Houlihan Lokey Advises MRO Corporation

Houlihan Lokey is pleased to announce that MRO Corporation (MRO), a portfolio company of Imperial Capital Group (Imperial), has received an investment from Parthenon Capital (Parthenon). The transaction closed on October 24, 2019.

Founded in 2013 and headquartered in Norristown, Pennsylvania, MRO is the KLAS-rated No. 1 provider of release of information (ROI) solutions since 2013. MRO empowers healthcare organizations with proven enterprise-wide solutions for the secure, compliant, and efficient exchange of protected health information (PHI). In addition to ROI, MRO's suite of PHI disclosure management solutions comprises government and commercial payer audit management and accounting of disclosures services and technologies. MRO's technology-driven services reduce the risk of improper disclosure of PHI, ensure unmatched accuracy, and enhance turnaround times.

MRO was formerly a portfolio company of Toronto‐based Imperial Capital Group, a leading private equity fund manager focused on investment opportunities in the U.S. and Canadian middle market across the healthcare, business, and consumer services industries. With more than $1 billion of capital under management, Imperial combines its deep industry focus, active portfolio management, and strong partnerships with experienced industry executives to offer a differentiated approach to investing.

Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco, and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing strong executive teams. Parthenon has particular focus and experience in healthcare technology as well as outsourced, financial, and technology services.

This transaction represents Houlihan Lokey’s continued leadership and momentum in the healthcare technology and tech-enabled services sector, having advised on 28 transactions since 2015. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2018, the group closed 36 transactions and was ranked the No. 1 M&A advisor for all U.S. healthcare transactions by Thomson Reuters. Houlihan Lokey's Healthcare Group has closed more than 300 M&A healthcare transactions since inception. 

Houlihan Lokey served as the exclusive financial advisor to MRO and assisted in initiating, structuring, and negotiating the transactions on its behalf.