Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie , DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 29.3.2022  
C(2022 ) 2084 final 
PUBLIC VERSION  
TowerBrook Capital Partners L.P.  
Park Avenue Tower, 19th Floor  
65 East, 55th Street  
NY 10022 New York  
United States of America  
 
New Mountain Capital, L.L.C.  
1633 Broadway , 48th Floor  
NY 10019 New York  
United States of America  
Subject : Case M. 10644 – TOWERBROOK CAPITAL PARTNERS / NEW 
MOUNTAIN CAPITAL / CLOUDMED SOLUTIONS / R1 RCM  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 4 March 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings TowerBrook Ca pital Partners L.P. (“TCP”, United States) and New 
Mountain Capital, LLC (“NMC”, United States),  will acquire within the meaning of 
Article 3(1)(b)  and 3(4)  of the Merger Regulation joint control over the whole of R1 
RCM, Inc. (“R1”, United States), curren tly ultimately controlled by TCP , and over the 
whole of Cloudmed Solutions LLC (“Cloudmed”, United States), currently controlled 
by NMC , by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 for TCP: providing investment opportunities to clients in large and middle 
market European and North American companies across a variety of sectors, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used t hroughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 120, 15.03.2022 , p. 26. 

2 including healthcare products and services, retail, luxury, financial services 
consumer goods, telecommunic ations, media, chemicals, knowledge services 
and selected industrial segments , 
 for NMC: managing private equity, credit and net lease capital globally across 
a variety of industries including healthcare, software, business services, 
information and data, l ogistics, financial services and environmental services,  
 for R1: providing technology -driven solutions to improve the patient 
experience and financial performance of hospitals, health systems and medical 
groups in North America,  
 for Cloudmed: providing rev enue intelligence solutions for healthcare 
providers in North America.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the Com mission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .