Houlihan Lokey Advises Trust Healthcare Consulting Services

Houlihan Lokey is pleased to announce that WindRose Health Investors (WindRose) has completed the sale of substantially all of the assets of its portfolio company, Trust Healthcare Consulting Services (TrustHCS), to a healthcare joint venture established by an affiliate of The Carlyle Group (Carlyle) and Cannae Holdings (Cannae). The transaction closed on December 31, 2019.

Founded in 2010 and headquartered in Springfield, Missouri, TrustHCS is a trusted partner of leading healthcare providers offering staffing and advisory services for coding, clinical documentation improvement (CDI), denial management, and education solutions. TrustHCS leverages its industry‐leading team of more than 500 coding and CDI professionals to provide best-in-class solutions that enable its clients to accelerate revenue cycle, improve revenue integrity, and reduce operating costs in a value-based care environment. TrustHCS employs a quality-driven partnership approach actively monitoring performance, providing insights, and generating meaningful ROI for the company’s clients, all while ensuring the highest level of compliance.

TrustHCS was formerly a portfolio company of New York‐based WindRose, a leading private equity fund manager focused on healthcare services and technology investment opportunities in the U.S. middle market. With $1.2 billion of equity capital under active management, WindRose focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions.

Carlyle (NASDAQ:CG) 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 $222 billion of assets under management as of September 30, 2019, Carlyle’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. Carlyle employs more than 1,775 people in 33 offices across six continents.

Cannae (NYSE:CNNE) is a diversified holding company with more than $1 billion in book value in assets and boasts a strong track record of investing in a diverse range of assets. Cannae holds majority and minority equity investment stakes in a number of entities, including Ceridian HCM Holding Inc., Dun & Bradstreet Corporation, American Blue Ribbon Holdings, LLC, 99 Restaurants Holdings, LLC, and T-System Holding, LLC. Principals at Cannae have successfully acquired more than 100 companies with aggregate consideration in excess of $30 billion for Fidelity National Financial, Inc., Cannae, and related companies over the past 20 years.

This transaction represents Houlihan Lokey’s continued leadership and momentum in the healthcare technology and tech-enabled services sector, having advised on 29 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 TrustHCS and assisted in initiating, structuring, and negotiating the transactions on its behalf.