Council Capital

Council Capital — Investor Research Overview Council Capital is a Nashville, Tennessee-based healthcare-focused private equity firm founded in 2000 (originally as Council Ventures; rebranded to Council Capital in 2011) by Dennis C. Bottorff and Katie Gambill, among others. The firm has spent 25+ years building a distinctive model for healthcare investing anchored by an operating-partner network of senior healthcare executives. With approximately $150 million in AUM, Council Capital targets lower middle market healthcare companies in the United States. Nashville, often called "The Healthcare City," serves as the firm's home base and provides unparalleled access to the healthcare ecosystem. More than 400 healthcare companies headquartered in Nashville account for more than $70 billion in annual revenue, and Council Capital draws heavily on these relationships. Investment Thesis Council Capital's core thesis is to achieve strong investment returns by backing companies that improve healthcare. The firm targets EBITDA-positive, founder-led businesses — often bootstrapped — and applies its unique Council Model to accelerate growth. Key investment criteria: Sector : Healthcare only — healthcare services, health IT, tech-enabled services, and outsourced healthcare business services Financials : EBITDA-positive and growing; often cash-flow positive before investment Ownership : Material post-close management ownership required (aligned incentives) Enterprise Value : Typically $10M–$100M at investment Culture : Often bootstrapped and founder-led; strong operator culture prized The firm takes both control and minority positions, depending on the opportunity. The Council Model: A Differentiated Approach Council Capital's most distinctive feature is its CEO Council — 34+ senior healthcare executives who have personally invested over $140 million into the firm's funds (significantly more than typical PE limited partner commitments). These operators bring: World-Class Operators : CEO Council members have collectively created $20B+ in equity value in CEO/President roles across the healthcare industry. Critical Mass : 30+ Council members provide breadth across the entire healthcare ecosystem — payers, providers, pharma, post-acute, behavioral health, and more. Skin in the Game : Because Council members have personally invested, they are genuinely aligned with portfolio companies, not just advisory relationships. This model gives Council Capital portfolio companies access to executives who have led companies including Cigna, Anthem, HealthSpring, Acadia Healthcare, Community Health Systems, and Corizon Health. The CEO Council has a coverage of roughly 60% of managed care lives and 60%+ of for-profit hospital systems. In addition to the CEO Council, the firm operates a Value Creation Team of hands-on operators who embed with portfolio companies on strategy, executive recruiting, operations improvement, and growth initiatives — well before and after investment close. Stage and Check Size Council Capital focuses on growth equity investing in lower middle market healthcare companies: Target Enterprise Value : $10M–$100M Estimated Check Size : $10M–$50M (inferred from disclosed deals: $25M+ in StrataPT, $30M+ in GeoH) Stage : EBITDA-positive growth companies (roughly equivalent to Series B/C or later-stage growth) Round Type : Control and minority investments; typically growth rounds or structured buyouts Geographic Focus Primarily United States. No disclosed geographic restrictions within the US. The firm's Nashville base provides deep connections across the Southeast and nationally. Portfolio Overview Council Capital has made 50+ platform and add-on investments since inception across healthcare technology, health IT, healthcare services, workers' compensation, home health, behavioral health, and post-acute care sectors. Notable active and recently exited companies include: Healthcare IT / Software: StrataPT — outpatient therapy EMR and practice management; $25M+ investment (October 2024) GeoH — practice management software for home care agencies; $30M+ investment (September 2025) IngeniousMed — real-time point-of-care physician workflow platform Alivia Analytics — AI/ML-driven payment integrity and fraud detection MedicalServiceQuotes.com — healthcare pricing transparency platform (acquired April 2026) BenefitFocus — benefits spend management for TPAs and health plan providers Medical Service Quotes — healthcare pricing transparency Healthcare Services / Provider: Advanced Care Partners — pediatric private duty nursing for medically fragile children (sold to Angels of Care, April 2026) Commonwealth Group — residential services for individuals with intellectual/developmental disabilities InnerCircle Autism — autism behavioral services for children NeurAbilities — integrated behavioral and medical health for children ViaQuest — disability services, behavioral health, and hospice NY Ketamine — interventional psychiatry and alternative mental health therapies House Calls — home-based primary care for geriatric patients Savida Health — outpatient addiction treatment Outsourced Healthcare Services: Accuro Solutions — workers' compensation bill review software and services Allegiant Managed Care — workers' compensation nurse case management (Pittsburgh; investment April 2024) Opus Medical — workers' compensation medical and nurse case management Paradigm — pain treatment and post-acute care management for injured workers NotifyMD — healthcare-focused contact center services Premiere Credit — patient receivables processing Espri Gas — medical and industrial gas supply chain management PCA Pharmacy — long-term care pharmacy services Notable Exits: Triad HQ (behavioral health professional education) — acquired by Level Education Group, October 2025 Advanced Care Partners — sold to Angels of Care, April 2026 Senior Whole Health — Massachusetts-based Medicare dual-eligible managed care; grew from <$1M to $300M+ revenue; sold ~2011 IngeniousMed — sold to North Bridge Growth Equity ~2014 after expanding into HCA InTouch Health — telemedicine platform (now part of Teladoc Health) Recent Activity Council Capital has been actively deploying in 2024–2026: April 2026 : Acquired MedicalServiceQuotes.com April 2026 : Sold Advanced Care Partners to Angels of Care (exit) September 2025 : Invested $30M+ in GeoH (home care practice management) October 2025 : Triad HQ acquired by Level Education Group (exit) October 2024 : Invested $25M+ in StrataPT (therapy EMR/billing software) April 2024 : Invested in Allegiant Managed Care (workers' comp nursing) Investment Team Grant Jackson, Managing Partner : Joined Council Capital in 2009; 20+ years in healthcare PE investing; prior roles at Aurora Funds and First Analysis Corporation. MBA from Kellogg School of Management (Siebel Scholar). Kevin Fahey, Partner : 30+ healthcare investments as operator/investor; previously Managing Director at Bluff Point Associates; prior CFO/COO experience at growth-stage firms. BBA Accounting from St. Bonaventure University. Tim Schulte, Partner : Healthcare and technology focus; prior roles at Vista Consulting Group, AVIA, and Accenture. MBA from University of Chicago Booth; BA from Duke University. Jacob Ginsburg, VP : Prior investment roles at SSM (software/healthcare growth PE); investment banking at Bailey & Co and Nfluence Partners. Master of Finance from Vanderbilt Owen. Garrett King, VP : Prior healthcare investor at Housatonic Partners; investment banker at Bailey & Co. JD, MA, BA from Vanderbilt University. Kevin McGrath, VP : Prior roles at RiverGlade Capital (middle-market healthcare PE) and Water Street Healthcare Partners. MBA from University of Chicago Booth. Founder Preferences Council Capital strongly favors founder-led, bootstrapped businesses with proven EBITDA and clear paths to growth. They have repeatedly backed the same management teams across multiple companies, and CEO Council involvement brings credibility signals that operators find highly attractive. Ideal founders bring deep domain expertise in a healthcare niche and are open to the firm's hands-on Value Creation Team engagement model. Decision Process Council Capital is a traditional partnership model with full investment team and CEO Council input. Decisions are made by the Investment Team in partnership, with no disclosed solo GP structure. The firm has a long history (25+ years) with systematic deal screening and active Board engagement. Conclusion Council Capital is a specialized, operator-centric healthcare PE firm with a proven 25+ year track record in the lower middle market. Their CEO Council model is a genuine differentiator — 34+ former healthcare CEOs who personally invested $140M+ and bring direct operating relationships at the highest levels of payers, providers, and services. They are actively deploying, have strong recent exit momentum, and represent a compelling partner for healthcare services and health IT companies with $10M–$100M enterprise value.