Clearlake Capital’s Acquisition of nThrive’s Technology Division

Skadden, Arps, Slate, Meagher & Flom LLP advised nThrive, while Sidley Austin LLP served as legal advisor to Clearlake on the deal. Kirkland & Ellis represented Clearlake Capital Group.

Clearlake has signed a definitive agreement to acquire nThrive’s Technology Division (“nThrive Technology”), a leading healthcare revenue cycle management software-as-a-service platform, from nThrive Holdings, LP (“nThrive”). Financial terms were not disclosed.

nThrive Technology is a leading healthcare RCM SaaS solution provider, offering patient access, charge integrity, claims management, contract management, machine learning & robotic process automation, data & analytics and education software solutions to more than 900 hospitals and health systems in North America, including 37 of the 40 largest healthcare providers in the U.S. The Company’s end-to-end software platform helps healthcare organizations increase revenue, reduce costs, expand cash collections and ensure regulatory compliance.

Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets, and Jefferies LLC provided debt financing for the acquisition and served as financial advisors to Clearlake. Barclays, Goldman Sachs and Morgan Stanley served as financial advisors to nThrive.

The Skadden team advising nThrive included M&A partner Kenneth Wolff (Picture), and associates Samuel Cammer and David Lisante; Intellectual Property and Technology partner Bruce Goldner and associate Brianna van Kan; Executive Compensation and Benefits partner Regina Olshan and counsel Linda Barrett; Banking partners Stephanie Teicher and Tracey Chenoweth; and Real Estate partner Audrey Sokoloff. All attorneys are located in New York.

The Sidley team was led by Mehdi Khodadad, Nicolai Schwarz-Gondek and Ryan Hicks.

Kirkland & Ellis represented Clearlake Capital Group with a team led by debt finance partners Nick Schwartz and Omar Raddawi and associate Oliver Schauman; and tax partner Josh McLane.

Involved fees earner: Josh McLane – Kirkland & Ellis; Omar Raddawi – Kirkland & Ellis; Oliver Schauman – Kirkland & Ellis; Nicholas Schwartz – Kirkland & Ellis; Ryan Hicks – Sidley Austin LLP; Mehdi Khodadad – Sidley Austin LLP; Nicolai Schwarz-Gondek – Sidley Austin LLP; Linda Barrett – Simpson Thacher & Bartlett; Samuel Cammer – Skadden Arps Slate Meager & Flom; Tracey Chenoweth – Skadden Arps Slate Meager & Flom; Bruce Goldner – Skadden Arps Slate Meager & Flom; David Lisante – Skadden Arps Slate Meager & Flom; Regina Olshan – Skadden Arps Slate Meager & Flom; Audrey Sokoloff – Skadden Arps Slate Meager & Flom; Stephanie Teicher – Skadden Arps Slate Meager & Flom; Brianna van Kan – Skadden Arps Slate Meager & Flom; Kenneth Wolff – Skadden Arps Slate Meager & Flom;

Law Firms: Kirkland & Ellis; Sidley Austin LLP; Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Clearlake Capital Group, L.P.; nThrive, Inc.;

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Author: Ambrogio Visconti