Aquiline substantially contributed in building our business. Unlike other private equity firms, I always felt like I was talking to my partners. Eleven years post IPO and I still speak with Chris Watson and Jeff Greenberg regularly.

Aquiline has a good blend of senior operating partners who had deep experience in our industry, coupled with smart financial minds and expertise. They also focused on not just the right financial outcome for them, but the right ultimate outcome for the management team and wider staff. 

I am not sure if another private equity firm would have had the capability to buy ERS from IAG back in 2013. It was only the combination of Aquiline's deep sector knowledge, combined with their partners' experience of actually running companies, that enabled it to get comfortable with the value creation thesis and the relative risk / reward in the investment.

Partnering with a firm that has a focus on, and deep roots in, financial technology is invaluable when transforming a business in a changing environment. Aquiline truly understands the marketplace and the opportunities for value creation and it has been a pleasure to be on this journey with them.

Having spent months researching our space prior to their first call, Aquiline had a very specific plan and theory about what they would like to do to help us recognize greater value. They have done exactly what they said they were going to do, and much more.

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Our private equity strategy is centered around businesses that are well established in their niche but could be much more. We look at the broader financial economy and the plumbing behind it for assets that may not be glamorous but are important. As partners, we let those organizations take a more ambitious tack, supporting aggressive growth initiatives and other paths to equity value creation.

We want partners who draw value from our financial services reach, and look for them in business services, software, and healthcare as well as the financial sector.

The private equity team seeks to invest thematically, looking at industry trends and then zeroing in on niches of interest. 

Investments tend to be $20-200 million, either funded all at once or over time. We move quickly and generally do not shy away from tough carve-outs and other complicated transaction types.

AFSF Landing Image

Strategy Image

Our venture team invests in early and growth-stage technology and services companies with transformative potential for insurance and other financial services sectors. Drawing insights from our portfolio companies and much larger financial institutions in our industry network, we look for promising new technologies matched to the industry’s pain points.

We aim to bend the curve, leveraging our relationships to get entrepreneurs in front of the corporate decisionmakers who can bring step changes as potential clients or partners.

The venture team looks at the bottlenecks and inefficiencies experienced by insurers, asset managers, and other traditional financial institutions to understand market needs and corresponding opportunities for emerging fintech, insuretech, and enterprise technology.

Typical investments range from $3-25 million in companies with at least $1 million in annual recurring revenue. ATG can be the first institutional capital or participate in later rounds as a lead or co-lead investor.

ATG Landing Image

Our opportunistic credit strategy is a flexible capital solution focused on primary and secondary middle market opportunities, primarly in North America and Europe. We seek out market inefficiencies and dislocations due to macroeconomic factors, business challenges, complexity, and size.

As investors, we are targeting special situations that exhibit downside protection and preservation of capital with embedded upside optionality.

The credit opportunities team seeks to invest in industries familiar to Aquiline, including financial services and technology, asset-based finance, and healthcare services, in addition to other sectors where we find attractive opportunities and special situations.

Our strength is working in complex situations that require deep industry expertise and the ability to move quickly and provide strategic capital solutions.

Aspirion

Chicago, IL and Columbus, Ga. (June 21, 2022) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare industry, today announced that it has signed a definitive agreement to make a majority investment in Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management (“RCM”). Following the transaction, the Company’s management team and Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London, will remain investors in the Company.

Aspirion is a leading healthcare RCM provider across complex claims and revenue integrity, offering a broad array of technology-driven solutions for the most specialized revenue cycle challenges faced by hospital systems and healthcare providers. The Company’s team of healthcare, legal, and technical professionals, in conjunction with its proprietary AI-enabled software, help hospitals and physicians improve claims processing time and increase overall collections. Aspirion’s product suite is centered on complex claims, an umbrella category for third party liability claims related to non-traditional payors, and revenue integrity, which addresses clinically complex claims with traditional medical payors.

“We are very excited to enter into this partnership with Linden and leverage Linden’s deep healthcare experience, relationships, and strategic support to execute against our shared value creation plan and better serve our clients,” said Jason Erdell, CEO of Aspirion.

Kam Shah, Partner at Linden, said “We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records. We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A.”

“We are proud to have helped Aspirion create its industry-leading complex claims RCM platform through investing in people, technology and strategic acquisitions,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We look forward to continuing as investors and, alongside Linden, supporting Aspirion through its planned next phase of growth."

The transaction is subject to customary closing conditions. Baird is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal counsel to Aquiline and Aspirion. Guggenheim Securities, LLC and Cain Brothers, a division of KeyBanc Capital Markets Inc., are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to Linden. Twin Brook Capital Partners is providing debt financing for the transaction.  

About Aspirion
Aspirion, headquartered in Columbus, Ga., helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, Veterans Affairs, and TRICARE as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. The Company serves over 140 clients across 45 states, including 40% of the largest health systems in the U.S.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.

About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, healthcare, and business services. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.

Media Contacts
Katie Kornel for Linden Capital Partners
info@lindenllc.com
312-506-5600


Linden Announces Agreement to Acquire Majority Stake in Aspirion from Aquiline Capital Partners

Planet DDS BW

NEWPORT BEACH, Calif. and NEW YORK, June 1, 2022 – Planet DDS (the “Company”), a leading provider of cloud-based software solutions for dental practices in North America, today announced that it has entered into a definitive agreement to be recapitalized by Aquiline Capital Partners LLC (“Aquiline”). Aquiline is a private investment firm based in New York and London with $8.7 billion in assets under management, which focuses on investing in companies across the financial services and technology, healthcare, and business services industries. 

In conjunction with Aquiline’s investment, Level Equity Management, LLC (“Level Equity”), a New York-based private investment firm specializing in capital-efficient, rapid-growth companies, will roll a portion of its existing equity in Planet DDS and invest additional capital. The investments from Aquiline and Level Equity will be used to accelerate the Company’s growth plans. 

Since its founding in 2003, Planet DDS has improved the efficiency and operational performance of dental practices through innovative industry-leading technology. The Company’s solutions provide customers with practice management, dental imaging, and patient engagement and retention capabilities that enable them to streamline operations. The Company is growing rapidly with current partners and customers including American Dental Partners, the U.S. Army and Navy, and Dental Care Alliance.

“Today’s announcement is an exciting next chapter in our story as we continue to scale and improve our offerings to meet the needs of the dental industry,” said Eric Giesecke, CEO of Planet DDS. “Aquiline brings new capabilities to the business that will help drive growth. Level Equity has been a great partner since 2019 and I am excited they will continue to support the business.” 

“Eric and his team have built a comprehensive and highly scalable platform that is well-positioned to meet the growing demand for cloud-based dental practice management software,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are excited to partner with Level Equity and the Planet DDS management team to provide our expertise and network to further accelerate the Company’s growth.”

“It is simply amazing what Eric and the Planet DDS team have accomplished since our acquisition less than three years ago,” said Ben Levin, Co-Founder and CEO of Level Equity. “The Company has completed three strategic acquisitions allowing them to deliver the most comprehensive offering in the dental market and the only purpose-built, fully cloud-based solution for solo practitioners and DSOs alike. Organic growth has accelerated meaningfully with recurring revenue growing over 500%, and they have assembled a world class set of managers. We had a wealth of choice in selecting a new equity partner and were all compelled that Aquiline was the ideal partner to help Planet DDS become the dominant market leader in dental. Their deep healthcare and payments experience are ideal complements and we could not be more excited to partner with them.”

SVB Securities acted as exclusive financial advisor to Planet DDS and Level Equity. Goodwin Procter LLP acted as legal advisor to Planet DDS and Level Equity, and Ropes & Gray LLP acted as legal advisor to Aquiline. The transaction is expected to close in the third quarter of 2022 subject to customary closing conditions. Additional financial details of the transaction were not disclosed.

About Planet DDS

Planet DDS is a leading provider of cloud-enabled dental software solutions serving over 10,000 practices in North America with over 60,000 users. The company delivers a complete platform of solutions for dental practices including Denticon Practice Management, Apteryx XVWeb Digital Imaging, and Legwork Patient Relationship Management. Planet DDS is committed to creating value for its dental practice clients by solving the most urgent challenges facing today’s dental practices in North America. For more information, please visit www.planetdds.com.

About Aquiline Capital Partners

Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, healthcare, and business services. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.

About Level Equity

Based in New York and San Francisco, Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-driven businesses. Level provides long term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has made over 90 investments since inception. For more information, visit www.levelequity.com.

Media Inquiries:

Planet DDS:
Innsena
Erin Van Zomeren
erinvanzomeren@innsena.com

Aquiline Capital Partners:
Prosek Partners
Josh Clarkson / Maria Jose Gonzalez 
jclarkson@prosek.com / mjgonzalez@prosek.com 


Planet DDS Announces Significant Investment from Aquiline Capital Partners

ATG II 

Fund closed with more than $365 million in total commitments, exceeding its target of $300 million

NEW YORK and LONDON, May 4, 2022 /PRNewswire/ -- Aquiline Capital Partners LLC (“Aquiline”), a private investment firm based in New York and London with $8.7 billion in assets under management, today announced the final closing of Aquiline Technology Growth Fund II (“ATG II” or the “Fund”). The Fund closed with more than $365 million in total commitments, exceeding its target of $300 million and nearly doubling the $189 million in total commitments raised for Aquiline Technology Growth’s (“ATG”) first fund. 

Aquiline has raised the Fund from new and existing investors around the world and plans to continue ATG’s strategy of partnering with innovative early- and growth-stage technology companies across fintech, insuretech and related enterprise software and services. ATG has made 27 investments over two funds, investing across the financial services value chain in companies that use technology to enable functions including sales and distribution, automation of back-office functions, and product innovation.

“Today is yet another important milestone for Aquiline and a testament to the strong reputation we have developed with institutional investors around the world through our distinct investment approach,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are confident that our team is well-positioned to identify and invest in high-growth companies that can benefit from our robust network and deep industry expertise.”

“With this larger fund, ATG is now even better positioned to be a trusted partner to entrepreneurs who are building exciting, fast-growing businesses in our target markets across financial services,” said Max Chee, Head of Aquiline Technology Growth. “We are thrilled to have added some very important investors to our community and look forward to building and enhancing great companies together.” 

“Our specialist focus has allowed us to target and invest in businesses that are solving real pain points in markets across financial services, such as insurance, that are not as well understood by the broader investment community and are earlier in their adoption of digital technologies than many other industries,” said Mike Cichowski, who leads ATG’s growth investing, which partners with boot-strapped companies requiring capital to accelerate growth. 

About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.

About Aquiline Technology Growth
Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the insurance and financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare industries. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit http://www.aquiline.com.


Aquiline Announces Closing of Aquiline Technology Growth Fund II

distinguished

Distinguished Programs (“Distinguished” or the “Company”), a national insurance program manager, is pleased to announce that it has entered into a definitive agreement with Aquiline Capital Partners LLC (“Aquiline”) to acquire a majority stake in the Company. Aquiline is a private investment firm based in New York and London with $7.5 billion in assets under management. Financial details of the transaction were not disclosed.
In conjunction with Aquiline’s investment, Andy Potash, Founder and CEO of Distinguished, will retain a significant minority equity stake, return to his roots in product development, and transition to an active Board role. Concurrently, three new executives will join the Distinguished team: Bill Malloy as CEO, Jason Rotman as President and Chief Financial Officer and Steve Sitterly as Chief Operating Officer. The new team members have worked together in prior roles and bring highly complementary skillsets which will support Distinguished’s next phase of growth. 
Since its founding in 1995, Distinguished has grown into one of the largest independent program managers in the country. The Company underwrites and distributes insurance products across 14 programs with a technology-centric approach. Current programs include property and casualty products for the Real Estate and Hospitality markets, as well as prize coverage for golf hole-in-one and other prize indemnification products. 
“When we started this process, we were hoping to raise capital to enable our continued and expanded investment in product development, technology and most importantly people, as well as find a CEO to succeed me. Aquiline has been exceptional in helping us meet all these goals and I couldn’t be more proud and more excited to be partnering with them and having Bill, Jason and Steve join Distinguished,” said Andy Potash. 
“Under the leadership of Andy Potash, Distinguished has established itself as a highly respected program manager with significant opportunities for continued organic and acquisition-based growth,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We are excited to be working again with former Aquiline Partners and portfolio company executives in Bill, Jason and Steve and look forward to supporting them and the Distinguished team on this next phase of expansion.”
“Jason, Steve and I have long admired the quality of the organization that Andy and the Distinguished team have built and are honored to join the Company,” added Bill Malloy. “We look forward to working closely with the team, as well as Distinguished’s distribution and carrier partners, to further build upon the platform through developing new programs internally, hiring additional underwriting teams and pursuing attractive acquisitions to expand our capabilities and reach.”
Willkie Farr & Gallagher is serving as legal advisor for Aquiline. Evercore is serving as financial advisor and Patterson Belknap Webb & Tyler LLP is serving as legal advisor for Distinguished.
About Distinguished Programs
Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees. www.distinguished.com.


Distinguished Programs Announces Majority Investment from Aquiline Capital Partners and New Executive Management Team

VirtusLab Vector

Krakow, Poland and New York, December 16, 2021 – VirtusLab Sp. Z.o.o. (“VirtusLab”) is pleased to announce that it has entered into a definitive agreement for Aquiline Capital Partners LLC (“Aquiline”) to become a significant shareholder in the company. Aquiline is a private investment firm based in New York and London with $7 billion in assets under management, specialising in investments in financial services and technology. Financial terms of the transaction were not disclosed. Existing management will roll a portion of their equity stake and maintain ownership in the company.

Founded in 2010 by Rafal Pokrywka, VirtusLab is a software development and consulting company based in Poland. VirtusLab specializes in cloud-native, reactive systems, data science, data engineering and front-end development to enterprise customers globally. The company’s customers include leading blue-chip companies across sectors including financial services, retail, logistics and automotive. The company has been recognised as one of the fastest growing companies in Europe by the Financial Times for the last three years and currently employs over 300 Team Members 

Founder and CEO, Rafal Pokrywka will lead the business, along with CTO, Pawel Dolega and COO, Tomasz Orzechowski. The investment will be used to further accelerate organic growth through the attraction and retention of top-tier talent, strengthen VirtusLab’s R&D department focused on software development efficiency, and acquisitions to expand scale and reach. 

“We are excited by our new partnership and look forward to working with Aquiline to leverage their unique expertise in helping companies like ours scale,” said Rafal Pokrywka. “VirtusLab’s ambition is to become the best, leading software technology company operating globally with development centers in Poland and other European countries. Our platforms and proprietary software represent leading innovations in our space and the investment from Aquiline leaves us well poised for growth amidst accelerating customer demand. Their support also comes at a crucial time when competition for talent has reached an all-time high.” 

“Rafal and the VirtusLab team have built an excellent platform with exceptional development talent and a strong customer base,” said Vincenzo La Ruffa, president of Aquiline Capital Partners. “We look forward to working together to accelerate growth and build a global leader.”

White & Case served as legal advisor to Aquiline. Deloitte served as accounting and tax advisor, and Crosslake Technologies served as technology advisor. 

mInvestment Banking served as financial advisor to VirtusLab and Gessel served as legal advisor. 


Expertise focused
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Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners

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Expertise focused on management goals.

Opportunity with every connection.

Insight for further reach.

AquilineCapital Partners

Latest news

Expertise focused
on management goals.

Opportunity with
every connection.

Insight for
further reach.

Aquiline
Capital Partners