BPV has completed a successful exit from Matrix Medical Network in a secondary buyout of the company to private equity firm Welsh, Carson, Anderson & Stowe. Matrix Medical Network is a provider of prospective health assessments for Medicare Advantage health plans. The company’s nurse practitioners provide in-home assessment services for more than 45 health plans and medical groups in 33 states.
Ballast Point Ventures is pleased to announce a successful exit from its investment in BPV I portfolio company, Matrix Medical Network (incorporated as Community Care Health Network, Inc.) in a sale of the Company to private equity firm Welsh, Carson, Anderson & Stowe. Matrix Medical Network is the country’s leading provider of prospective health assessments for Medicare Advantage health plans. The Company’s nurse practitioners provide in-home assessment services for more than 45 health plans and medical groups in 33 states. Matrix’s assessment process enables insurers and care providers to have a comprehensive understanding of their member’s health care needs – leading to better care and more effective management of medical conditions. BPV led the Company’s first institutional equity financing in February 2007 and provided additional growth equity in December 2008 in a financing led by Spring Bay Capital. Under the terms of the transaction, Ballast Point Ventures, Spring Bay and the other non-management investors sold their ownership stakes in the Company. Richard Brandewie, a Matrix Director and Managing Partner with BPV, remarked, “The sale of our interest in Matrix Medical Network marks the end of a very successful four and a half year investment for BPV. We are very appreciative of the outstanding job that Mike Quilty and his team did in building Matrix into a market leader. Mike and his team have created significant value for Matrix shareholders, their health plan customers and plan members. We are delighted that Welsh, Carson, Anderson & Stowe will be supporting Matrix going forward and will be working with the Matrix management team to continue to build the business.” Michael Quilty, Founder and CEO of Matrix Medical Network, commented, “We have greatly benefited from our partnership with Ballast Point Ventures, Spring Bay and our individual investors. Dick Brandewie’s active involvement on our Board and the consistent support and good counsel from Dick and his BPV colleagues were critical to our success in navigating very rapid growth. The Matrix team is looking forward to our partnership with Welsh, Carson, Anderson and Stowe as we take our Company to the next level.” About Ballast Point Ventures Ballast Point Ventures is headquartered in St. Petersburg, Florida and currently has $200 million in capital under management. BPV provides expansion capital to rapidly growing, privately owned companies across several industries, including health care, business and financial services, communications and consumer/retail. The partners of Ballast Point Ventures have invested in and supported more than 85 companies over the past twenty years. BPV seeks to partner with outstanding entrepreneurs and provide them with capital, an extensive network of successful entrepreneurs and key industry players, and a wealth of experience surrounding the opportunities and challenges facing rapidly growing companies. BPV closed on $140 million for Ballast Point Ventures II in 2009 and seeks to make $3 million to $10 million growth equity investments in companies with substantial operations in Florida, the Southeast and Texas.About Matrix Medical NetworkFounded in 2000, Matrix Medical Network provides prospective assessments for members of Medicare Advantage health plans and medical groups throughout the United States. The assessments are conducted by Matrix-employed nurse practitioners who visit plan members in their homes and in nursing care facilities. Through the Matrix assessment process, health plans and medical groups have a better understanding of their member’s medical needs – enabling them to better manage member care. The company’s strong market growth has been recognized by Inc. 500/5000 – ranking #98 in health care in 2010 and #53 in 2011.