Oak Hill Capital Partners-backed Accretive Health raised $120 million in its IPO on the NYSE under the symbol AH. The offering included 10 million shares, 6.7 million of which were sold by the company, priced at $12 per share, below the expected price range of between $14 and $16. Accretive, which provides outsourced healthcare revenue cycle management services for hospitals, intends to use the net proceeds to pay preferred stock liquidation preferences and for general corporate purposes.
The Midwest has been a popular region for private equity, attracting investments from 548 PE investors over the last three and a half years, according to the Pitchbook Platform. While 64 of these investors are based in Illinois, the majority of PE investments come from outside of the region. New York firms alone account for a quarter of the investments in the area, while Californian firms are responsible for another 65 investments. The most active investors in the region include Sun Capital Partners (16 investments), The Riverside Company (15), Monomoy Capital Partners (14), The Carlyle Group (13), Huron Capital Partners (12) and RoundTable Healthcare Partners (10).