Aergo Solutions LLC merges with Citadel Outsource Group, LLC


In June 2017, Aergo Solutions LLC (“Aergo”) and Citadel Outsource Group, LLC (“Citadel”), a portfolio company of Northstar Capital LLC (“Northstar”), announced that they have merged to create one of the preeminent revenue cycle technology and services firms in the United States.  Working with over 300 providers in 25+ states across the US, the combined firm, Aergo Citadel Services, has the scale and experience to help any healthcare provider tackle their revenue cycle challenges.

The vision of Aergo Citadel Services is to be the partner of choice to all healthcare providers for their critical revenue cycle management needs.  The company solves problems through a customized mix of services, consulting and technology that can change over time to meet clients’ evolving needs.

​In conjunction with the merger, additional financing was provided by Deerpath Capital Management, LP and Northstar Mezzanine Partners V, LP.

BCMS Capital Advisors LLC acted as exclusive financial advisor and Ballard Spahr LLP acted as legal counsel to Aergo.  Briggs and Morgan, P.A. acted as legal counsel to Citadel.


Aergo is a leading provider of healthcare revenue cycle management services and technology.  Its products and services support a wide range of revenue cycle processes, including accounts receivable management, clinical and technical denials recovery and managed care contracting.


Citadel serves as the outsourced business office for its clients, providing routine billing services after patient discharge and collection of aged receivables from insurance companies or government payors.


Founded in 1993, Northstar manages 6 separate partnerships with more than $1 billion in commitments, investing in more than 80 transactions. Our exclusive business is junior capital.  For additional information about Northstar, please visit


Deerpath Capital Management, LP is a leading provider of senior debt financing to lower middle market companies across diverse industries. Since inception in 2007, the firm has completed nearly 200 investments, deploying over $1.4 billion of invested capital across a broad range of investment products and transaction types. Visit to learn more.


BCMS is a family-owned boutique investment bank that specializes in advising owners of middle-market companies on sale transactions. Founded in the UK in 1989, the Firm has 260+ professionals operating from offices worldwide, including the United States, United Kingdom, Switzerland and Israel. BCMS has successfully completed more than 600 transactions globally in the past ten years, making us one of the world’s leading sell-side advisors to private companies.

About the author

+ posts

BCMS is a boutique, international investment bank.  We specialize in advising owners of private businesses who are considering a sale of all or part of their company.