High Road Sells Accentus to Nuance Communications
High Road Capital Partners has sold Accentus, marking the second exit for the firm’s debut fund, High Road Capital Partners Fund I. The sale generated a 3.1x gross cash-on-cash return and a 49% gross IRR for High Road. The firm’s first exit was Milwaukee Gear in February 2012.
Ottawa, Ontario-based Accentus provides medical transcription, document imaging, and remote coding technology and services to hospitals and physician groups in Canada and the United States. Accentus was acquired by Nuance Communications.
“In the three and a half years High Road owned Accentus, revenues and EBITDA increased by 400%,” said Bob Fitzsimmons, High Road’s managing partner. “Our investment strategy is to buy niche leaders and work with management to build bigger, more efficient, and qualitatively better businesses. In partnership with Accentus