PNC Equity Partners II LP has acquired Apex Analytix, a firm that provides recovery audit services to more than a third of the Fortune 100.

Apex Analytix offers proprietary software to help its clients detect and recover payment errors. The Greensboro, N.C.-based company claims to have saved clients more than $2 billion in overpayments to date with its FirstStrike software and services.

"Our investment in Apex Analytix, with its highly differentiated product and service offering, reflects our strategy to invest in niche market leaders with sustainable competitive advantages,” said PNC partner Jack Glover (pictured) in a statement.

He and PNC senior associate Mike Hand will represent the firm on the Apex Analytix board of directors. Also serving on the board will be David Huebner, chairman of the Receivable Management Services Corp., formerly a PNC Equity Partner portfolio company with dynamics similar to Apex Analytix. Glover hopes to leverage Pittsburgh-based PNC’s experience with its earlier investments in managing its latest acquisition. Other board members include Apex Analytix CEO Michael Lustig and Apex Analytix president James Arnold.  

"We have a strong partner in PNC Equity Partners,” Lustig said. “Their team has demonstrated a deep understanding of all aspects of our services and software, the value delivered to our clients and our business model.  We look forward to working with our new board members as we launch into our next phase of growth.”

Senior debt for PNC’s acquisition of Apex was led by Union Bank andalso provided by TriState Capital Bank. Babson Capital Management LLCprovided subordinated debt, and Raymond James served as Apex’sfinancial advisor in the transaction. 

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