Summit Partners has invested $95 million in San Francisco-based Healthline Media, a consumer health info site. In addition to the investment, Dr. Craig Frances, MD, a managing director at Summit Partners, has been added to Healthline’s board of directors. Houlihan Lokey and Morgan Lewis advised Healthline on the transaction while Kirkland & Ellis LLP did likewise for Summit.
SAN FRANCISCO, CALIFORNIA — Healthline Media – the fastest growing consumer health information site – today announced that it has partnered with global growth equity investor Summit Partners to advance the company’s mission to be the most trusted resource in the pursuit of health and well-being. Under the terms of the agreement, Healthline’s media business will be established as a standalone entity with David Kopp, former general manager of Healthline Media, as CEO.
“Healthline Networks built two very successful businesses in the media and healthcare technology markets,” said Dean Stephens, CEO of Healthline Networks. “After launching the Talix business earlier this year, we sought an investor to separately capitalize Healthline Media, enabling David and his team to pursue a more rapid growth rate and achieve their vision of becoming the leading source of high quality consumer healthcare information on the internet.”
Today’s news comes at a time of tremendous growth for Healthline’s flagship site, Healthline.com, which offers medically reviewed clinical content that is authoritative, approachable and actionable. Over the last two years, Healthline.com has been the fastest growing health information site and now has 22 million monthly U.S.-based users and 40 million monthly global visitors (source: comScore, November 2015). Healthline is currently the fourth-largest health information source and, with growth over 8x that of its major competitors, it aims to become the market leader.
“As a physician, I recognize that Healthline’s success is anchored in quality content and a passion for improving users’ lives,” says Craig Frances, MD, a Managing Director with Summit Partners who will join the company’s Board of Directors. “With an infusion of funds, Healthline will have the resources to amplify its success and realize its mission to be the most trusted ally for millions of health seekers across demographics and digital devices.”
“Our 70% year-over-year traffic growth demonstrates that consumers want something more in their pursuit of better health,” says David Kopp, CEO of Healthline. “The funding from Summit Partners will enable us to make significant investments in the content development and social media programs that have fueled our recent growth and to broaden our offering to include new media types, platforms and adjacent categories.”
Healthline Networks was advised on the transaction by Houlihan Lokey and Morgan Lewis. Summit Partners was advised by Kirkland & Ellis LLP.
About Healthline Media
Healthline Media is a San Francisco, CA-based company that provides health and wellness information to consumers through its website, Healthline.com. The company’s mission is to be its users’ most trusted ally in their pursuit of health and well-being. Healthline.com, which is the fourth largest and fastest-growing consumer health information site, offers medically reviewed clinical content that is authoritative, approachable and actionable. The privately held company is headquartered in San Francisco with offices in New York, NY. For more information please call 415.281.3100 or visit Healthline.com.
About Summit Partners
Summit Partners provides growth equity to exceptional entrepreneurs and management teams. Founded in 1984, the firm is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in healthcare and life sciences, technology and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable healthcare and media companies backed by Summit Partners include Answers, HealthCare Partners, Lincare, MEDNAX, Modernizing Medicine, National Veterinary Associates and Solutionreach. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at@SummitPartners.