Halyard Capital Closes Acquisition of HCPro, Inc.

NEW YORK--(BUSINESS WIRE)--Halyard Capital, a New York-based private equity firm, announced today that it has closed on its acquisition of HCPro, Inc. from The Riverside Company. Terms of the transaction were not disclosed.

HCPro is the nation’s leading provider of integrated informational, educational, training and advisory products and services in the vital areas of healthcare compliance, regulation and management. Based in Marblehead, MA, the company meets the specialized needs of health care managers through a wide range of delivery platforms, including print and electronic newsletters, e-mail services, magazines, books, online databases, software, broadcast events, seminars, conferences, classroom training, consulting and videos.

“HCPro is a trusted source for mission-critical compliance, regulatory and management content in the health care industry,” said Robert B. Nolan, Jr., managing partner at Halyard Capital. “By combining our industry knowledge with the company’s talented management team and diverse portfolio of products and services we look forward to building upon HCPro’s leading market position in this large and growing market.”

Michael Furey, a principal at Halyard, added: “HCPro is an indispensable information source and content delivery vehicle for health care managers.”

“We are delighted that Halyard is our new equity partner and are excited about the opportunity to work closely with them to build on HCPro’s significant momentum,” said Bruce Guzowski, president and chief executive officer of HCPro. “Halyard’s core competencies in media and information services make them a natural fit for HCPro given our focus on bringing information, education, training and advisory services to the health care industry.”

HCPro has completed 20 add-on acquisitions since 2003. “With the support of Halyard, we are well positioned to realize on our longstanding strategy of both organic and acquired growth,” added Guzowski.

Halyard Capital received legal counsel from Edwards Angell Palmer & Dodge LLP. GE Capital, Newstar Financial and CapitalSource provided financing for the transaction. Riverside was advised in the transaction by Berkery Noyes.

About Halyard Capital

Halyard Capital is a New York-based private equity firm with over $600 million of capital under management, focused on leveraged buyout and growth equity investment opportunities within the media, communications and business services industries. The firm has extensive experience and a proven track record within these sectors, having invested in businesses that include TRANZACT, impreMedia, EducationDynamics, WMI, Engauge and Presidio Networks.

Halyard works in close partnership with exceptional management teams to build companies with defensible market positions and franchise characteristics that generate strong cash flows and operate in attractive growth markets. The firm’s investment funds will commit up to $40 million to individual portfolio companies with a focus on investments between $15 million and $40 million. Halyard has the ability to complete larger transactions utilizing its network of investment partners. Additional information regarding Halyard’s strategy, principals and investments can be found at www.halyard.com.

About HCPro

HCPro is the largest provider of information, educational, and advisory products and services in the vital areas of compliance, regulation, and management to the U.S. Healthcare Industry. The company delivers its “need-to-know” content in a wide variety of complementary, integrated formats, including print and electronic newsletters, e-mail services, magazines, books, online products, software, broadcast events, seminars, conferences, classroom training, consulting, membership programs and videos to meet the specialized needs of healthcare managers. The Company’s leading brands, HCPro, HealthLeaders Media, and The Greeley Company, are well-known and highly respected by healthcare managers. www.hcpro.com