News | Press Releases
For Immediate Release
BIA DIGITAL PARTNERS EXITS ITS INVESTMENT IN ELI RESEARCH, INC.
Highly Successful Investment Supported Company's Growth
CHANTILLY, VA., May 17, 2011 - BIA Digital Partners II LP, www.biadp.com, a private investment firm, announced today the exit of its investment in Eli Research, Inc ("Eli" or the "Company"). BIA Digital Partners initially provided $10.0 million in 2007 for an acquisition and shareholder liquidity. BIA Digital Partners made additional investments in 2008 and 2010 for further acquisitions and shareholder liquidity. Eli provided BIA Digital Partners an exit via a recapitalization of its balance sheet.
Eli was founded in 1991 and is headquartered in North Carolina's Research Triangle Park Region. Eli is a diversified company engaged in healthcare, revenue cycle management, media, market intelligence, training, and related services. Notable business lines include BCC Research, The Coding Institute, and Supercoder.com.
"On behalf of the entire team here at Eli, we very much value the role BIA Digital Partners has played in our growth since 2007," says Chris Herwig, Portfolio Manager of Eli Research. "They are a pleasure to work with and were supportive of our dynamic business. Our team values their experience and knowledge in healthcare information, which helped them understand our business very quickly and made them a great partner. Eli started as a newsletter publisher in the early 90’s and has morphed into a group of companies operating both domestically and internationally and growing both organically and through new acquisitions. Eli has a proven track record with both performing companies and turnaround opportunities and welcomes the opportunity to speak with interested sellers who fit its strategic focus."
"The Eli team has built a world-class information company focused on healthcare but also expanding into other verticals. We appreciate the partnership we have enjoyed with Eli and wish them the best. The investment has been a win-win for Eli Research and for BIA Digital Partners," stated Scott Chappell of BIA Digital Partners, who stepped down from the Eli Board of Directors in conjunction with the exit.
Additional information on BIA Digital Partners II LP is available by contacting Scott Chappell or Gretchen Dowling at (703) 227-9600 or visit our website at www.biadp.com.
About Eli Research About BIA Digital
Eli Research is a diversified company engaged in healthcare, revenue cycle management, media, market intelligence, training and related services. Notable holdings include BCC Research, The Coding Institute, and Supercoder.com. Eli focuses its acquisition efforts on companies that have differentiated market positions and can improve operating performance by leveraging the resources of a broader group. This approach enables management teams to benefit from the broader infrastructure while having the freedom and accountability to focus on improving and growing their businesses. For more information, visit www.eliglobal.com/our-ma-activities/ or contact Chris Herwig at 239-280-4293.
BIA Digital Partners is a private investment firm, managing approximately $280 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on mid- to later-stage companies operating in the media and entertainment, telecommunications, information, education, business and consumer services industries. Investments generally range from $5 to $15 million and are typically in the form of subordinated debt with warrants or preferred equity. For more information on BIA Digital Partners, please visit www.biadp.com.
About BIA Digital