Press Release
27 February 2009
Nova announces 3.1x gross fund return as it realises final portfolio investment in the Atlantic Medical Capital Fund
Nova Capital Management, the specialist acquirer of corporate and private equity portfolios, is pleased to announce the successful exit of NotifyMD the fifth and final portfolio investment to be realised in the Atlantic Medical Capital Fund (AMC), which Nova acquired in August 2004. Overall, under Nova's management, AMC has generated a 3.1x gross Fund return and a gross IRR of nearly 54%.
Nova successfully sold a strategic equity stake in NotifyMD Inc in a partial leveraged buy-out arranged by the company's management and other shareholders. This is the fourth exit Nova has announced since the start of 2009.
NotifyMD is the leading provider in the US of call centre based communications services to healthcare providers and physicians. With 6 call centres, the business supports 18,000 physicians in 48 states managing in excess of 100,000 unique patient encounters daily. The previous exit from AMC was in December 2006 when Nova sold a shareholding in US listed business Quovadx, a leading provider of healthcare specific software and services.
David Williamson, managing partner, Nova commented:
"We are very pleased with the strong performance of AMC which has generated a gross Fund return of over three times cost, equating to a gross IRR of nearly 54%. Our proven ability to swiftly add real value to portfolios and portfolio companies, remains key to our ability to deliver successful exits and strong returns to our investors."
Dennis Powers, operating partner, Nova commented:
"NotifyMD has grown strongly over the last three years consolidating its position as the market leader. The business has carefully laid the foundations for further growth, which should allow the strong performance to continue. We wish the management team every future success."