ACU-Serve Receives Growth Investment from Lovell Minnick Partners
(Philadelphia, PA) – October 19, 2023 – ACU-Serve Corp. (“ACU-Serve” or the “Company”), a leading provider of end-to-end revenue cycle management, announced today that it has received a majority growth investment from Lovell Minnick Partners LLC (“LMP”), a private equity firm focused on investments in financial services, business services, and financial technology companies. The Company will remain independent and will continue to be led by its current management team, including Founder and Chief Executive Officer, Jim Knight. This strategic partnership will enable ACU-Serve to expand its suite of comprehensive solutions, accelerate technology innovation, and continue its successful acquisition strategy. LMP will invest from its affiliated funds, Lovell Minnick Equity Partners V LP and Lovell Minnick EquityPartners V-A LP. Terms of the transaction were not disclosed.
Founded in 1993, ACU-Serve is a leader in revenue cycle management for healthcare providers focused on post-acute, home-based care, including the home medical equipment (“HME”), durable medical equipment (“DME”), and home infusion industries. The Company’s comprehensive service portfolio encompasses intake, revenue recovery, accounts receivable management, consulting, compliance, cash posting, and analytics, all of which have been meticulously crafted to mitigate claim denials, expedite claims processing, and optimize revenue collection.
ACU-Serve’s technology-enabled platform includes ACU-Insight, a proprietary business intelligence platform consisting of Claims, Clarity and Smartsheet, a workflow and productivity solution; together, these tools combine industry expertise with advanced analytics to provide clients with real-time, actionable insights into their entire revenue cycle operation to ensure best-in-class service quality.
“We have a long track record of successful partnerships with high growth, technology-enabled companies run by proven, dynamic management teams with client-first attitudes,” said Brad Armstrong, Partner at LMP. “We look forward to partnering with Jim and the management team to expand service offerings, enhance technology capabilities, and pursue strategic acquisitions to complement its organic growth trajectory.”
In conjunction with the investment from LMP, ACU-Serve appointed former President of Experian Health, Scott Bagwell, and former CEO of Savista, Brenda Cline, to its Board of Managers. Scott Bagwell brings over 30 years of experience across multiple healthcare verticals including clinical, pharmacy, payments, and RCM. His current and former board positions include CORL Technology, Genesis AHC, EnableComp, and Verisys Corporation. Brenda Cline brings over 30 years of experience leading healthcare financial operations, large scale revenue cycle operations, strategic planning, and process optimization. She has held senior executive leadership roles at HCA, Parallon, nThrive, and Savista. Benesch Friedlander Coplan & Aronoff LLP served as legal advisor to ACU-Serve and Morgan, Lewis & Bockius LLP served as legal advisor to LMP. Citizens M&A Advisory served as financial advisor to ACU-Serve and Baird served as financial advisor to LMP.