Houlihan Lokey Advises Optima Healthcare Solutions

Houlihan Lokey is pleased to announce that Optima Healthcare Solutions, a portfolio company of Alpine Investors, has been acquired by Net Health, a portfolio company of The Carlyle Group (NASDAQ:CG) and Level Equity. The transaction closed on July 11, 2019.

Headquartered in Alpharetta, Georgia, Optima Healthcare Solutions is the premier provider of cloud-based electronic medical record software for contract therapy companies, skilled nursing and assisted living facilities, outpatient therapy clinics, home health therapy providers, and hospice organizations. For over 25 years, Optima has led the industry with therapy management software, and today more than 11,000 sites of service rely on the company's full range of clinical, operational, and billing solutions to increase business performance, ensure compliance, and improve care for millions of patients every year.

Headquartered in Pittsburgh, Pennsylvania, Net Health is the leader in cloud-based software solutions for specialized outpatient care. Known for being experts in The Art of the Right Fit®, Net Health's fully interoperable EHR solutions serve five medical specialty markets and offer clients an end-to-end solution that includes practice management tools, clinical workflow documentation, revenue cycle management, expert coaching, and analytics. Net Health serves healthcare professionals in 98% of the largest hospital chains as well as private practices around the country—driving workflow in more than 3,000 urgent care, wound care, physical therapy, speech and language therapy, occupational therapy, occupational medicine, employee health, and workplace medicine facilities each day.

Founded in 2001, Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program where Alpine partners with CEOs first and places them into companies as part of the transaction. This provides a distinct solution for situations where additional or new management is desired post-transaction. Alpine is based in San Francisco, California.

The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across four business segments: corporate private equity, real assets, global credit, and investment solutions. With $223 billion of assets under management as of June 30, 2019, the firm's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

Founded in 2009, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The company has raised more than $1.7 billion since inception across a series of long term committed investment partnerships. Principals at Level Equity have invested in 85 technology businesses over the past 20 years. Level Equity is based in New York, New York, and San Francisco, California.

This transaction represents Houlihan Lokey's continued leadership and momentum in the healthcare technology and tech-enabled services' sector, having advised on 26 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 advisor for all U.S. healthcare M&A 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 Optima Healthcare Solutions and assisted in initiating, structuring, and negotiating the transaction on its behalf.