Key Takeaways
- • Grant Avenue Capital LLC has completed the sale of Ovation Healthcare, a provider of shared services to community hospitals and health systems, to Parkview Health, a nonprofit health system based in Fort Wayne, Indiana, according to a Business Wire release.
- • Terms of the transaction were not disclosed.
- • Grant Avenue acquired Ovation (formerly QHR Health) in May 2021 through a carve-out from Quorum Health Corporation, and during its hold the company completed five add-on acquisitions and launched two new service offerings.
- • Ovation serves more than 500 clients across 48 states, offering revenue cycle management, IT services, spend management, and leadership advisory services.
- • Baird acted as financial advisor and Goodwin Procter LLP as legal counsel to Ovation.
Summary
Grant Avenue Capital LLC, a healthcare-focused middle-market private equity firm, announced the completed sale of Ovation Healthcare to Parkview Health, according to a Business Wire release. Terms of the transaction were not disclosed. Parkview is a nonprofit, community-focused health system serving Indiana and northwest Ohio, with 16 hospitals and more than 20,000 co-workers.
Grant Avenue acquired Ovation, formerly known as QHR Health, in May 2021 through a carve-out from Quorum Health Corporation. Headquartered in Brentwood, Tennessee, Ovation partners with more than 500 clients across 48 states, ranging from critical access hospitals to large health systems. The company provides revenue cycle management, IT services, spend management, and management and leadership advisory services.
During Grant Avenue's ownership, Ovation became an independent organization, underwent a rebrand, and completed five strategic add-on acquisitions while launching two complementary service offerings. The company also added several key executives to its leadership team.
Buddy Gumina, Founder and Managing Partner of Grant Avenue, said the firm saw an opportunity in 2021 to build on Ovation's long history of supporting hospitals and health systems, and expressed confidence the company is well positioned for growth under Parkview. Eric Kim, Principal at Grant Avenue, described Ovation as having built a differentiated platform with a talented leadership team. Dwayne Gunter, Chief Executive Officer of Ovation, said Grant Avenue helped strengthen the leadership team, enhance technology, and deliver more integrated client solutions.
Baird served as financial advisor and Goodwin Procter LLP served as legal counsel to Ovation in the transaction.
Grant Avenue acquired Ovation, formerly known as QHR Health, in May 2021 through a carve-out from Quorum Health Corporation. Headquartered in Brentwood, Tennessee, Ovation partners with more than 500 clients across 48 states, ranging from critical access hospitals to large health systems. The company provides revenue cycle management, IT services, spend management, and management and leadership advisory services.
During Grant Avenue's ownership, Ovation became an independent organization, underwent a rebrand, and completed five strategic add-on acquisitions while launching two complementary service offerings. The company also added several key executives to its leadership team.
Buddy Gumina, Founder and Managing Partner of Grant Avenue, said the firm saw an opportunity in 2021 to build on Ovation's long history of supporting hospitals and health systems, and expressed confidence the company is well positioned for growth under Parkview. Eric Kim, Principal at Grant Avenue, described Ovation as having built a differentiated platform with a talented leadership team. Dwayne Gunter, Chief Executive Officer of Ovation, said Grant Avenue helped strengthen the leadership team, enhance technology, and deliver more integrated client solutions.
Baird served as financial advisor and Goodwin Procter LLP served as legal counsel to Ovation in the transaction.
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