Lovell Minnick Partners (LMP), a New York City-based private equity firm, announced that it has made a majority growth investment in ACU-Serve Corp., based in Akron, Ohio.
Founded in 1993, ACU-Serve is a leader in revenue cycle management (RCM) for healthcare providers focused on post-acute, home-based care, including the home medical equipment, durable medical equipment and home infusion industries.
LMP is focused on investments in financial services, business services and financial technology companies. LMP has raised approximately $4.75 billion of committed capital, invested in more than 50 companies and completed more than 175 add-on acquisitions.
ACU-Serve will remain independent and will continue to be led by its current management team. LMP will invest from its affiliated funds, Lovell Minnick Equity Partners V LP and Lovell Minnick Equity Partners V-A LP.
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 Robert W. Baird served as financial advisor to LMP. Terms of the transaction were not disclosed.
According to data captured in the LevinPro HC database, this represents the 228th eHealth transaction of 2023 and the 51st in the RCM specialty. This also marks LMP’s second investment in October. On October 5, the company announced a majority growth investment in S&S Health, a Cincinnati-based provider of administration and technology solutions for health plans for small and mid-sized businesses.
