Year: 2019
Flexpoint Ford, LLC, a private equity investment firm specializing in the financial services and healthcare industries, announced today the first and final closing of its fourth private equity fund, Flexpoint Fund IV, L.P. (“Fund IV”), along with a companion fund, Flexpoint Overage Fund IV, L.P. (“Overage Fund IV”). Total committed capital between the Funds is $2.0 billion, with $1.5 billion in Fund IV and $500 million in Overage Fund IV. Overage Fund IV is intended to invest alongside Fund IV in larger transactions.
Fund IV plans to continue the strategy established in predecessor funds, investing in majority and minority equity stakes in financial services and healthcare companies, utilizing Flexpoint Ford’s demonstrated proprietary sourcing, execution and operating capabilities.
“We are delighted with the success of the fundraising for Fund IV,” said Don Edwards, Chief Executive Officer of Flexpoint Ford. Noting that approximately 85% of the new funds’ commitments came from existing investors in what was a limited fundraising process, he added, “We are very fortunate to have the support of many of the leading limited partners in the investment community. We attribute this support to the outstanding investment returns of our prior funds and, importantly, the consistent execution of the Flexpoint strategy.”
Flexpoint Ford is uniquely flexible with respect to investment size, structure and asset class. Fund IV and Overage Fund IV will invest from $50 million to $500 million in a single transaction. Flexpoint Ford’s experience includes investments in minority and majority structures in both private and public companies, and in a wide range of transaction types, including buyouts, growth investments and turnarounds.
Kirkland & Ellis LLP served as legal counsel for Fund IV and Overage Fund IV. Flexpoint Ford did not use a placement agent.
YPrime, a global leader of cloud-based eClinical solutions, announced today that it has received a significant investment from Flexpoint Ford (Flexpoint), a Chicago-based private equity firm focused on the healthcare and financial services industries. Following Flexpoint’s investment, YPrime will continue to operate as an independent company led by its current management team, who will also retain a substantial ownership stake.
Founded in 2006 and headquartered in Malvern, Pennsylvania, YPrime provides software solutions and consulting services that enable efficient and collaborative clinical trial data collection and information management for biopharmaceutical companies and contract research organizations. The company’s eClinical suite includes electronic clinical outcome assessments (eCOA), interactive response technology (IRT) and eClinical consulting and integration services. YPrime’s eCOA and IRT solutions are fully supported by experienced project management teams and combine configurability with customizable functionality to meet complex global clinical trial requirements.
Shawn Blackburn, CEO and Co-Founder of YPrime, said, “We are incredibly excited to have found a partner in Flexpoint that shares our vision for rapidly scaling YPrime’s eClinical solutions platform. Not only will the financial backing offered by Flexpoint allow us to accelerate our growth of technology solutions across global clinical trial operations, but Flexpoint’s experience within the biopharmaceutical, technology and services sectors will provide us with strategic resources and capabilities to strengthen our next phase of growth.”
“YPrime is an exceptional company in a fast-growing industry, and we are delighted to have the opportunity to invest behind Shawn Blackburn and his outstanding management team,” said Jonathan Oka, Managing Director of Flexpoint. “YPrime has developed a strong reputation for an innovative eClinical platform and technology stack, which we believe is well-positioned to help clinical trial sponsors address current challenges, promote technology adoption and facilitate the next generation of clinical trials.”
“As demand for eCOA and IRT solutions thrives, the timing of this partnership could not be better,” said Mark Maietta, YPrime President. “It allows us to expand services and support for our clients and brings us an investor in Flexpoint with considerable industry expertise.”
Ballast Point Ventures (BPV), which has backed YPrime since 2013, will retain a minority stake in the company and invest alongside Flexpoint in the transaction. Matt Rice, Partner at BPV, said, “We have known Flexpoint for many years and have been impressed with their track record and commitment to investing in companies like YPrime. We are proud to support YPrime in this next chapter and look forward to the company’s continued success.”
As part of the transaction, Hill Ward Henderson acted as legal advisor to YPrime. Kirkland & Ellis and Duane Morris served as legal advisors to Flexpoint.