Client Objective
In 1998, Joe Fackrell began offering Spanish lessons while working multiple jobs in the Kansas City area. Over the next several years, he began doing small translation projects and created a formal business plan. In 2001, Joe and his friend and business partner, Doug Judd, formed Propio Spanish Services, which eventually became Propio LS, LLC (“Propio” or the “Company”). In the years that followed, Propio welcomed two additional partners in Brian Simkins and Rob Campbell.
The Company grew consistently through the mid-2010s, developing a primary focus on the healthcare industry. In 2017, Doug Judd decided to retire. Later that year, Propio hired Marco Assis to serve in a financial and operational leadership role. Prior to joining Propio, Marco had spent most of the previous decade working in key financial positions in various countries for large, international energy companies. Marco quickly learned that Propio had significant growth potential and worked to quickly professionalize the Company to support the growth he envisioned. In 2019, when Rob Campbell decided to retire, Joe and Brian appointed Marco as Chief Executive Officer and he became a partner in Propio.
In the first 12 months under Marco’s leadership, the Company’s growth quickly accelerated. During that time, Joe and Brian began considering retirement. In October 2020, Marco began exploring solutions to help Joe and Brian exit the Company and decided to seek a financial partner to acquire a majority stake in Propio. However, Marco wanted a financial partner that could support his strategic vision for Propio and that had extensive expertise in healthcare. He also wanted a partner who could provide resources to help accelerate the Company’s technological development and hire more talent to support further growth. To help him find the right financial partner, Marco reached out to local investment banks and selected Mariner Capital Advisors to help facilitate a transaction.
Solution
Mariner Capital Advisors initiated the search for a financial partner for Propio by performing an exhaustive search for private equity firms that invest in growing healthcare technology companies with a financial profile similar to Propio. We then performed a limited outreach process from late 2020 through early 2021. During introductory conversations with potential financial partners, we shared the Company’s strategic plan and narrowed our list of candidates based on their ability and willingness to support the Company’s vision. We quickly narrowed our list of potential financial partners to less than a dozen candidates and ultimately received a total of six verbal or formal offers.
One of the final candidates, TT Capital Partners (“TTCP”), a healthcare-focused private investment firm, emerged as a strong fit due to their deep expertise in healthcare, strategic relationships, and willingness to provide resources in support of Propio’s strategic growth objectives. TTCP also showed confidence in Propio’s growth potential and demonstrated their ability to be a value-add partner in a variety of ways.
Result
In early Spring of 2020, Propio accepted TTCP’s formal offer and we began working towards closing the transaction. Mariner Capital Advisors worked closely with Marco, Propio’s CFO, and TTCP to help facilitate financial, tax, insurance and technology due diligence. During this time, Propio completed the acquisition of another healthcare-focused interpreting company and formally launched a mobile application that combined over-the-phone and video remote interpreting services. These developments created excitement that helped all parties maintain momentum as we worked towards closing. After completing due diligence in just under 90 days, Mariner Capital Advisors successfully completed the majority sale of Propio to TTCP on June 1, 2021.
About Propio LS, LLC
Based in Overland Park, Kan, Propio provides a full suite of remote and in-person interpreting and written translation services in over 200 languages. Propio primarily serves healthcare clients, helping to bridge language barriers between providers and limited English proficiency patients.
About Triple Tree Capital Partners
TTCP is a Minneapolis-based private equity firm investing in emerging healthcare technology and services companies. TTCP has completed nearly 20 growth stage majority and minority investments and brings extensive healthcare expertise from a deep pool of healthcare executives serving on TTCP’s advisory council.
This document is for informational use only and may be outdated and/or no longer applicable. Nothing in this publication is intended to constitute legal, tax, or investment advice. There is no guarantee that any claims made will come to pass. The information contained herein has been obtained from sources believed to be reliable, but Mariner Capital Advisors does not warrant the accuracy of the information. Consult a financial, tax or legal professional for specific information related to your own situation.
