Grant Avenue Capital LLC (“Grant Avenue”), a healthcare-focused, middle-market private equity firm, today announced the completed sale of Ovation Healthcare (“Ovation” or the “Company”), a leading provider of shared services to community hospitals and health systems, to Parkview Health (“Parkview”), a nonprofit health system based in Fort Wayne, Indiana. Terms of the transaction were not disclosed.
Grant Avenue acquired Ovation, formerly known as QHR Health, in May 2021 through a carve-out from Quorum Health Corporation. Headquartered in Brentwood, Tennessee, Ovation partners with more than 500 clients across 48 states, from critical access hospitals to large health systems. It provides revenue cycle management, IT services, spend management, and management and leadership advisory services.
Over the course of Grant Avenue’s partnership with Ovation, the Company became an independent organization, underwent a rebrand, and executed a range of value creation initiatives that strengthened the platform and expanded its capabilities. Since 2021, Ovation has completed five strategic add-on acquisitions while launching two complementary service offerings. In parallel, the Company strengthened its leadership team by adding several key executives.
“When we partnered with the Company in 2021, we saw an opportunity to build on its long history of supporting hospitals and health systems,” said Buddy Gumina, Founder and Managing Partner of Grant Avenue. “We are grateful to Dwayne Gunter and the entire Ovation team for their partnership, and we are confident the Company is well positioned for its next chapter of growth with Parkview.”
“We have valued our partnership with Ovation and are proud of the Company’s achievements,” said Eric Kim, Principal at Grant Avenue. “Ovation has built a differentiated platform with a talented leadership team, a broad set of capabilities, and a strong reputation for supporting its hospital and health system clients.”
Dwayne Gunter, Chief Executive Officer of Ovation, added, “Grant Avenue has been a true partner throughout an important period in Ovation’s growth. Their support helped strengthen our leadership team, enhance our technology, and deliver more integrated solutions to our clients. We are excited to build on this foundation as we continue creating great value for the hospitals we serve.”
Baird served as financial advisor and Goodwin Procter LLP served as legal counsel to Ovation in connection with the transaction.
About Grant Avenue Capital
Grant Avenue Capital is a healthcare-focused, middle-market private equity firm targeting investments alongside forward-thinking management teams that seek an experienced and innovative investor with operational insight and flexible capital to drive business growth. With decades of healthcare investing experience, deep industry knowledge, and a broad network of relationships, Grant Avenue actively supports the strategic and operational initiatives of its investments in pursuit of exceptional outcomes. Grant Avenue partners with companies in a variety of transaction structures, including founder recapitalizations, majority buyouts, minority investments, corporate carve-outs, and special situations. Grant Avenue is committed to delivering outstanding, risk-adjusted returns by actively building world-class companies that enhance patient health, strengthen the health system, and positively impact the communities they serve. For more information, visit www.grantave.com.
About Ovation Healthcare
Headquartered in Brentwood, Tennessee, Ovation Healthcare partners with more than 500 healthcare organizations across 48 states, from critical access hospitals to large health systems. For nearly 50 years, Ovation has strengthened community healthcare through a portfolio of shared services, including Leadership Advisory, Spend Management, Revenue Cycle Management and Technology Services. Ovation helps hospitals and health systems gain leverage, achieve operational economies of scale and improve performance so they can keep care close to home. To learn more, visit www.ovationhc.com.
About Parkview Health
Parkview Health is a nonprofit, community-focused health system serving Indiana and northwest Ohio with a mission to improve health and inspire well-being. Based in Fort Wayne, Indiana, Parkview is northern Indiana’s largest employer with more than 20,000 co-workers. Parkview Health includes 16 hospitals and an extensive network of primary care and specialty care physicians. Parkview consistently earns multiple “A” Hospital Safety Grades from The Leapfrog Group, is ranked among Indiana’s Best Hospitals by U.S. News & World Report, recognized by The Chartis Center for Rural Health, and received the Excellence in Patient Experience Award from NRC Health in 2026. For additional information, visit www.parkview.com.
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