Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, today announced the closing of its first Continuation Fund capitalized by AlpInvest and a leading group of limited partners.
The Continuation Fund was established to acquire Revenue Management Solutions (RMS) and BCM One Holdings, Inc. (BCM One). The transaction closed with a combined enterprise value of approximately $1.2 billion and the Continuation Fund includes substantial additional capital to drive organic growth initiatives and strategic acquisitions at both Companies.
The transaction was led by AlpInvest, a subsidiary of Carlyle Global Investment Solutions, and supported by a diverse group of high-quality investors, including both TSCP Fund IV and Fund V limited and general partners. The transaction includes significant equity contributions from the founders and management of both companies.
RMS, a TSCP Fund IV investment, provides more than 1,000 leading healthcare providers, revenue cycle management and other healthcare entities with automation solutions for more than $220 billion of cash payment reconciliations as well as correspondence management and other workflows. BCM One, a TSCP Fund V investment, delivers managed services to support unified communications, network management and optimization, and other technical services to more than 20,000 customers and channel partners.
“Establishing our first continuation fund represents a significant event for Thompson Street Capital Partners,” said Bob Dunn, Managing Partner of TSCP. “BCM One and RMS are two of the best-performing portfolio companies in TSCP’s twenty-year history and we are excited to continue our partnership with both businesses through this vehicle.”
Scott Thomas, CEO of RMS stated, “Our partnership with TSCP ensures we continue to deliver our customers the forward-thinking products and services they need to be successful. The additional support from both existing and new investors allows us to retain our leadership position in a fast-paced, quickly changing environment through ongoing technological innovation and the ability to take advantage of opportunities for both organic and strategic growth.”
Geoff Bloss, BCM One’s CEO said, “The resources TSCP provides have allowed us to better assist our customers in managing complex, scalable technologies to meet their network needs while remaining focused on our own prospects for growth. We’re excited about their additional support and our ability to position ourselves for continued success moving forward as a leading managed service provider around its Next Gen Communication offerings.”
Brian Kornmann, Managing Director at TSCP, added “We are grateful to AlpInvest and all the investors who supported this effort. We have been fortunate to partner with RMS and BCM One, and look forward to working closely with the executive teams and founders of the businesses to continue to aggressively pursue, and execute on, growth strategies to continue the strong performance of both businesses.”
Garrett Hall, Managing Director at AlpInvest said, “We are excited to expand our partnership with Thompson Street Capital Partners and support two exceptional companies in their continued value creation on behalf of new and existing investors.”
Evercore served as financial advisor to TSCP in the transaction with Kirkland & Ellis serving as TSCP’s legal counsel. BCM One was supported in the transaction by both William Blair and QAdvisors while RMS was supported by RW Baird. Sidley Austin served as legal counsel to both Companies. Ropes & Gray LLP acted as legal counsel for AlpInvest.