Carousel Capital announced today that it has partnered with management to acquire APEX Analytix (“APEX” or the “Company”), a leading provider of audit, recovery and compliance technology and services to global Fortune 1000 companies. Based in Greensboro, North Carolina, APEX offers a full suite of technology and services-based solutions that help its clients: detect and recover disbursement errors; conduct vendor fraud risk management; eliminate duplicate payments or overpayment; improve supplier management and discount realization; and strengthen overall procure-to-pay controls. Since its founding in 1988, APEX has compiled a strong history of innovation and commitment to customer service. The company introduced its market leading “FirstStrike” software in 1998, which became the first commercially available error detection and prevention software for the recovery audit industry. With this introduction, APEX was one of the first participants in the market to focus on preventing errors before they occur and recovering overpayments in arrears, which is the cornerstone of the Company’s philosophy with its customers to “Recover, Prevent and Improve.” APEX has leveraged its unique technology-enabled service approach and reputation for customer service and performance to become the largest provider of recovery audit solutions to the commercial market.
“We are delighted to be working with the experienced management team at APEX for their next chapter of growth,” said, Charles S. Grigg, a Managing Partner of Carousel Capital. “Their dedication to unparalleled customer service and technological innovation has propelled the company to consistent success and we are thrilled about their potential for the future.”
“The combination of Carousel Capital with our management team will create a formidable partnership to drive more measurable value to our clients that will produce further growth in our business,” said Steve Yurko, Chief Executive Officer of APEX. “With their support, we are positioned to innovate and serve our customers more effectively in the future.”
Carousel Capital funded the transaction with equity from its fourth investment fund, Carousel Capital Partners IV, L.P. along with co-investment provided by GoldPoint Partners and Twin Bridge Capital Partners. Financing was provided by Madison Capital Funding, GE Antares and GoldPoint Partners.
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 33 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.