Deal Details

Elevate Receives Strategic Investment from Audax and Parthenon

Healthcare

Elevate, a portfolio company of Frazier and Edgewater, strategic investment from Audax and Parthenon

Summary

Elevate Patient Financial Solutions, Inc. (“Elevate” or the “Company”), a portfolio company of Frazier Healthcare Partners (“Frazier”) and The Edgewater Funds (“Edgewater”), has announced a strategic investment from Audax Private Equity (“Audax”) and Parthenon Capital (“Parthenon”). Terms of the transaction have not been disclosed.

Baird served as exclusive financial advisor to Elevate on this transaction.

About

Elevate is a leading provider of technology-enabled specialty revenue cycle management solutions for hospitals and health systems nationwide. Elevate’s market-leading proprietary technology platform offers a unified suite of RCM solutions designed to engage patients, empower physicians and hospitals and improve financial outcomes throughout the entire healthcare continuum. Elevate’s suite of solutions includes Eligibility & Enrollment, Complex Claims, Revenue Integrity and Patient Pay solutions. Elevate is headquartered in Spring, Texas.

Founded in 1991, Frazier Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. Since its inception, Frazier has raised over $11 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 33 years. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier invests broadly across the United States, Canada and Europe. Frazier is headquartered in Seattle, Washington, with an office in New York City.

The Edgewater Funds is a private equity firm with over $4 billion of capital commitments raised since 2001. Edgewater’s investment approach focuses on funding high quality middle market companies where they can add value through capital and leveraging their broad network. Edgewater is headquartered in Chicago, Illinois.

Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 employees and 100-plus investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through their disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations and significantly increasing equity value. Audax is headquartered in Boston, Massachusetts, with offices in San Francisco, New York, London and Hong Kong.

Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon is headquartered in Boston, Massachusetts.

Healthcare

Elevate, a portfolio company of Frazier and Edgewater, strategic investment from Audax and Parthenon