Author: gradycampbell

Emeryville, California – February 27, 2017 – Sverica Capital Management LLC (“Sverica”) announced today the sale of Sheet Music Plus LLC (“Sheet Music Plus” or “SMP”) to Hal Leonard LLC. Founded in 1997, Sheet Music Plus is a leading online retailer of sheet music with a library of over 1 million titles.

Over the course of Sverica’s investment, Sheet Music Plus meaningfully expanded its catalog, introduced digital titles to accompany its assortment of print products, unveiled a robust new website, and launched innovative programs allowing composers and arrangers to upload works to the SMP website.

“We greatly appreciated Sverica’s support and guidance as Sheet Music Plus has cultivated a vibrant community of musicians, teachers, and composers,” said Sheet Music Plus CEO Jenny Silva. “Our partnership with Sverica has positioned us for continued success in a new chapter with Hal Leonard.”

“The dedication and vision of Jenny and her team are apparent in the numerous ways Sheet Music Plus engages customers and their passion for music,” said Ryan Harstad, Vice President at Sverica. “We enjoyed partnering with management to innovate and build SMP into an industry leader.”

About Sheet Music Plus
Founded in 1997, Sheet Music Plus is the world’s largest online retailer of sheet music. Its website, www.sheetmusicplus.com, offers shoppers over 1 million songbooks, scores, and instructional books. SMP’s unparalleled selection and availability of products is appreciated by its international customer base and a key point of distinction. Sheet Music Plus stocks over six times the number of products carried by the average print music retailer, and has developed a proprietary system for rapidly sourcing “hard to find” titles. Leveraging its strong relationship with suppliers, Sheet Music Plus has become a print music resource for music hobbyists, students, teachers, directors, librarians, and professionals.

San Francisco, California — February 1, 2017— Sverica Capital Management LLC (“Sverica”) today announced the closing of the sale of Optiv Security (“Optiv”), a market-leading provider of end-to-end cyber security solutions, to KKR. This marks the culmination of a very successful partnership with Optiv, and its predecessor company, Accuvant Inc., during which the Company experienced extraordinary growth, increasing revenues more than 14x and EBITDA more than 30x over Sverica’s eight-year investment period.

After becoming the first institutional investor in Accuvant in 2008, Sverica helped refine the Company’s strategy, augment the management team, and optimize its organizational structure. Sverica helped drive strategic M&A and supported significant investments in infrastructure and talent. Over the course of six years, Accuvant was successfully transformed from a small, emerging reseller focused on information security, into one of the leading national cyber security services providers in the world. In 2014, Sverica sold a majority stake in Accuvant to Blackstone (NYSE: BX), but remained a key shareholder and board member. Accuvant then merged with Fishnet Security in early 2015 to form Optiv.  This strategic merger was a tremendous success and has since solidified Optiv as the dominant end-to-end cyber solutions provider with a clear market leadership position.

“The massive growth and business transformation accomplished with this business during our investment period would not have been possible without a tremendous partnership with management,” said Frank Young, Managing Director at Sverica. “The original founders and many executives and board members we worked with over the years at the Company were exceptionally talented and a pleasure to work with. We are grateful we had the opportunity to serve as the first institutional capital provider to the Company, and are thrilled with what we were able to accomplish together.”

“Sverica has been a fantastic partner and was instrumental in helping to accelerate our growth,” said Dan Burns, Co-Founder and Chief Executive Officer of Optiv. “Their investment and strategic input allowed us to take advantage of the huge market opportunity in security and has been invaluable to our success.”

About Optiv Security
Optiv is a market-leading provider of end-to-end cyber security solutions. Optiv helps clients plan, build and run successful cyber security programs that achieve business objectives through the Company’s depth and breadth of cyber security offerings, extensive capabilities and proven expertise in cyber security strategy, managed security services, incident response, risk and compliance, security consulting, training and support, integration and architecture services, and security technology. For more information, visit www.optiv.com.

Akron, OH – October 1, 2016 – Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today it has reached an agreement to sell a majority stake in Inpatient Medical Services, Inc. (“IMS”) to Island Medical Management, LLC (“Island Medical”) for an undisclosed amount. Based in Akron, Ohio, IMS is a leading provider of hospitalist and post-acute care physician services in Ohio, Indiana and Kentucky.  Sverica will retain a minority interest in the business.

Sverica acquired a majority interest in IMS in September 2012. Over the course of its investment, Sverica recruited a new management team, expanded the company’s geographic footprint and entered the post-acute care physician services market through the acquisition of Advanced Healthcare Associates (“AHA”).

“We are happy to be partnering with an organization such as Island Medical to continue IMS’ mission of providing the highest quality medical care to patients in central Ohio, Indiana and Kentucky” said Frank Young, Managing Director of Sverica and Chairman of the Board of IMS.  Mr. Young continued, “Island Medical has built a strong platform and IMS further solidifies that position.”

About IMS
Inpatient Medical Services, Inc. is a leading provider of outsourced hospitalist and post-acute care physician programs to acute care facilities and skilled nursing facilities in Ohio, Indiana and Kentucky. IMS serves over 150,000 patients annually and has built a premier reputation with community physicians who rely on IMS as its inpatient service partner. The Company’s quality and value proposition is validated by its long-term relationship with some of the top healthcare systems in the region and nationally.  For more information, please visit http://www.imshospitalist.com/

About Island Medical
Island Medical Management, LLC is a clinically-led, privately-held organization with over 20 years of management experience. IMM’s unique model offers every advantage of a local community based group, backed by the resources of a national organization. The group provides services to over 75 hospital programs throughout the United States, with more than 1.6 million patient encounters each year. IMM is a portfolio company of New Mountain Capital, LLC, a New York based investment firm with over $15 billion in aggregate capital commitments.  For additional information, please visit http://www.immh.com/

Boston, Massachusetts – August 9, 2016: Sverica Capital Management LLC (“Sverica Capital”), a private equity investment firm, announced today that Sverica Fund IV has acquired a majority stake in RMS Healthcare Management, LLC (“RMS”), which provides management services to Med First Immediate Care and Family Practice, P.A. (“Med First”). This transaction marks Sverica’s second investment made from Fund IV.  Cadiz Capital LLC also participated in the transaction.

Headquartered in Jacksonville, NC, Med First provides convenient primary care, urgent care and occupational medicine services via 13 clinic locations across rural North Carolina and South Carolina. The Company addresses the unmet healthcare needs of rural populations through a hybrid primary care and urgent care model. Med First is a Patient-Centered Medical Home (“PCMH”) and participant in the North Carolina Medical Society’s Rural ACO initiative. Dr. Randy Schilsky, founder and CEO of RMS, will remain involved in business development for Med First moving forward. “I am excited to partner with an experienced healthcare investor like Sverica Capital. Their track record working with growing healthcare companies was a major factor in my decision to select them as a partner.”

Dave Finley, Managing Director at Sverica Capital, commented: “Randy has built a wonderful company with a strong reputation in rural North Carolina.  We look forward to helping Med First expand its unique model into other rural markets in the Southeast.” Gregg Osenkowski, Vice President at Sverica Capital added: “Med First is one of only a small number of primary care practices that are both Patient Centered Medical Home certified and offer the convenience of an urgent care model. This combination is particularly relevant for rural markets where there is a chronic shortage of quality primary care services.” Joining Dave Finley and Gregg Osenkowski on the Board of Directors will be Julius Spears and Dr. Edward Murphy. Mr. Spears was formerly CEO of Providence Hospital in Washington, D.C. and COO of Grady Memorial Hospital in Atlanta, GA. Dr. Murphy was formerly CEO of Carillion Clinic in Roanoke, VA as well as Director of RestorixHealth, a previously realized investment of Sverica Capital.

About Med First
Med First operates healthcare clinics across North Carolina and South Carolina. The company focuses on rural communities with a hybrid model that provides both primary and urgent care. Med First currently manages 13 locations. For more information, please visit http://www.thinkmedfirst.com.

San Francisco, California – June 2, 2016 – Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today that its portfolio company, Optiv Security, has completed its acquisition of Adaptive Communications LLC, a New England-based provider of robust and flexible information security solutions. The transaction further strengthens Optiv’s presence across New England while increasing its cyber security capabilities and expertise in the region. As a result, companies based in New England will have more local access to Optiv’s comprehensive services and solutions to better plan, build and run successful cyber security programs. The terms of the transaction are not being disclosed.

“Optiv is on a mission to help make businesses more secure,” said Tim Hoffman, Optiv’s executive vice president, client solutions. “Since entering the New England market in 2011, we have built a solid presence, and attracted strong regional leadership and an exceptional team of cyber security professionals. This acquisition presents an opportunity to add scale to our New England region and efficiently provide cyber security services and solutions that can be leveraged to better meet our clients’ specific needs. We are pleased with our success in New England, and we are confident that partnering with Adaptive will only add to our momentum.”

This transaction brings together two premier cyber security companies, providing clients with:

• An expanded regional presence with more local resources and capabilities to meet clients’ specific cyber security needs.
• An even broader and deeper New England-based team of seasoned security experts available to provide market-leading end-to-end cyber security solutions.
• Exceptional relationships with the industry’s leading technology manufacturers.

“Since our inception nearly 20 years ago, Adaptive has been committed to serving local clients and communities,” said Steve Thorpe, president for Adaptive Communications. “Our professionalism, technical consistency and attention to detail have enabled our dedicated staff to grow an impressive and loyal customer base of more than 600 organizations. We are excited to join the Optiv team and look forward to further expanding the capabilities we provide to New England-based businesses.”

About Optiv Security
Optiv is a market-leading provider of end-to-end cyber security solutions. We help clients plan, build and run successful cyber security programs that achieve business objectives through our depth and breadth of cyber security offerings, extensive capabilities and proven expertise in cyber security strategy, managed security services, incident response, risk and compliance, security consulting, training and support, integration and architecture services, and security technology. Optiv maintains premium partnerships with more than 300 of the leading security technology manufacturers. For more information, visit www.optiv.com.

San Francisco, California – April 14, 2016: Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today that its portfolio company, Optiv, has completed its acquisition of Advancive LLC, a provider of identity and access management (IAM) services and solutions. The transaction and resulting combination of people, know-how and best practices, allows Optiv to continue to expand its IAM expertise and offerings, and provide new and innovative IAM services and solutions. It also enables the company to establish a physical global presence to better help clients plan, build and run holistic IAM and security programs that meet their specific business needs. The terms of the transaction are not being disclosed.

This transaction provides Optiv and Advancive clients with greater benefits through improved access to resources, capabilities and solutions, including:

• The industry’s deepest and broadest bench of IAM experts with experience in and capabilities across an extensive technology portfolio.
• Additional strategic consulting capabilities that enable the delivery of end-to-end identity services to help clients build full IAM programs that meet their business needs.
• More holistic solutions that address clients’ complex identity management, privileged access management and identity governance problems in the process of ongoing IT transformation and migration.
• An increased ability to solve client IAM problems through a proven comprehensive, consultative and unified approach that includes people, process and technology.
• An expanded global footprint with a physical presence in India, allowing a follow-the-sun strategy over time to more effectively serve clients around the world 24 hours a day, 7 days a week.

“This transaction aligns with our long-term strategy to be an innovative leader in the IAM industry by solving client problems with a programmatic mindset, high quality services, the best technologies and advanced holistic solutions,” said Bryan Wiese, vice president of identity and access management for Optiv. “The complementary strengths of our two companies will position us to capture the growth opportunities created by the rapidly evolving IAM industry. I’m excited to welcome the Advancive team and looking forward to all that we will achieve together.”

About Optiv Security
Created from the merger of Accuvant and FishNet Security, Optiv is a market-leading provider of end-to-end cyber security solutions. We help clients plan, build and run successful cyber security programs that achieve business objectives through our depth and breadth of cyber security offerings, extensive capabilities and proven expertise in cyber security strategy, managed security services, incident response, risk and compliance, security consulting, training and support, integration and architecture services, and security technology. Optiv maintains premium partnerships with more than 300 of the leading security technology manufacturers. For more information, visit www.optiv.com.

Boston, MA and San Francisco, CA – March 22, 2016 – Sverica Capital Management LLC (“Sverica”), a leading growth-oriented lower middle market private equity firm, announced today the final close of its fourth private equity fund, Sverica Capital Partners Fund IV LP (“Fund IV”). Fund IV exceeded its original target, was oversubscribed and closed at its hard cap of $275 million. Sverica will use Fund IV to continue its strategy of investing in growing business and IT services, healthcare services and high value industrial companies that have the potential to be category leaders in their respective industries.

Dave Finley, Managing Director of Sverica, said, “We appreciate the strong support shown for Fund IV from new and key existing investors. We believe the fundraise validates Sverica’s disciplined investment approach, post-transaction playbook for adding value and the resulting returns these processes have generated.”

Sverica invests in companies at the lower end of the middle market in its sectors of focus. The fourth fund will target profitable businesses with enterprise values up to $100 million with exceptional growth characteristics and the ability to sustain or emerge into a market leading position. Sverica is less interested in the company’s size than in its reputation with its customers, employees and suppliers, as well as its potential for growth and development. Sverica will then help the entrepreneur identify areas to reinvest back into the business, augment talent, and build systems, processes and infrastructure to support a much larger organization.

Frank Young, Managing Director commented, “Our distinguished group of Limited Partners have an endless supply of options for investing their capital and we deeply appreciate the opportunity to manage investments on their behalf. We look forward to building on our team’s Fund III success in Fund IV.”

Jordan Richards, Managing Director said, “In deploying Fund IV, we will continue to look to partner with talented entrepreneurs of growing companies while we play an active strategic and analytical role to help them build and grow their businesses for the long term.”

Sverica has already made its first investment in Fund IV in Synoptek, a rapidly growing outsourced IT managed services provider.

Southfield, Michigan – December 8, 2015 – Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today the sale of The Bartech Group Inc. (“Bartech”) to Impellam Group plc (LON: IPEL) (“Impellam”). Based in Southfield, Michigan, Bartech is a global provider of workforce solutions, which include Managed Services Provider (“MSP”) and Staff Augmentation services to Fortune 1000 and other enterprise-level Clients. Bartech consistently ranks among the top 10 largest global providers of MSP services and was ranked by HRO Today in 2014 as the #1 global MSP provider based on quality of service, breadth of service, and client satisfaction.

Sverica acquired a majority interest in Bartech in March, 2012 and promoted David W. Barfield to President and CEO to execute the company’s strategy to become a leading provider in the Contingent Workforce Solutions space. Over the course of its ownership, Sverica supported key strategic decisions and investments contributing to Bartech’s overall competitiveness, high growth and improvements in operating leverage. These included: adding to management depth, global resources, facilities and infrastructure enhancements.

“It is tough letting go of a great company like Bartech, but together with the leadership of David and his management team, we have grown the company over the last three and a half years into an asset that is well positioned to now go to the next level leading Impellam’s North American contingent labor strategy,” said Dave Finley, Managing Director at Sverica.

“My parents founded Bartech in 1977 and I’ve had the privilege to lead and reshape our company’s strategy, operations and culture since 2009,” said David Barfield, Bartech’s CEO. “My team and I have enjoyed our partnership with Sverica. Their support of our team and vision to position Bartech to compete in the growing and rapidly evolving Staffing industry has resulted in a better and stronger Bartech. Now, our team looks forward to joining Impellam Group and becoming an important component of their North American strategy which I am honored to lead into the future.”

“It has been a pleasure partnering with David and his team to build an industry leading company in the human capital management industry,” said Jordan Richards, Managing Director at Sverica. “It is gratifying to see all of the hard work not only translate into strong revenue and EBITDA growth over our investment period, but also the recognition by our Clients and industry peers for the high quality of service Bartech provides.”

About Bartech
Bartech is a Michigan-based professional services firm that delivers global workforce management and staff augmentation solutions to Fortune 1000 companies and other large users of non-employee labor. The company was established in 1977 by John Barfield as a supplier of technical staffing services to the automotive industry. Today, the company manages or employs over 30,000 consultants daily across multiple end markets and manages over $3.5 billion of client expenditures. Bartech is ranked by Staffing Industry Analysts as the 8th largest MSP by global spend and 5th largest vendor neutral MSP in the industry. Further, Bartech is considered by HRO Today as a perennial top 5 performer and was recognized in 2014 as the #1 Managed Service Provider globally based upon breadth of services and client satisfaction. For more information, visit http://www.bartechgroup.com.

Boston, Massachusetts, November 3, 2015: Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced that its portfolio company, Resonetics, the market leader in providing laser micro manufacturing solutions to the medical device and diagnostic industry, had acquired Mound Laser and Photonics Center, Inc. (“Mound Laser”). Mound Laser is a leader in laser micro manufacturing of precise metal components for the medical device and defense industry. Resonetics believes it has the world’s largest capacity of ultrafast laser workstations serving the life sciences industry and can offer customers redundancy with manufacturing sites in the Eastern, Western and Central United States.

With the acquisition of Mound Laser, Resonetics will now expand beyond its current focus of polymers and glass and offer customers a broader array of solutions and material expertise. In addition to long-standing core competencies in laser welding, cutting and machining, Mound has developed expertise using the latest ultrafast laser technologies. The company has also conducted extensive research in micro additive manufacturing and plans to introduce new, proprietary tools that will help medical device designers as they continue to create ever smaller, complex products that challenge the limits of conventional machining and joining technologies.

“The team at Mound Laser has made impressive strides in recent years, taking on very difficult-to-manufacture components in the neurovascular, structural heart and peripheral vascular markets in particular,” said Tom Burns, Resonetics CEO. “The two companies share similar cultures built upon innovation, responsiveness, integrity and a passion for service. We’re excited about the combined technology, know-how and experience that we can now deploy across a wide range of materials in many of the fastest growing segments of the life sciences industry.”

“Resonetics has had great success building a leadership position in laser micro machining of polymers,” added Kevin Hartke, President and Chief Operating Officer of Mound Laser. “Our focus has always been on developing novel laser processes to manufacture the most challenging product features cost-effectively.

Sverica initially invested in Resonetics in October 2014. Since then, Resonetics has grown by nearly fifty percent and opened a second manufacturing facility in San Diego. Sverica has supported Resonetics by providing board level oversight, M&A support, and facilitating a new debt facility which will provide ample capital for continued organic and acquisitive growth.

About Resonetics
Synoptek provides information technology management services and support to organizations Resonetics is the market leader in providing laser micro manufacturing solutions to the medical device and diagnostic industry. The company’s Lightspeed ADL™ offers a vast array of dedicated laser workstations and experienced engineers to reduce time to market. Resonetics’ expertise with polymers is unmatched, as is our micro laser welding, cutting, machining and marking of a wide range of metals, enabling some of today’s most innovative products to be manufactured reliably. Resonetics is ISO 13485 certified and has been solving customer problems for more than 25 years. Learn more at http://www.resonetics.com.

San Francisco, California – November 2, 2015: Sverica Capital Management LLC (“Sverica”), a private equity investment firm, announced today that it has acquired Synoptek LLC (“Synoptek”) on October 30, 2015, which marks Sverica’s first investment made from Fund IV. Synoptek is an outsourced IT managed services provider that delivers a comprehensive suite of solutions for clients including 24 x 7 help desk support, cloud hosting, disaster recovery, as well as consulting and project management services.

Synoptek is headquartered in Irvine, CA with major offices in Denver, Sacramento, San Francisco, and Boise. By planning, building, monitoring, and operating complex IT infrastructure on behalf of clients, Synoptek allows its customers to focus on the key strategic initiatives facing their businesses. “We bring enterprise technology services to organizations that don’t have large IT departments. Ultimately our customers have better IT capabilities and services by leveraging Synoptek’s shared IT services such as cloud computing infrastructure, network management services, security services, and help desk services.” said Tim Britt, Chief Executive Officer of Synoptek. “Our partnership with Sverica will enable us to continue to execute our aggressive plans for acquisitive and organic growth as we strive to become the leading branded IT managed services provider in the country.”

Frank Young, Managing Director at Sverica, added: “We started tracking Synoptek in 2013 and first met Tim early in 2014. He and the team have impressed us with the tremendous growth they have experienced in that timeframe. Synoptek is now emerging as one of the largest managed service providers in the country, and we are very excited to partner with them to continue on their path of innovation and growth.”

About Synoptek
Synoptek provides information technology management services and support to organizations worldwide. The company offers solutions to manage and operate IT infrastructure using their advanced IT service management (ITSM) capabilities, automated toolsets, and skilled technologists. Synoptek’s trusted team of IT professionals provides superior end user and device management support to improve business performance and success. Synoptek offers a complete suite of managed IT services at the service levels necessary for customers to excel as high performing organizations. For more information, please visit http://www.synoptek.com.