Category: Sverica News

Denver, Colorado – April 22, 2014 – Sverica International Management LLC (“Sverica”), a private equity investment firm, announced today it closed on its sale of a majority stake in Accuvant, Inc. (“Accuvant”) to Blackstone (NYSE: BX) (“Blackstone”). Based in Denver, Colorado, Accuvant is a leading provider of information security solutions and services to enterprise-class organizations. Sverica will retain a minority interest in the business and remain active on the Board of Directors.

Sverica acquired a majority interest in Accuvant in July 2008. Over the course of its investment, Sverica optimized the organizational structure of the business, added depth to the management team, enhanced strategic focus on Accuvant’s Managed Security Services business, and assisted management in successfully navigating the company through an extended period of rapid growth.

“We are thrilled to have been partners with Accuvant management since 2008 during a massive phase of growth for the company,” said Frank Young, Managing Director at Sverica. “Accuvant has now reached a size and scale where we feel it is the right time to explore adding another financial partner, and Blackstone is the ideal fit, given their depth of knowledge in security. We look forward to partnering with them and continuing to work with Dan Burns and his team for the next phase of growth.”

“Sverica has been a fantastic partner for Accuvant. Their strategic input has been invaluable to our success. The company wouldn’t be where it is today without their board level oversight and involvement,” said Dan Burns, Accuvant Co-Founder and Chief Executive Officer. “I am pleased they will remain involved and provide board continuity as we seek to accelerate our pace of innovation and expansion through the Blackstone investment.”

About Accuvant
Accuvant is a leading provider of comprehensive information security solutions and services to enterprise-class organizations. Accuvant helps businesses, governments, and educational institutions successfully plan, build, and operate their security systems and programs effectively. Accuvant’s mission is to maximize value for clients, partners, employees, and shareholders through an unrivaled passion for information security. Accuvant has served over 5,500 clients since its founding in 2002, including more than half of the Fortune 100 and nearly half of the Fortune 500. For more information, http://www.accuvant.com.

Boston, Massachusetts – September 16, 2014 – Sverica International Management LLC (“Sverica”), a private equity investment firm, announced that its portfolio company, RestorixHealth, a comprehensive wound care management company, had acquired Paradigm Medical Management (“Paradigm”). Paradigm, also a wound care management company, operates outpatient wound care centers and the Amputation Prevention Centers of America™ network. The combination creates one of the largest and most progressive wound care service providers in the United States.

Chronic wounds are a significant health problem affecting millions of people. That number is growing rapidly due in part to an aging population and a sharp rise in the incidence of diabetes and obesity. Caring for chronic wounds requires specialized care and advanced training, and as chronic wounds become more prevalent, the demand for specialized wound care centers also increases.

Sverica initially invested in RestorixHealth (formerly the Center for Wound Healing) in December 2010. Since then, RestorixHealth has grown to the second largest operator of outpatient wound care clinics in the United States. Sverica identified Paradigm as an acquisition target, initiated discussions and lead negotiations. Sverica has further supported the company in building its management team, setting strategic direction, identifying add-on targets, and securing several rounds of debt financing. The acquisition of Paradigm is the third add-on acquisition completed by RestorixHealth.

About RestorixHealth
RestorixHealth develops and manages comprehensive wound care centers of excellence that offer advanced treatment therapies along with hyperbaric oxygen therapy. Founded by physicians in 1997 to treat the growing incidence of chronic, non-healing wounds, RestorixHealth’s centers utilize a quality- and data-driven approach to consistently achieve high treatment success rates, resulting in a dramatic increase in patient quality of life. The company currently manages centers throughout the United States in partnership with hospitals and health care facilities. For more information, visit http://www.restorixhealth.com.

Boston, Massachusetts – January 7, 2014 – Sverica International Management LLC (“Sverica International” or “Sverica”), a private equity investment firm, announced today that it made an additional equity investment in RestorixHealth, a comprehensive wound care management company. The investment supports RestorixHealth’s acquisition of Candescent Healing, which operates outpatient wound care centers. The combination creates one of the largest networks of wound care service providers in the United States.

Chronic wounds are a significant health problem affecting millions of people. That number is growing rapidly due in part to an aging population and a sharp rise in the incidence of diabetes and obesity. Caring for chronic wounds requires specialized care and advanced training, and as chronic wounds become more prevalent, the demand for specialized wound care centers also increases.

Sverica initially invested in RestorixHealth (formerly the Center for Wound Healing) in December 2010. Since then, RestorixHealth has more than doubled the number of outpatient centers under management through organic, de novo development. In addition to its equity investment, Sverica has supported the company in building its management team, in setting strategic direction, identifying add-on targets, and securing several rounds of debt financing. The acquisition of Candescent Healing is the second add-on acquisition completed by RestorixHealth.

About RestorixHealth
RestorixHealth develops and manages comprehensive wound care centers of excellence that offer advanced treatment therapies along with hyperbaric oxygen therapy. Founded by physicians in 1997 to treat the growing incidence of chronic, non-healing wounds, RestorixHealth’s centers utilize a quality- and data-driven approach to consistently achieve high treatment success rates, resulting in a dramatic increase in patient quality of life. The company currently manages centers throughout the United States in partnership with hospitals and health care facilities. For more information, visit http://www.restorixhealth.com.

Calgary, Alberta – September 23, 2013 – Sverica International, a private equity investment firm, announced today the sale of its portfolio company Pivot Data Centres Inc. (“Pivot”) to Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) (“Rogers”) for C$155 million. Based in Calgary, Alberta with an additional facility in Edmonton, Alberta, Pivot is a leading data centre solutions provider in Western Canada, specializing in colocation as well as data centre design, maintenance, and relocation.

Sverica acquired a controlling interest in Pivot (formerly Care Factor Computer Services Inc.) in November 2009. Over the course of its investment, Sverica enhanced strategic focus on Pivot’s colocation services, identified Edmonton as an attractive growth market, added depth to management, and facilitated capital investment for significant capacity expansion to support rapid growth.

“Sverica identified the growth opportunities available in colocation and the Western Canadian market specifically, and the vision we shared with management for Care Factor in 2009 is embodied in Pivot’s accomplishments since and its momentum today,” said Frank Young, Managing Director at Sverica. “Pivot has emerged as a leader in Alberta due to its steadfast focus on delivering flexible and reliable colocation services to its clients, and this commitment to client service and support from a strong partner like Rogers will position Pivot for continued growth. This transaction represents a great outcome for Sverica’s investors and Pivot’s management and employees.”

“It has been a privilege working with Sverica, and the Board as the CEO of Pivot, and I am very proud of what we have accomplished,” said Pivot’s CEO Michael Koury. “This transaction is a huge milestone and it represents a tremendous endorsement for all the hard work and effort from Pivot employees over many years in building a great company. Looking forward, we are very excited to be joining Rogers’ Business Solutions as part of the BLACKIRON Data brand. Pivot’s footprint in Alberta helps to complement Rogers’ data centre coverage nationwide, making this an excellent fit.”

About Pivot

Pivot Data Centres provides tailored and flexible co-location data centre solutions that deliver peace of mind through an unwavering commitment to service and quality. It’s their focus today, and it has been their commitment – day in, day out – for nearly a quarter century. With a client base consisting of government, large enterprises, and an extensive roster of medium and small business, Pivot is a leading privately-held co-location provider in Western Canada and offers carrier-neutral facilities, vendor-agnostic infrastructure platforms, high-density solutions, and SSAE 16 and PCI compliancy. Pivot Data Centres operates three co-location data centres in Alberta: two in Calgary and one in Edmonton. www.pivotdci.com.

San Francisco, California – December 18, 2013 – Sverica International Management LLC (“Sverica”), a private equity investment firm, announced today that it has made a growth equity investment in 7Summits, LLC (“7Summits”), a rapid growth company with headquarters in Milwaukee, Wisconsin. 7Summits is a leading provider of social business consulting and agency services, assisting clients to transform their businesses and drive results through online community creation, activation and adoption. Among the many awards the Company has received since its founding in 2009, 7Summits was recognized as Jive Software’s MVP – Partner of the Year for 2012.

In its short history, 7Summits has served an impressive list of large Fortune 500 organizations and established itself as a domain expert and leader in the rapidly growing market for social business technology and services. “Companies are looking to leverage social networking to transform their business across every functional area as we help them to engage their employees, partners and customers to help build their business,” commented Paul Stillmank, Chief Executive Officer of 7Summits. “We look forward to working with Sverica and leveraging their deep experience as we continue to aggressively grow our business and expand into new markets.”

Jordan Richards, Managing Director at Sverica, added: “We are impressed by the talented team of social business experts, the strong client relationships, and the track record of quality work product that 7Summits has built in its short history. 7Summits has demonstrated an impressive level of sustained growth while driving profitability, making the company a great addition to our portfolio. We are excited to partner with Paul and his management team to expand 7Summits’ leadership position in this nascent market and capitalize on growing demand for social business solutions.”

About 7Summits
7Summits LLC is a social business solutions provider founded in 2009 to help companies engage customers, partners and employees to help grow their businesses. 7Summits delivers top line revenue growth and bottom-line productivity improvement by focusing on both consumer influence and employee collaboration. The Company works with dozens of Fortune 500 brands to transform key business processes and become more fully networked enterprises. 7Summits offers deep expertise in social business strategy, community experience design, platform development and integration, as well as community activation. 7Summits is headquartered in Milwaukee, Wisconsin. For more information, please visit http://www.7summitsagency.com.

Wallingford, Connecticut, March 6, 2013: Sverica International Management LLC (“Sverica”) announced today that its Fund III acquired Dexmet Corporation (“Dexmet” or the “Company”) on March 1, 2013. Dexmet develops and manufactures highly engineered expanded foils and polymers used in a variety of end markets. The Company provides solutions for a range of mission critical applications, including lightning strike protection for major composite aircraft manufacturers, anodes and cathodes for advanced battery technologies and supportive materials for filtration and automotive applications. It counts as its customers dozens of global blue chip industrial leaders.

Dexmet has established itself as the leading provider of precision expanded materials worldwide and is well-positioned for continued growth moving forward. “This partnership with Sverica comes at an exciting time for Dexmet,” stated Bob Bochman, President of Dexmet. “Sverica shares our long-term view of the considerable market opportunity for Dexmet’s products and will help us become even better strategic partners for our customers.”

Dave Finley, Managing Director at Sverica, added: “We are excited to partner with Bob Bochman and the rest of the Dexmet team. Dexmet will be a great addition to the Sverica portfolio, as the Company fits well with Sverica’s dedicated focus on niche manufacturers of specialty materials with track records of success and demonstrated growth prospects.”

About Dexmet Corporation
Dexmet is a global leader in the development and manufacturing of highly engineered expanded foils and polymeric materials used in aerospace, battery, industrial, and other applications where precision characteristics are required. With a history dating back to 1948, Dexmet is a pioneer in the development of proprietary material expanding technology and equipment, including industry leading thinness and widths for product-specific applications. Dexmet partners and works closely with its customers to stay at the edge of new industrial technologies and applications. Dexmet is headquartered in Wallingford, Connecticut. For more information, please visit www.dexmet.com.

Akron, Ohio, October 11, 2012 – Sverica International (“Sverica”), an operationally-oriented middle market private equity group with offices in Boston and San Francisco, announced today it has completed a recapitalization and growth investment in Akron, Ohio based Inpatient Medical Services, Inc. (“IMS”). IMS is a leading provider of outsourced hospitalist physician programs to acute and post-acute care facilities and community primary care physicians in Northern Ohio.

IMS has established itself as a premier outsourced hospitalist management company in the Midwest by partnering with hospitals and primary care doctors to improve efficiency, clinical outcomes, and smooth transitions of care. Dr. Michael Huber, one of three shareholders of IMS, will remain with the company and assume the position of Chief Executive Officer. Commenting on the investment by Sverica, Dr. Huber said: “IMS has experienced tremendous growth over the last several years and developed a model of care that significantly reduces avoidable readmissions, improves clinical outcomes, and reduces the total cost of care.  We are excited to partner with Sverica in our next phase of growth. Sverica shares our vision of creating a best-in-class hospitalist company serving the Great Lakes region. The experience Sverica brings from decades of helping companies like IMS grow into industry leaders will be invaluable.”

Frank Young, Managing Director at Sverica International, commented, “We welcome IMS into the Sverica portfolio and look forward to working with Dr. Huber and his team. IMS’ leadership, customer value proposition and stellar reputation in the hospitalist industry provide a unique platform to capitalize on favorable market conditions going forward.”

About Inpatient Medical Services
Based in Akron, Ohio, IMS is a leading provider of outsourced hospitalist physician programs to acute care facilities and community primary care physicians throughout Northern Ohio. IMS serves over 150,000 patients annually and has built a premier reputation with community physicians who rely on the Company 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.

Livonia, MI, March 12, 2012– Michigan-based Bartech Group (Bartech) announced Friday it has received an investment from Sverica International to fund its ongoing strategic growth. Bartech, a leading professional services firm, specializes in the delivery of workforce solutions to global corporations. Bartech’s primary offering allows customers to effectively control the costs, processes and risks associated with the procurement and administration of non-employee labor.

In conjunction with the investment, David W. Barfield has been promoted to President, Chief Executive Officer and Chairman of Bartech’s Board of Directors, succeeding Jon E. Barfield. Active in the company’s leadership and growth since 1995, David served as Bartech’s Chief Operating Officer, where he developed and led the company’s workforce solutions strategy and field organization. “Our company has experienced significant growth over the past five years in a growing, yet highly competitive segment of our industry. To remain competitive, we must help our customers win in the global marketplace by delivering quality services to meet their increasing demands for talent. Sverica shares our long-term vision and this relationship enables Bartech to make the necessary investments to add significant value to customers.”

David Finley, Managing Director at Sverica International, commented, “We welcome Bartech into the Sverica portfolio and look forward to working with such a talented and dedicated management team. Bartech’s leadership, market position and stellar reputation in the staffing industry provide a unique platform to capitalize on favorable market conditions going forward.”

Jordan Richards, Principal at Sverica International, added, “We are excited to partner with David and his management team to build upon their historical success of providing a high level of service to clients throughout the workforce solutions space. We look forward to supporting Bartech’s growth initiatives by working with leadership to expand its service offerings and geographic footprint in its next growth phase.”

About Bartech Group
Established in 1977, Bartech is an industry-leading professional services firm delivering workforce solutions to global firms. Managing more than 25,000 daily work assignments and approximately $2 billion in annualized billings, Bartech helps large users of non-employee workers achieve greater quality, savings and efficiency while minimizing the risks associated with the management of non-employee workers. Bartech has maintained its minority certification by the National Minority Supplier Development Council. Learn more at www.bartechgroup.com.

Dr. Michael Urig, FACOG, who serves as Chairman of AOA, spoke enthusiastically about the partnership expansion and the potential it brings for AOA’s future success. “We look forward to our ongoing partnership with Women’s Health USA in order to continue delivering great and affordable care to our patients along with keeping our autonomy as physicians. This partnership allows us to focus more on patient care while enjoying combined expertise in the business aspects of our practice. I’m excited and proud of our AOA physicians and partners who have helped build this wonderful service for women in the Phoenix area.”

Andrew Villa, MD, the President of the group, added. “We are excited to work with Women’s Health USA to further our mission to provide exceptional healthcare to women through Arizona’s leading women’s health practice. Our new partnership will enhance our efforts to bring the most advanced, innovative, and highest quality medical care to our communities. Moving forward together will allow us to expand our reach into other communities throughout Arizona, elevating the level of care to women.”

Goran Dragolovic, CEO at Women’s Health USA, commented on the company’s market and purpose: “Our mission is to support physicians in the women’s health field by protecting their clinical autonomy and allowing them to maintain control of their practice, and by empowering them to more effectively design and deliver optimal care for their patients. Drs. Urig and Villa and the rest of the AOA providers have a collective vision, passion and commitment to quality that is palpable, and we are energized by this opportunity to partner with them.”

About Women’s Health USA
Founded in 1997, WHUSA provides OBGYN, In Vitro Fertilization, and other specialty women’s health practices with a full suite of practice management solutions including payor contracting, revenue cycle management, EMR support, financial & human resources management, merger & acquisition support, ancillary services development, and risk management services.  WHUSA’s unique partnership model enables physicians and physician groups to maintain their independence, while leveraging the resources of a national organization.  For more information, please visit www.whusa.com.

Denver, CO, September 20, 2010: Sverica International announced today that Accuvant, a Sverica portfolio company, has acquired Ciphent, a provider of world-class cyber security solutions headquartered near Baltimore, MD. Accuvant is a research-driven information security partner delivering alignment, clarity and confidence to enterprise clients.

With the acquisition, Accuvant gains several strategic and complementary service offerings that significantly enhance its ability to meet the information security needs of its enterprise customers while increasing exposure to federal clients and mid-market accounts. Added to Accuvant’s three current practice areas of information security research and assessment, risk and compliance management, and technology solutions, are Ciphent’s offerings in secure software development, managed services, training and support. The addition of Ciphent expands Accuvant’s presence to the mid-Atlantic United States, as well as to Europe and the Asia Pacific region. The combined company employs more than 300 personnel worldwide and is on target to exceed $250 million in revenue for 2010.

Frank Young, Managing Director at Sverica International, and Accuvant board member commented: “We are pleased to have supported Accuvant’s executive team in completing this transaction which will add highly complementary service offerings as well as exposure to federal and other customers to Accuvant’s existing practice. We look forward to continuing to support the combined company with strategic and analytical assistance.”

“We are delighted about this acquisition because of the wide range of innovative solutions Ciphent brings to the table,” said Scott Walker, co-founder and Vice President of Strategic Planning for Accuvant. “Our clients and partners will benefit from the combined Accuvant and Ciphent team’s expanded offerings and steadfast focus on information security. This transaction results in the largest security organization of its kind, a team of passionate experts who are committed to providing solutions tailored to their clients’ security needs.”

“Independently, Accuvant and Ciphent have been two of the fastest growing cyber security companies for years. Effective today, we will offer the industry’s most robust portfolio of cyber security solutions for both government and commercial clients while retaining our mission to protect the United States, her allies, corporations, and citizens,” said Ciphent Chief Executive Officer James C. Foster. “We are thrilled to become a part of the Accuvant family and believe the combined company will continue to challenge and reward our employees, enable our partners, benefit our clients, and further distance us from the competition.”

About Accuvant
Accuvant is the only research-driven information security partner delivering alignment between IT security and business objectives, clarity to complex security challenges and confidence in enterprise security decisions.

Accuvant delivers these solutions through three practice areas: Risk and Compliance Management, Accuvant LABS and Technology Solutions. Based on our clients’ unique requirements, Accuvant assesses, architects and implements the policies, procedures and technologies that most efficiently and effectively protect valuable data assets.

Since 2002, more than 3,900 organizations, including 60 of the Fortune 100, have trusted Accuvant with their data security challenges. Headquartered in Denver, Accuvant has offices in 35 cities across the United States as well as in Europe and Asia. For more information, please visit www.accuvant.com, follow us on Twitter: @accuvant, or keep in touch via Facebook:http://tiny.cc/facebook553.

Oakland, CA, July 28, 2011 – Sverica International, a private equity investment firm, announced today the sale of its portfolio company PsPrint, LLC (“PsPrint”) to Deluxe Corporation (NYSE: DLX) (“Deluxe”). Based in Oakland, CA with additional operations in Bethlehem, PA, PsPrint is a leading online supplier of high-quality, custom printed promotional products and integrated design and mailing services to small- and medium- sized businesses, including non-profit organizations and educational institutions.

Sverica acquired a controlling interest in PsPrint in May 2003, was an active partner with the Company and maintained a low basis enabling Sverica to realize over a ten times gross return from the investment. Sverica has provided PsPrint with strategic planning support, added depth to the management team, facilitated capital investment in technology, and assisted in dramatically expanding and streamlining PsPrint’s manufacturing capabilities. Sverica’s strategic focus on improving the experience of PsPrints’ customers with enhanced service and higher-quality product offerings helped drive dramatic growth.

Sverica Managing Director, Frank Young, who served as the CEO of PsPrint from 2003 to 2007, commented, “PsPrint was a special investment for me personally having spent many years as the CEO and I couldn’t be happier with this outcome for our investors and PsPrint’s management team and employees. Since 2003, we stayed committed to investing in PsPrint’s people, infrastructure, and technology to continually enhance the customer experience. This transformed PsPrint into a market leader with rapid year over year growth and a highly scalable operation. Deluxe is getting a tremendous company with loyal customers and outstanding employees and we expect Deluxe will continue to build on our success.”

About PsPrint
Since 1990, PsPrint has provided better printing and service to nearly 500,000 small business marketers and graphic designers. PsPrint combines state-of-the-art Internet capabilities and the industry’s best printing equipment with experienced print professionals and color specialists to deliver convenient online ordering, consistent color matching and 99.7 percent on-time delivery. By offering a 100 percent customer satisfaction guarantee, PsPrint also stands behind every order, every time. More than 70 top-quality and eco-friendly printed products and related mailing services are available online at www.PsPrint.com.

About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Four million small business customers access Deluxe’s wide range of products and services including customized checks and forms as well as web-site development and hosting, search engine marketing, logo design and business networking. For financial institutions, Deluxe offers industry-leading programs in checks, customer acquisition, regulatory compliance, fraud prevention and profitability. Deluxe is also a leading printer of checks and accessories sold directly to consumers. For more information, visit www.deluxe.com, www.facebook.com/deluxecorp, or www.twitter.com/deluxecorp.

DeFY partners with best-in-class and emerging cybersecurity technology vendors to build tailored security programs for its clients, which include leading enterprises in the financial services, healthcare, manufacturing, and retail verticals throughout the United States. DeFY provides front-end consultation and assessment services, as well as integration, testing, and support services across a wide variety of security technologies.

“The DeFY team is excited to announce our partnership with Sverica as we continue to drive growth with a strategic investor who has experience in cybersecurity. We have established a great long-term relationship with the Sverica team dating back to their investment in Accuvant, and are excited to be working with them again as we endeavor to build a best-in-class cybersecurity solutions provider”, said Justin Domachowski, Founder and CEO of DeFY. Domachowski will continue to lead the Company, while Frank Young, Managing Partner at Sverica, and Michael Dougherty, Vice President at Sverica, will join DeFY’s Board of Directors as part of the transaction. David Roshak, the former CFO of Accuvant and Optiv, will also be joining the Board as an Independent Director.

“In just a few short years, Justin and the DeFY team have rapidly built a successful business and developed extremely strong customer relationships with a number of leading enterprises. We look forward to partnering with Justin and DeFY to help guide the Company through continued growth and national expansion”, said Frank Young, Managing Partner at Sverica.

Michael Dougherty, Vice President at Sverica, added “We believe DeFY is well-positioned to capitalize on the continued positive tailwinds in cybersecurity. The landscape of technologies and threats is evolving daily and increasing in complexity. DeFY can help enterprises navigate this environment to build robust security programs, as well as expand the reach and effectiveness of its technology partners.”

About DeFY Security
DeFY is a leading cybersecurity solutions provider based outside of Pittsburgh, Pennsylvania. DeFY partners with top cybersecurity technology vendors to deliver solutions that meet the needs of enterprise clients across a variety of industries. Founded in 2017, DeFY has rapidly grown to become a leader in the space. For more information, please visit https://www.defysecurity.com/.