New Mountain Capital LLC has acquired a majority of OneDigital Health and Benefits. Financial terms weren’t announced. Fidelity National Financial Ventures is the seller. OneDigital, of Atlanta, is an employee benefits-only company. TripleTree advised OneDigital.
ATLANTA–(BUSINESS WIRE)–OneDigital Health and Benefits (“OneDigital”), the nation’s largest employee benefits-only company, announced today that it signed a definitive agreement to partner with New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm headquartered in New York City. New Mountain is acquiring the majority ownership position from Fidelity National Financial Ventures (“FNFV”) and will provide strategic guidance and industry expertise to help drive OneDigital’s continued growth.
Adam Bruckman, president and CEO of OneDigital, said, “When seeking the right partner to support OneDigital’s future, we wanted a group that would be a great cultural fit and have proven experience in both healthcare and brokerage distribution. We have a tremendous opportunity in front of us, and are confident that New Mountain Capital is the ideal partner to help us execute our strategic plan and achieve long-term business growth with excellent financial returns.”
“We believe OneDigital is a truly unique platform within the insurance distribution sector, and have been impressed with the company’s exceptional culture and talent, best-in-class technology and systems, and proven leadership team,” said Robert Mulcare of New Mountain Capital. “OneDigital has a successful track record of delivering healthcare solutions and thought leadership to its customers, which is crucial to its success. The company has consistently grown organically and through acquisitions, and New Mountain is excited to help management execute on a strategy that has made it one of the best performing brokers in the U.S.”
Pete Masucci of New Mountain Capital added, “New Mountain pursued OneDigital, recognizing its potential to be a differentiated leader that spans the insurance, healthcare and human capital management industries. We admire the vision and accomplishments of the OneDigital leadership team and look forward to supporting the company’s accelerated growth plan. Our approach emphasizes growth and business building over financial engineering, and we believe this partnership will create significant value for all stakeholders including customers, partners and OneDigital employees.”
TripleTree acted as the exclusive financial advisor to OneDigital for this transaction. Closing is contingent on HSR clearance and is expected in the second quarter of 2017.
About OneDigital Health and Benefits
OneDigital, the nation’s largest company focused exclusively on employee benefits, combines people and technology to deliver the new generation of health and benefits. It provides fresh thinking ahead of the market, innovative approaches and market-leading solutions that give clients peace of mind. Serving companies of all sizes, OneDigital offers employers a sophisticated combination of strategic advisory services, analytics, compliance support, HR capital management tools and comprehensive insurance offerings. Headquartered in Atlanta, OneDigital has more than 900 employees throughout the country, serves 35,000 companies and manages nearly $4 billion in premiums. Formerly known as Digital Insurance and Digital Benefit Advisors, the company has been named to the Inc. 5000 List of America’s fastest-growing companies every year since the honor’s inception in 2007.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity and credit funds with approximately $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.