ABB Optical Group, LLC
ABB Optical Group, LLC ("ABB"), is the nation's largest contact lens distributor, serving over 23,000 independent eye care professionals ("IECPs") and retailers. ABB's industry-leading distribution platform distributes over 700 million contact lenses annually, serving approximately 75% of the IECPs that use distributors. Furthermore, ABB's deep relationships with the top contact lens manufacturers, best in class distribution capabilities, cost containment efforts, and extensive sales force have enabled ABB to maintain customer retention rates of over 95% historically. ABB is headquartered in Coral Springs, FL and was founded in 1989 by its CEO, Angel Alvarez.
New Mountain identified ABB as part of the firm's proactive "deep dive" efforts in the specialty distribution and health and wellness sectors. As a result of its expertise in these sectors and the experience of its "Senior Advisor" industry experts, New Mountain was able to rapidly develop a special relationship with the ABB management team. Management selected New Mountain as their preferred partner and completed the deal on an exclusive negotiated basis.
ACA Compliance Group
ACA Compliance Group ("ACA") is a leading provider of regulatory compliance products, performance services, and technology solutions to the financial services industry in the U.S., U.K., Hong Kong, and Brazil. Founded in 2002 by former SEC examiners and state regulators, ACA services and develops its products with a team comprised of former SEC, FINRA, FSA, NYSE, CFTC, NFA, and state regulators, as well as former senior in-house compliance professionals from prominent financial institutions. ACA serves a diversified base of leading investment advisers, private fund managers, commodity trading advisors, investment companies, and broker-dealers, including 63 of the top 100 hedge fund managers, 25 of the world’s top 50 private equity firms, and 57 of the top 100 US money managers. ACA offers a suite of complementary solutions to address mission-critical, ongoing client needs, including standard and customized compliance packages, GIPS® verifications and other performance services, and a wide variety of technology solutions to financial services firms.
New Mountain acquired ACA as a result of the firm's multi-year, proactive "deep dive" effort in the Governance, Risk, and Compliance ("GRC") sector. New Mountain first entered into a dialogue with ACA's founding partners in 2011, and New Mountain completed the acquisition of ACA in December 2013 following over seven months of exclusive due diligence outside of an auction process. While New Mountain acquired a controlling interest in ACA, the firm's five original founders and partners maintain a significant investment in the new entity.
Alexander Mann Solutions
Alexander Mann Solutions is a leading global provider of technology-enabled recruiting, staffing and other human resource services for blue chip corporations. Partnering with 65 outsourced clients and consulting to hundreds more across multiple industries in over 75 countries, the Company integrates outsourcing capabilities and consulting expertise to enable organizations to attract, engage and retain talent. Alexander Mann Solutions was founded in 1996 in London by Rosaleen Blair, who continues to serve as the Company's CEO today. Through its core recruitment process outsourcing solutions, the Company leverages its global scale and technologies to both lower the costs and increase the quality of its clients' hires.
In 2013, Alexander Mann Solutions was named the Global Market Leader of recruitment process outsourcing and ranked first for customer satisfaction by HRO Today in its Baker's Dozen Customer Satisfaction Survey, the largest annual human resource survey of its kind.
New Mountain identified Alexander Mann Solutions as part of New Mountain's multiyear and proactive "deep dive" search for business services that lower costs while raising quality, and particularly through the firm's work in the area of human resource services. As a result, management became strong supporters of New Mountain as their preferred partner.
Avantor Performance Materials Holdings S.A.
Avantor Performance Materials Holdings S.A., is a global manufacturer of performance materials and chemicals for leading-edge pharmaceutical, biopharmaceutical, laboratory, research and electronics applications. The Company's product line includes more than 12,000 different products marketed around the world under several respected brand names - including the J.T.Baker®, Macron Fine Chemicals™, BeneSphera™, Rankem™, Diagnova™ and POCH™ brands. The Company sells its products to approximately 10,000 end-customers in over 100 countries and has a premium reputation for meeting the highest standards of quality, regulatory compliance and technological innovation. Based in Center Valley, PA, Avantor has facilities worldwide, with manufacturing sites located in Phillipsburg, NJ; Paris, Kentucky; Deventer, The Netherlands; Mexico City, Mexico; Gliwice, Poland; and Dehradun, India.
New Mountain identified Avantor as part of a proactive deep dive into the specialty chemicals and materials sector with a team that included Raj Gupta. Mr. Gupta was formerly Chairman and CEO of Rohm and Haas and joined New Mountain as a Senior Advisor in March 2009 after helping to successfully sell Rohm and Haas to Dow Chemical for approximately $19 billion. As a result of this proactive work, the firm developed a network of management, banking and advisory relationships in this space and was introduced to the Company. New Mountain's team then worked closely with the management of the Company over a period of twelve months of intensive due diligence to acquire the Company outside of an auction process.
Alight Solutions is the largest provider of outsourced benefits administration and human capital technology in the United States. The Company helps drive better health and financial outcomes for employers, employees and plan participants by leveraging proprietary technology, deep domain expertise and global delivery capabilities. The Company’s clients include over 1,400 employers, including over 60 of the Fortune 100 and over 220 of the Fortune 500, through which the Company supports over 37 million plan participants. The Company is headquartered in Lincolnshire, IL and employs approximately 22,000 people.
New Mountain partnered with Blackstone to diligence and ultimately complete the acquisition of Alight Solutions from Aon plc (NYSE: AON) in May 2017. Alight Solutions falls at the intersection of multiple, long-standing New Mountain “deep-dive” efforts, including human capital management (e.g., Alexander Mann Solutions), businesses services companies that lower costs while raising quality (e.g., Equian, Connextions) as well technology-enabled healthcare administration (e.g., Convey Health Solutions). Throughout diligence, New Mountain was able to leverage key advisors to provide unique perspectives on the business: New Mountain Senior Advisor Bal Dail was previously CEO of Aon Hewitt; Andrew Appel, CEO of IRI, was previously COO of Aon; and Ash Patel, CIO of IRI, was previously CIO of Aon.
CIOX Health is the largest clinical data exchange platform in the U.S., enabling the secure transfer of nearly 50 million medical records per year between over 1 million unique requestor constituents, including patients, providers, health plans and legal community.
CIOX Health offers products and services that assist in the management and exchange of protected health information, increasing efficiency, speed, quality, and security while also positively impacting clients’ bottom line. The company delivers expertise in information exchange, workflow, coding, and audit management through its combination of best-in-class people, technology, and business process.
CIOX Health is connected to approximately 90,000 provider sites, with an embedded presence at 18,000 hospitals, clinics, and pharmacies. By partnering with CIOX Health, healthcare organizations are able to take steps towards mitigating risk, improving financial performance, and increasing requestor satisfaction. Furthermore, the company has established relationships with over 100 commercial health plans and other large requestors, enabling these groups to partner directly with CIOX Health to access clinical information in an efficient and compliant manner.
CIOX Health is the result of New Mountain’s proactive “deep dive” efforts in the healthcare and business services sectors, with a particular focus on clinical information and healthcare technology. CIOX Health was created by the 2016 merger of four industry-leading companies – HealthPort, IOD, Care Communications, and ECS – that were all identified and acquired by New Mountain on an exclusive, proprietary basis between December 2014 and September 2015. This combination resulted in the industry’s broadest provider network and capabilities in release of information, record retrieval, and health information management, with a goal of advancing the way that healthcare organizations manage, exchange, and drive insights from clinical information.
Diversified Foodservice Supply, Inc.
Diversified Foodservice Supply, Inc. (“DFSI”), based in Mt. Prospect, IL, is a leading distributor of maintenance, repair and operations (“MRO”) parts, supplies, and equipment to the U.S. foodservice industry, serving over 250,000 foodservice customer locations. DFSI is uniquely positioned in the industry due to its strength in sourcing high quality parts from both original component and original equipment manufacturers. DFSI currently operates through multiple brands including AllPoints Foodservice Parts & Supplies, Tundra Restaurant Supply, Franklin Machine Products, Mill Hardware, and Restaurant Parts & More. Its brands are consistently recognized as market leaders in service, quality, and value. DFSI has a long track record of strong organic growth complemented by successful acquisitions. These acquisitions have helped to broaden its product offering and geographic footprint, enabling DFSI to provide industry-leading selection and service to its customers.
New Mountain identified DFSI as part of the firm’s proactive “deep dive” efforts in the specialty distribution space. As a result of its expertise in the sector and the experience of its Senior Advisor industry experts, management became strong supporters of New Mountain as their preferred partner.
Equian is a leading national provider of payment integrity and cost containment solutions to the healthcare and P&C industries. Equian has over 1,100 professionals serving more than 300 healthcare and insurance customers across the U.S., including nine of the top 10 healthcare payors. Equian was created through the merger of the predecessor company Equian, LLC, a leading payment integrity platform and Trover Solutions, Inc., a leading provider of comprehensive cost containment services and software. The combined entity focuses on containing cost in healthcare and P&C insurance by ensuring that its customers pay correct amounts for appropriate services and levels of care. Equian’s services include post-payment solutions (e.g. data mining, provider audit solutions, etc.), pre-payment solutions (e.g. complex clinical coding review, bill review, network solutions, Rx, etc.), and subrogation solutions for healthcare, property & casualty and other risk-bearing entities. Equian covers all 50 states and produces hundreds of millions of dollars in savings annually for its customers. Equian is headquartered in Indianapolis, IN.
New Mountain identified Equian and Trover Solutions as part of the firm’s proactive “deep dive” efforts in the healthcare and business services sectors. After entering a dialogue with Equian in May 2015 and Trover in September 2015, New Mountain completed the acquisition and merger of both companies in December 2015 on an exclusive, proprietary basis without an auction.
Gelest is a recognized world leader in customized, highly specialized organosilicon compounds, metal-organic compounds, and silicone materials. Headquartered in Morrisville, PA, Gelest has been an innovator, manufacturer, and supplier to advanced technology markets for over 25 years. Recognized by the industry for the high quality of its products and innovation, Gelest provides focused technical development and application support to a diverse set of markets, including life sciences, medical materials, pharmaceutical synthesis, diagnostics and separation science, personal care, and semiconductors. Gelest serves its customers through a materials science-driven approach, and is uniquely positioned due to its best-in-class manufacturing and synthetic formulation capabilities as well as a proprietary product portfolio. The Company utilizes its own state-of-the-art facilities to research, develop, manufacture, and test products in commercial and research quantities to the highest quality standards.
New Mountain acquired Gelest as a result of the firm's multi-year, proactive “deep dive” effort in the specialty materials and life sciences sectors. New Mountain first entered into exclusivity with Gelest in May 2016, and New Mountain completed the acquisition of Gelest in March 2017 on a proprietary basis outside of an auction process. While New Mountain acquired a controlling interest in Gelest, the firm's founder and management team maintain a significant investment in the new entity.
Information Resources, Inc.
Information Resources, Inc. ("IRI"), is a leader in delivering powerful market and shopper information and predictive analysis for the consumer packaged goods ("CPG") and retail industries. IRI goes beyond data to ignite extraordinary growth for clients by pinpointing what matters and illuminating how it can impact their businesses across sales and marketing. The Company's offerings are divided into two broad segments: Market Measurement (which includes point-of-sale data tracking) and Solutions & Services (which includes consumer & shopper insights, analytics, and consulting). IRI's solutions create substantial return on investment for its clients through improved marketing, category management, product placement, product innovation, inventory management, and pricing decisions. The Company has over 1,000 CPG manufacturers and retailers as clients worldwide, including more than 95 percent of Fortune 100 CPG and retail companies.
New Mountain first approached IRI proactively in May 2010 as part of New Mountain's multi-year "deep-dive" efforts in the information services and market research sectors. The Fund entered into negotiations with IRI in late 2010 outside of any traditional auction process and performed a number of months of exclusive due diligence before acquiring the company in June 2011.
Intermarine, founded in 1990, is a global leader in "asset light" logistics and project cargo shipping. Intermarine primarily oversees highly specialized logistics and shipping requirements for multiyear infrastructure construction projects in the Americas, the Middle East, India and Asia, with an emphasis on cargoes that are too heavy, large, or expensive to travel in traditional drybulk or container ships. Strong demand for such project cargoes is being driven by the construction of oil and gas, energy, power and water projects, particularly in emerging economies and oil rich states around the world. The Company serves over 1,500 customers and has been selected as a preferred vendor by General Electric, Bechtel, Fluor and others. Intermarine has offices in New Orleans, Houston, Caracas, Buenos Aires, Seoul, Shanghai and Mumbai and controls Houston's Industrial Terminals, the largest project cargo port in the United States.
New Mountain identified Intermarine as part of a proactive focus on the logistics and infrastructure services sectors, which began in 2006 and 2007, respectively. As a result of these efforts, New Mountain developed a network of management, banking and advisory relationships in the sectors and was introduced to Intermarine (a privately held company) on a proprietary basis in the fall of 2007. New Mountain's team then worked closely and on an exclusive basis with the management and shareholders of Intermarine, as well as with industry executives, bankers and strategic consultants, to acquire the company.
Island Medical Management Holdings, LLC (“Island Medical”) is a leading provider of outsourced healthcare practice management services to emergency departments, hospitalist programs, and hospital-based urgent care centers. Headquartered in Hauppauge, NY, Island Medical provides services to more than 75 hospital programs across the United States. The company supports high-quality, cost-effective, and compassionate medical care with community-based leadership, industry-leading clinicians, and strong infrastructure capabilities.
New Mountain first entered into a dialogue with Island Medical in 2015 and, following five months of exclusive due diligence outside of an auction process, completed the acquisition in September 2016. Island was owned by its founder, CEO, and the rest of the management team, who collectively chose NMC to be their partner due to NMC’s business building strategy and conservative investment approach. While New Mountain acquired a controlling interest in Island Medical, the firm's founder and management team maintain a significant investment in the new entity.
JDA Software Group, Inc.
JDA Software Group, Inc., is the largest provider of end-to-end, integrated retail and supply chain planning and execution solutions for more than 4,000 customers worldwide. JDA's unique solutions empower its clients to achieve more by optimizing costs, increasing revenue and reducing time to value so they can consistently deliver on their customer promises.
In 2010, New Mountain identified RedPrairie - one of the three global leaders in the supply chain software space, focused on supply chain execution solutions - as part of a multi-year, proactive "deep dive" in the software sector, building upon the firm's prior work and experience with Deltek, Inc. in Fund II. As a result of New Mountain's proactive industry efforts, the firm had developed a network of management, banking, and advisory relationships which enabled the team to work with RedPrairie and to acquire the Company outside of an auction process. In December 2012, with the support of RedPrairie's board and management, RedPrairie merged with JDA Software, another of the three global supply chain software leaders but with a focus on retail merchandising and supply chain planning solutions. The combination created the end-to-end, "super best of breed" provider in the supply chain space, and the company today has the broadest and most advanced suite of software solutions and services across supply chain planning and execution and retail planning and merchandising.
Founded in 2008, Legends is a leader in premium hospitality, merchandise, ticket sales, planning, sponsorships and experiential services to the sports and entertainment industries, as well as the management of landmark attractions such as Yankee Stadium, AT&T Stadium (home of the Dallas Cowboys) and the observatory at New York City’s World Trade Center. Other marquee clients in the Legends portfolio include Live Nation, the Manchester City Football Club, the Los Angeles Angels, the Los Angeles Rams, the University of Notre Dame and ~100 other venues. Legends has a track record of delivering superior outcomes for its clients/partners and spectators, including greater visitor satisfaction and enhanced revenue per attendee.
New Mountain identified Legends as part of the firm’s proactive, multi-year “deep dive” efforts in the sports and facilities management sector. New Mountain completed its investment in Legends in May 2017, working directly with the existing ownership group (primarily comprised of affiliates of the New York Yankees and the Dallas Cowboys) on an exclusive, proprietary basis without an auction. Both the New York Yankees and Dallas Cowboys continue to remain significant equity holders of Legends and partners of New Mountain.
Medical Specialties Distributors
Medical Specialties Distributors ("MSD") is the nation's leading specialty distributor of parts and equipment to home infusion therapy providers, and connects approximately 200 manufacturers to over 2,500 therapy providers, working in a market of over 1 million homes. Infusion therapy refers to intravenous delivery of drugs and nutritionals, such as chemotherapy and pain management. In addition to its distribution capabilities, MSD is the industry leader in equipment sales and device management and has a rental fleet of more than 46,000 medical devices. Headquartered in Stoughton, MA with origins dating back to 1984, MSD now services more than 4,000 healthcare provider sites across the United States and Canada.
New Mountain's decision to acquire MSD was the result of the firm's multi-year, proactive "deep-dive" effort in two areas: specialty distribution (which also led to the purchase of ABB Optical Group) and aging and healthcare cost containment, including a particular focus on home health. New Mountain was management's preferred partner given the firm's sector knowledge and perceived "value added", and New Mountain was able to negotiate a transaction directly with the seller without submitting a sealed bid.
OneDigital Health and Benefits is the nation’s largest pure-play employee-benefits broker in the United States. OneDigital delivers market-leading benefits solutions for employers of all sizes through a sophisticated combination of strategic advisory services, proprietary technology, advanced analytics, compliance support, technical innovations and HR capital management tools. Headquartered in Atlanta, Georgia, OneDigital has offices throughout the country and serves over 35,000 companies and manages nearly $4 billion in premiums. The company has been named to the Inc. 5000 List of America’s fastest-growing companies every year since the honor’s inception in 2007.
New Mountain’s investment in OneDigital was driven by our firm’s multi-year and proactive “deep-dive” efforts in the insurance, human capital management and healthcare services sectors. New Mountain first began a dialogue with OneDigital in April 2016 as an outgrowth of New Mountain’s other portfolio company investments. Over the next year, OneDigital decided that New Mountain’s deep expertise in relevant sectors as well as New Mountain’s focus on growth and business-building made New Mountain the ideal partner to help OneDigital continue its growth and achieve the next level of success. Throughout diligence, New Mountain was able to leverage its broad network of relationships with industry executives developed through our “deep-dives”, to identify and evaluate multiple exciting growth opportunities. OneDigital and New Mountain ultimately completed the transaction on a fully proprietary and exclusive basis in June 2017.
Headquartered in Hamilton, NJ, Sparta Systems (“Sparta”) is the leading provider of quality management software to the pharmaceutical, medical device, and consumer products industries. Sparta’s software solutions help improve quality outcomes and incident response, with improved regulatory compliance and lower administrative costs. The Company’s products are considered the “gold standard” within its markets, and Sparta’s flagship platform, TrackWise, is used by 35 of the top 40 pharma companies and 13 of the top 15 medical device manufacturers. Sparta has over 825,000 individual users overall across more than 30 countries.
New Mountain’s investment in Sparta comes as a result of its longstanding efforts in the enterprise software, life sciences, and consumer product sectors, as well as the firm’s proactive “deep dive” effort in compliance and supply chain integrity.
Strategic Partners, Inc. is a leading designer, marketer, and distributor of high-quality uniforms, footwear and accessories to retailers. The company manufactures products through multiple brands. SPI distributes its products globally into more than 50 countries and serves a diverse base of retailers across multiple channels, including specialty retail, mass retail, and online. SPI is headquartered in Chatsworth, California and manages operations through a centralized distribution center in Dallas, TX with a global sourcing model. The combination of its geographic footprint, coupled with an expansive item profile, enables SPI to quickly and efficiently meet the needs of its valued customers.
Topix Pharmaceuticals, Inc. (“Topix”) is a leading provider of innovative and clinically-validated therapeutic and cosmetic skin care products sold through physician offices. For over 35 years, Topix has developed, manufactured, and marketed a broad portfolio of products that allow physicians to better address their patients’ skin health conditions. Topix offers leading brands including, ReplenixTM, CitrixTM, GlycolixTM and ReBrightalyzeTM, as well as customized skin care solutions for physicians and their practices. Topix is widely recognized in the industry for its leading R&D and formulation capabilities. Today, Topix offers over 130 novel products and partners with over 2,500 physicians. Topix is headquartered in Amityville, NY where it maintains FDA-certified R&D and manufacturing capabilities and employs approximately 250 people.
New Mountain’s investment in Topix was driven by our firm’s multi-year and proactive “deep-dive” efforts in the life sciences, health & wellness, aesthetics, and niche consumer products sectors. New Mountain first began a dialogue with Topix’s founder and CEO, Burt Shaffer, in March 2015. Topix decided that New Mountain’s deep expertise in healthcare products as well as its focus on growth and business-building made it the ideal partner to help Topix continue its growth and achieve the next level of success. Throughout diligence, New Mountain was able to leverage its broad network of relationships with industry executives and physicians, developed through our “deep-dives”, to identify and evaluate multiple, exciting growth opportunities. Topix and New Mountain ultimately completed the transaction on a fully proprietary and exclusive basis in July 2016.
TRC Companies (“TRC”) is a leading national engineering and consulting (“E&C”) firm providing services across the environmental, power, infrastructure, and energy end markets. A white-collar professional services firm founded in 1969, TRC has 3,900 highly skilled employees, as well as a strong reputation for quality and technical excellence in the industry. TRC provides environmental consulting, design & engineering, project management, and a range of other services to a diversified customer base, and focuses on low risk, small and medium size projects. TRC is headquartered in Lowell, Massachusetts and has 119 offices across the U.S. and one office in the U.K.
New Mountain acquired TRC as a result of the firm’s multi-year, proactive “deep dive” effort in the engineering & consulting and infrastructure services sectors. New Mountain first met TRC over five years before the investment in June 2017 and developed a strong relationship with the leadership team. As a result of its expertise in the sector and well developed strategic growth plan for TRC, management championed New Mountain as their preferred partner.
Western Dental (Premier Dental Services, Inc.), is one of the largest dental services organizations (DSOs) in the United States. With approximately 175 dental offices in California, Arizona, Nevada and Texas, the Company and its affiliates provide care or management services to approximately 625,000 patients with over 2.2 million patient visits annually. Western Dental's differentiated platform focuses on providing high-quality, full-service dentistry at affordable prices (including general dentistry, specialty and orthodontic services), as well as administrative and management support services to affiliated dental offices. The Company's affordable pricing and bilingual capabilities give it a particularly strong position in the markets it serves. Western Dental was founded in 1985, employs over 4,000 personnel, and is headquartered in Orange, CA.
New Mountain's decision to acquire Western Dental was made based on our firm's multi-year and proactive deep-dive effort in the dental sector, which also included intensive review of other prospects in the DSO space. New Mountain first proactively approached Western Dental regarding a potential partnership in 2011. New Mountain reinstated its dialogue with Western Dental in early 2012 and acquired the Company later that year.
Headquartered in Atlanta, Zep is a leading manufacturer and marketer of a wide range of high-efficacy maintenance and cleaning solutions for commercial, industrial, institutional, and consumer end-markets under well-known and respected brand names. The breadth of the Zep product portfolio provides customized, superior cleaning and maintenance solutions to a broad customer base including manufacturers, food processors and preparers, restaurants, hospitals, schools, municipalities, government organizations, hotels and car washes.
New Mountain identified Zep as part of its ongoing deep dive into the specialty chemicals and materials sector. As a result of this work, the firm had an ongoing relationship with a strong management team that worked closely with the deal team to conduct detailed due diligence and was able to acquire Zep outside of an auction process.