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Heritage Group Launches $300 Million Oversubscribed Third Fund


 
Paul Wallace

Backed by Leading National Healthcare Organizations, Heritage Group Utilizes Strategic Private Equity Investing Model to Address Healthcare's Greatest Challenges

Heritage Group, a healthcare-focused private equity firm, today announced the closing of over $300 million in its oversubscribed third fund, an increase of nearly $100 million over its prior fund. Heritage will continue its successful strategy of investing in solution-oriented, high-growth healthcare services and technology businesses that are addressing the industry's most pressing challenges.

"We are very pleased with the market's response to our offering, especially during such a challenging economic environment," said Paul Wallace, partner at Heritage. "We are grateful for the ongoing support of our longtime investors, and we're excited to welcome several new LPs. We're fortunate to have a great team and a unique model, which combine to create value for all of our stakeholders."

Heritage is backed by some of the leading healthcare organizations in the nation, including large provider systems, payers and healthcare service providers. Heritage engages deeply with its strategic investors, who provide unique value and insights through all stages of the deal process, including the identification, evaluation and subsequent growth of its portfolio companies.

"Heritage's strategic engagement is outstanding and allows us to work together as true partners. We are able to lend our expertise and share the key pain points that we encounter as we strive to provide care in a value-based model, which requires new ways of reaching and treating consumers and patients," said Scott Nordlund, chief strategy and growth officer at Banner Health. "Heritage has been instrumental in identifying innovative businesses that solve these concerns for our organization."

Heritage has invested in some of the leading healthcare services and technology companies, including Medical Solutions, Sharecare, HealthChannels, Abode Healthcare, MDLIVE, Lumere and Spero Health.

The firm was founded by Rock Morphis and David McClellan, who have worked together for over 35 years, launching and building high-growth healthcare businesses. These entrepreneurial roots and deep business building expertise allow Heritage to serve as a differentiated and value-added partner to its portfolio company management teams.

"Our partnership with Heritage has been a critical driver of our success to date," said Dr. Michael Murphy, CEO of HealthChannels. "Heritage has a dedicated team focused exclusively on portfolio company business development efforts that has contributed materially to our growth."

Heritage recently promoted Jesse Bland, Lauren Brueggen, Bryan Bui and Graham Hunter to partner. The new partners have been key contributors in building the firm to date and will play an important role in shepherding Heritage's next wave of growth as it continues to execute upon its distinctive strategic investment model. Heritage also recently hired Jason Young as the firm's CFO, who joined Heritage from RedBird Capital Partners and previously held roles at TPG Capital and KPMG.

"At Heritage, our goal is to invest behind talented and visionary healthcare entrepreneurs, providing essential growth capital and the benefits of our strategic platform to help catalyze growth," said Rock Morphis, partner at Heritage. "As we launch our third fund, we hope to build upon the success we've experienced during our four decades in healthcare and continue to serve as indispensable partners to our investors and management teams."

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