcare and consumer sectors. Sheridan targets businesses with enterprise values between $25 million to $150 million operating in the U.S. or Canada, and actively brings its strategic resources to management teams and owners in order to help accelerate growth, build enduring value, and achieve superior results.
Jonathan Lewis, Partner