Broadlane Announces Completion of Majority Investment

DALLAS — Broadlane announced that TowerBrook Capital Partners L.P., a private equity firm based in New York and London, has completed the transaction to acquire a majority interest in the company. Under the terms of the agreement, Broadlane’s senior management team will continue to retain a significant ownership interest in the company. Complete terms were not disclosed. Debt financing for the transaction was provided by Jefferies Finance LLC. Citi served as exclusive financial advisor to Broadlane.

Ian Sacks, a management partner with TowerBrook said, “We are pleased to move forward with our investment in Broadlane. This company is positioned for growth and diversification, given its unique service offerings and technologies, which provide value for some of the largest and most successful healthcare systems in the United States. Broadlane, with its strong management team and commitment to service, will continue to deliver tremendous results to its clients.”

President and new chief executive officer David Ricker added, “This is a new era for Broadlane as a fully independent company. We are excited to continue our growth with TowerBrook providing a strong financial platform for continued innovation and improvement of our technology and services. Broadlane will continue to help improve healthcare by delivering quality services and value to our clients, helping them reduce costs so they can focus on providing patient care.”

Source: Broadlane