RCP Advisors Names Primus Capital's
Harmony Healthcare IT Partnership
2023 Deal of the Year
March 21, 2024 – Primus Capital ("Primus" or the "Firm") is a growth-oriented lower middle market private equity firm focused on investing in the healthcare, software, and technology-enabled services verticals. Primus was selected as RCP Advisors’ Deal of the Year following its acquisition, development, and subsequent sale of Harmony Healthcare IT (the “Company”), which demonstrated extraordinary results.
After a thorough review of more than 80 realization events across our various portfolios in 2023, we selected Primus’ investment in Harmony Healthcare IT as our Deal of the Year because we believe it represents the very best of what small buyouts can produce for all stakeholders: adding value to portfolio companies by providing financial and human capital, as well as equity incentives to management to professionalize and institutionalize the business, growing it rapidly, enhancing the business' value proposition for its customers through investments in product development and operations, and then selling it upstream to a larger financial or strategic buyer for the benefit of management/employees, limited partners, and other shareholders.
RCP is an investor in several funds sponsored by Primus. The Firm’s sector-focused approach to investing, which focuses on professionalizing founder-owned companies while supporting their growth trajectory through value-added engagement, has made them successful. RCP believes that Primus’ consistent strategy application and thoughtful investment approach has made Primus one of the premier firms in the lower middle market.
ABOUT HARMONY HEALTHCARE IT
Headquartered in South Bend, Indiana, Harmony Healthcare IT is a data management firm that moves and stores patient, employee, and business records for healthcare organizations. The Company’s mission is to strengthen care delivery and improve lives by preserving and managing vital information in a way that keeps it accessible, releasable, usable, interoperable, secure, and compliant.
“We are honored to be recognized by RCP for our investment in Harmony Healthcare IT and are thankful to the team at Harmony for all they have accomplished in building the Company into the market leader it is today,” said Phil Molner, Managing Partner of Primus Capital. “Our investment in Harmony Healthcare IT represents how Primus partners with founders and management to accelerate growth and rapidly scale emerging growth businesses. Over the course of our investment, the Company expanded its management team, strengthened key functional areas, added to the board of directors, invested in key product development priorities, entered new markets, expanded sales and marketing resources, enhanced its recurring revenue mix, and instilled operational best practices, which all helped Harmony Healthcare IT evolve and establish itself as the high-growth, profitable leader it is today.”
ABOUT PRIMUS
Founded in 1984, Primus is a private equity partnership that is currently investing out of its ninth fund, an $800 million investment vehicle. With offices in Atlanta and Cleveland, Primus is focused on investing in leading healthcare, software, and technology-enabled services companies. The Firm has invested in over 130 companies, partnering with exceptional management teams to accelerate growth and create shareholder value by applying its industry knowledge, financial resources, and investment experience.
ABOUT RCP ADVISORS
Founded in 2001, RCP Advisors, a subsidiary of P10, Inc. (NYSE: PX), is a private equity investment firm that provides access to North American small buyout private equity fund managers through primary funds, secondary funds, and co-investment funds, as well as advisory and research services. RCP believes it is one of the largest fund sponsors focused on this niche, with over $13.9 billion in committed capital and 58 full-time professionals as of March 19, 2024.