CINCINNATI, Ohio, June 17, 2026 (GLOBE NEWSWIRE) — Ensemble, the nation’s leading end-to-end revenue cycle managed services partner for healthcare organizations, announced today that Thoreau, the healthcare investment platform founded by Matt Holt, has entered into an agreement to make a strategic growth investment in the company. Berkshire Partners, Warburg Pincus, and Bon Secours Mercy Health will continue as investors in Ensemble alongside Thoreau.
Ensemble manages end-to-end revenue cycle operations for health systems nationwide, including more than 200 hospitals, spanning patient access, coding, claims management, denial prevention, accounts receivable follow-up, and the patient financial experience. Through a combination of certified revenue cycle operators, data-rich intelligence, and advanced AI, Ensemble helps healthcare organizations sustain best-practice revenue cycle operations so providers can focus on delivering exceptional care in their communities.
The investment will support Ensemble’s continued growth and accelerate investment in technology and people, building on Ensemble’s position as the leading innovator in revenue cycle management. Ensemble has been named Best in KLAS for end-to-end revenue cycle outsourcing six times, and its clients received 35 HFMA MAP Awards.
“There is tremendous opportunity to reduce the friction in healthcare for providers, patients, and everyone involved, and we want to remain at the forefront of the innovation that makes that possible,” said Judson Ivy, Founder and CEO of Ensemble. “The addition of a strategic partner with this depth of experience in healthcare administration, technology, and services gives us additional capital and expertise to expand what we deliver for our clients and the communities they serve.”
“It has been a privilege to partner with Judson and the exceptional team at Ensemble,” said Sam Spirn, Managing Director at Berkshire Partners. “Ensemble’s relentless focus on customers and operational excellence has been the foundation of the company’s success, and their embrace of AI and digital transformation has further strengthened the business and positioned it for continued leadership in the healthcare space. We are grateful for the opportunity to support such an outstanding organization and look forward to its ongoing success.”
“We are immensely proud of what Judson and the Ensemble team have achieved during our partnership. Ensemble’s dedication to innovation and enhancing the patient experience has driven an exceptional track record of growth and customer satisfaction. It has been a privilege to support the company through this chapter, and we are deeply appreciative of the partnership we have shared. We wish Judson, the entire Ensemble team, and Thoreau continued success in the years ahead,” said TJ Carella, Managing Director and Global Head of Healthcare, Warburg Pincus.
This announcement builds on strong momentum for Ensemble, which now manages more than $55 billion in net patient revenue for health systems nationwide. The company continues to earn broad industry recognition for performance, innovation and client satisfaction, with recognition from leading analyst firms and national workplace awards. Backed by deep operational expertise and advanced AI, Ensemble delivers measurable improvements in financial performance, operational efficiency and patient experience for its clients.
The closing of the transaction is subject to customary closing conditions and approvals.
J.P. Morgan Securities LLC served as lead financial advisor to Ensemble, with Goldman Sachs & Co. LLC and Guggenheim Partners also serving as financial advisors. Ropes & Gray provided legal counsel to Ensemble. Kirkland & Ellis served as legal counsel and Lazard served as financial advisor to Thoreau.
About Ensemble
Ensemble manages end-to-end revenue cycle operations for health systems nationwide, including patient access, coding, claims management, denial prevention, accounts receivable follow-up and the patient financial experience. Through a combination of certified revenue cycle operators, data-rich intelligence and advanced AI, Ensemble helps healthcare organizations sustain best-practice revenue cycle operations and maximize their current technology so providers can focus on delivering exceptional care in their communities. For more information, visit EnsembleHP.com or contact media@ensemblehp.com.
About Berkshire Partners
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity, with a focus on U.S.-based, middle-market companies. For more than four decades, the firm’s private equity team has invested in well-positioned, growing companies across services, healthcare, industrials, and technology. Berkshire is currently investing from its Fund XI, with approximately $7.8 billion in commitments. Since inception, Berkshire Partners has made more than 140 private equity investments and has consistently worked in close partnership with management teams to build enduring businesses. Stockbridge, the firm’s public equity group, was founded in 2007 and manages a concentrated portfolio seeking attractive long-term investments. For additional information, visit www.berkshirepartners.com.
About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.
The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube.
Sarah Joyce Ensemble 6263799829 Sarah.Joyce@ensemblehp.com
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