Harris Williams Advises basys on its Sale to Five Arrows Capital Partners and BPOC

January 7, 2022

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised basys, a portfolio company of WindRose Health Investors, LLC (WindRose), on its sale to Five Arrows Capital Partners (FACP) and BPOC. basys is a leading provider of benefits administration software to multiemployer plan fund offices and third party administrators across the United States and Canada, with a unique focus on the Taft-Hartley sector. As part of the transaction, FACP and BPOC merged basys with their portfolio company, ISSI, to form an industry leader for innovative multiemployer benefits solutions. The transaction was led by Sam Hendler, Erik Szyndlar, Dan Linsalata, Colin Chapin, and Owen Hughes of the Harris Williams Technology Group and Nick Owens of the firm’s Healthcare & Life Sciences (HCLS) Group.

“We are grateful for the opportunity to work with WindRose, basys CEO Jenny Morgan and the basys team to help identify the company’s next home. Over its three-decade history, basys has consistently provided best-in-class software solutions that serve the needs of a highly complex end market, while delivering sustainable and profitable growth,” said Dan Linsalata, a director at Harris Williams. “The sale to FACP and BPOC represents the next chapter in strong investor interest in the growing, yet underserved, multiemployer and Taft-Hartley sectors.”

“The basys transaction further positions Harris Williams as the go-to advisor for businesses serving the self-insured employer benefits sector. Employer groups continue to demand solutions like basys that provide better access to healthcare benefits information to employees while reducing overall healthcare costs and risk. The collaboration of our Technology Group and HCLS Group to tell the basys story to a knowledgeable investor universe has helped deliver an exciting outcome,” said Nick Owens, a director at Harris Williams.

Since 1977, basys has specialized in benefits administration software for the Taft-Hartley community, providing integrated technology solutions that help trust fund offices, national multiemployer plans, and third party administrators accurately and efficiently serve millions of members across the U.S. and Canada. basys software suites, web-based portals, and hosting services deliver cost-effective and reliable health and pension benefits processing, fund office administration, reporting, and member service on a platform built for data security, regulatory compliance, and a lower total cost of ownership.

WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose is based in New York City and invests in companies throughout the United States.

FACP is the North American corporate private equity arm of Rothschild & Co’s Merchant Banking business. FACP is focused on investing in middle market companies with highly defensible market positions, strong management teams, business models with high visibility of organic unit volume growth and strong free cash flow conversion, and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, healthcare, and technology-enabled business services.

BPOC is a Chicago-based private equity management firm founded in 1996 to invest in middle market buy-out transactions, recapitalizations and growth platforms exclusively in the healthcare industry. BPOC has structured, managed and realized investments on behalf of institutional and individual investors for over two decades. BPOC targets investments in healthcare companies with up to $20 million in EBITDA with a focus on four sectors: providers, outsourced services, products and distribution, and pharmacy and pharma services.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Technology Group advises leading private and public companies, founders, and private equity, growth equity and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The Technology Group has deep domain expertise in software and technology-enabled services and dedicated focus areas across a variety of vertical software applications and end markets. For more information on the Technology Group and its recent transactions, visit the Technology Group’s section of the Harris Williams website.

The Harris Williams HCLS Group has experience across a broad range of sectors, including healthcare providers; payors and payor services; outsourced pharmaceutical services; medical device supply chain; healthcare IT; and pharmacy. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.