Buyer: PWP Growth Equity
Seller: Five Points Capital / Quick Med Claims
Sector: Revenue Cycle Management
Five Points Capital (“FPC”) announces the sale of Quick Med Claims (“QMC” or the “Company”) to PWP Growth Equity, the middle market private equity group of Perella Weinberg Partners.
Founded in 1991 and headquartered in Pittsburgh, PA, QMC is a leading provider of emergency medical ground and air transportation billing and reimbursement services to hospitals, municipalities, and private emergency transportation businesses across the U.S. Led by Co-Founder and CEO Michael Lewis, QMC offers a fully outsourced RCM solution covering the entire claim lifecycle with unique, dual expertise in air and ground emergency transport services. QMC’s services and solutions platform delivers deep reimbursement and compliance expertise, exceptional customer service and a market leading ROI for its diverse base of EMS-focused clients, and is driven by a corporate culture defined by a core set of values – Integrity, Compassion, Performance, Relationships, and Learning and Development.
In January 2015, FPC partnered with Mr. Lewis to recapitalize the Company and worked collaboratively with management to help lead the Company through an accelerated phase of growth. Key initiatives where FPC was materially helpful to the team at QMC include:
· Recruitment of several additional executive‐level hires, including a COO, CFO, VP of Sales and Chief Compliance Officer
· Identification and integration of five add‐on acquisitions that added a significant number of new clients and increased the Company’s presence in key strategic geographies
· Investment in systems and technology to further support organic growth and drive efficiencies across the organization
· Implementation of data analytics and resources to support the development of centralized customer reporting capabilities
Through these efforts and as a result of continued strong organic growth, in less than a four year period, QMC was able to accomplish the following:
· Tripled its revenue and EBITDA
· Added six strategic office locations across the U.S.
· Grew its client base from less than 50 to over 400
· Increased the number of claims processed annually from 300 thousand to over 1 million
In October 2018, FPC, in consultation with management, elected to exit its investment in QMC through a sale to PWP Growth Equity.
“Five Points Capital was truly an exceptional partner in helping our business achieve incredible growth,” said Michael Lewis, Co-Founder and CEO of Quick Med Claims. “FPC relentlessly supported our vision for the Company and assisted us in a number of critical operational and growth initiatives, including a series of key personnel hires, add-on acquisition execution and integration, and investments in new technology and capabilities that have helped us drive and measure efficiency. We are very grateful for their support, and we are a much stronger business today and are well positioned to sustain our outstanding growth trajectory because of our partnership with Five Points.”
“We are thankful for our partnership with Michael Lewis and the QMC management team”, said Tom Westbrook, Managing Partner of FPC. “The team has done an outstanding job executing on its strategic objectives and is well positioned for continued growth.” Scott Snow, a Partner with FPC, added, “We are proud to have partnered with and supported such a great organization. We will miss working closely with the QMC team but congratulate them on an exceptional outcome.”