Crestline Investors, Inc. (“Crestline”) as Administrative Agent, has closed and funded a first lien senior secured credit facility to Mist Holding Co. (“MDaudit” or the “Company”), a leading provider of mission-critical compliance solutions for healthcare organizations. The financing will support the acquisition of MDaudit by Bregal Sagemount (“Sagemount”).
Founded in 1993 and based in Waltham, MA, MDaudit provides mission-critical compliance solutions to healthcare organizations, offering two primary solutions: Internal Audit & Billing, which addresses pain points related to penalties for over-billing and fraud; and Revenue Integrity, which proactively updates claims pre-submission to avoid denials and save time and costs. MDaudit’s solutions are highly customized, integrated into the daily workflows of health systems, and connected to electronic health record systems. The company primarily serves health systems, hospitals, and physician groups.
“We are excited to support Sagemount in this important acquisition financing,” said Aaron Mack, Managing Director at Crestline. “MDaudit’s strong market position and its proven ability to provide mission-critical compliance solutions to the healthcare sector make it an attractive investment. This transaction is structured to contribute to the company’s continued growth and success under new ownership.”
“We are pleased to have partnered with Crestline, whose deep expertise in financing, strong execution capabilities, and tailored capital solutions were instrumental helping to structure this acquisition and position MDaudit for future success,” added Steve Dorsey, Principal at Sagemount.
About Crestline Investors
Crestline Investors, Inc. is an alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Toronto, and Tokyo. The firm has approximately $20 billion in assets under management (as of September 30, 2024), and is specialized in private credit strategies, offering a diverse range of investment solutions across its direct lending, opportunistic, and portfolio finance platforms. For more information, visit www.crestlineinvestors.com.
About Bregal Sagemount
Bregal Sagemount is a leading growth-focused private capital firm with more than $7.5 billion of cumulative capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in 75 companies in a variety of sectors, including software, information / data services, financial technology & financial services, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the Sagemount website: www.sagemount.com or follow us on LinkedIn.
About MDaudit
Founded in 1993 and headquartered in Waltham, MA, MDaudit provides mission-critical compliance solutions to healthcare organizations. The company’s software automates internal audits and billing, corrects coding inaccuracies, and mitigates compliance risks, helping healthcare providers avoid penalties by identifying under-coding, responding to payor denials, and proactively updating claims before submission to save time and costs. Integrated with electronic health record (EHR) systems, MDaudit’s solutions are embedded in daily workflows, leading to high customer retention. Serving large health systems, hospitals, and physician groups with Net Patient Revenue over $500 million, MDaudit helps optimize revenue and reduce compliance risk. With over 30 years of expertise, the platform is used by 70 of the top 100 U.S. health systems and supports over $5 billion in annual claims, empowering organizations to improve efficiency and retain more revenue. For more information, visit www.mdaudit.com.
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorized and regulated by the Financial Conduct Authority (FCA). The material is not intended to be a formal research report and nothing in this presentation should be interpreted to state or imply that past results are an indication of future performance. Any opinions expressed herein are our current opinions only. There can be no assurance or guarantee that Crestline's investment strategy will achieve its stated goal. All information provided in this presentation is for informational purposes only Crestline accepts no liability for loss arising from the use of this material. In the United Kingdom, this communication is being made only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FP Order”); ii) high net worth companies and certain other entities falling within Article 49 of the FP Order; or (iii) any other persons to whom such communication may lawfully be made. It must not be acted, or relied, upon by any other persons.
