(December 19, 2018): The CapStreet Group, LLC (“CapStreet”) and Pamlico Capital completed the sale of their investment in portfolio company, symplr (or “the Company”) to Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) on November 30, 2018. symplr is a leading healthcare governance, risk and compliance (“GRC”) provider of software-as-a-service (“SaaS”) based solutions that address the compliance and credentialing needs of healthcare organizations.
“CapStreet has been very proud to partner and grow the symplr business with its co-founders, Troy and Garry Kyle, along with Rick Pleczko, symplr’s CEO. When we initially invested with Troy and Garry in 2012, symplr was a rapidly growing, niche software solution. CapStreet worked closely with Troy and Garry refining and expanding the vision to include the broader GRC market through strategic partnerships, investments in technology and M&A activity,” said Neil Kallmeyer, Managing Partner, The CapStreet Group.
“When we started looking for a partner in 2011, we talked to several private equity firms. When we initially met with Neil Kallmeyer and Adrian Guerra that year, we thought this team could help us meet our near-term and long-term objectives,” said Troy Kyle, founder and former symplr CEO. Founder and former President, Garry Kyle, added, “The CapStreet team delivered on everything that we discussed. We could not be more proud of the success of symplr and all of its stakeholders.”
“Troy and Garry were great founders to work with. They were supportive of all my efforts and became big cheerleaders as we grew organically and via M&A,” said Rick Pleczko, symplr CEO.
Neil Kallmeyer also added, “Our equity recapitalization with the Pamlico team in 2015 helped accelerate our growth including key investments in people and two strategic acquisitions. They were like minded, growth oriented private equity partners.”
William Blair & Company acted as the financial advisor and Moore and Van Allen served as legal advisor to symplr, The CapStreet Group and Pamlico Capital. TripleTree and Harris Williams served as financial advisors to Clearlake.
Established in 2006, symplr is a Houston-based, comprehensive provider of accreditation and regulatory compliance software-as-a-service solutions for healthcare organizations. symplr’s solutions help healthcare organizations ensure governance, mitigate risk and ensure compliance. For more information, visit www.symplr.com.
About The CapStreet Group
CapStreet is a Houston, Texas based private equity firm that invests in owner-managed, lower middle market companies. CapStreet targets companies operating in the value-added distribution, industrial services and manufacturing, and business to business service sectors. Our approach is to partner with management to build out infrastructure, accelerate growth and profitability, and build a sustainable business. For more information, visit The CapStreet Group website, www.capstreet.com.