Harris Williams & Co. Advises Align Networks in General Atlantic's Growth Equity Investment
Harris Williams & Co. announces that Align Networks, Inc. (Align) has received a significant investment from global growth equity firm General Atlantic LLC (General Atlantic). The transaction closed on July 18, 2011. Harris Williams & Co. acted as the exclusive advisor to Align, a portfolio company of H.I.G. Capital, LLC (H.I.G.). The transaction was led by Turner Bredrup, Cheairs Porter and Michael Marcantonio of the firm's Healthcare & Life Sciences (HCLS) Group, as well as David Kennedy from the firm's Richmond office.
"Align is a remarkable company with a track record of rapid and consistent growth driven by its ability to provide a unique, value-added service to the workers' compensation industry. The investment by General Atlantic, a premier growth investor, is a perfect partnership for this rapidly growing business", said Turner Bredrup, a managing director and head of Harris Williams & Co.'s HCLS Group. Cheairs Porter, a managing director in the HCLS Group, noted, "Align is the second transaction we have completed in the last six months with clients focused on cost containment within the workers' compensation industry, and our fourth insurance services transaction in the last six months."
"We are proud to have partnered with the Align founders from the company's earliest days and to have helped support them in building a unique market leader. We wish the talented Align team much continued success," added Rick Rosen, executive managing director of H.I.G.
Headquartered in Jacksonville, FL, Align is the leading preferred provider network of outpatient physical therapy services to the workers' compensation industry in the United States. The company coordinates patient care and actively manages the PT claims process on behalf of its clients, including insurance carriers, self-insured corporations, third-party administrators, and government insurance entities. Through its national provider network, Align delivers a compelling value proposition consisting of industry-leading cost savings, clinically-driven superior patient outcomes and streamlined administrative processes.
H.I.G. is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion.
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. General Atlantic combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, General Atlantic manages approximately $17 billion in capital and has more than 75 investment professionals based in Greenwich, New York, Palo Alto, London, Dusseldorf, Hong Kong, Beijing, Mumbai and Sao Paulo.