Centerbridge Partners LP has agreed to make an investment in GoHealth LLC, a provider of direct-to-consumer sales, marketing and customer service solutions for health insurance providers. No financial terms were disclosed. The deal is expected to close in the fourth quarter of this year.
NEW YORK & CHICAGO–(BUSINESS WIRE)–Centerbridge Partners, L.P. (“Centerbridge”), a leading multi-strategy private investment firm, today announced that it has entered into a definitive agreement to make a significant investment in GoHealth, LLC (“GoHealth” or the “Company”), a leading provider of direct-to-consumer sales, marketing and customer service solutions for health insurance providers. The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions.
Using diversified distribution channels, GoHealth efficiently connects consumers with insurance carriers in the Medicare, Individual & Family, and Small Group markets. Its online platform, enhanced by prospect generation expertise, proprietary algorithms, business analytics, and deep technology integrations, enables carriers to both lower their marketing spend and improve customer acquisition and retention. As one of the leading providers of Medicare Advantage products in the direct-to-consumer channel, GoHealth is ideally positioned at the intersection of several favorable market trends. The Company was founded in 2001 by Brandon Cruz and Clint Jones, who will continue to lead the business and retain an ownership stake in the Company following the completion of the transaction.
“GoHealth is a highly differentiated industry-leader operating in rapidly expanding markets with a demonstrated track record of successfully entering new market segments and driving consistent growth,” said Jeremy Gelber, Senior Managing Director at Centerbridge. “In bridging the gap between consumers and insurance carriers, the Company provides an innovative and highly scalable service to its broad network of healthcare relationships. GoHealth will be a compelling addition to our investment portfolio, and we look forward to working with its world-class team, led by its accomplished co-founders, in the Company’s next phase of growth.”
Clint Jones, Co-Founder and CEO of GoHealth, said, “In the two decades since its founding, GoHealth has been committed to making health insurance accessible, affordable, and personalized for individuals across the country. Centerbridge’s significant investment, and extensive expertise in the healthcare and financial services sectors, will position GoHealth to improve its balance sheet, further invest in technology and innovation, and deepen market penetration for the benefit of our customers and the consumers they serve.”
Brandon Cruz, Co-Founder and President of GoHealth, added, “GoHealth is a leading player in a large and rapidly growing market, uniquely positioned to capitalize on the significant opportunities ahead. We are poised to benefit from secular industry trends driving growth in the Medicare Advantage segment, including new consumers aging into Medicare and seniors’ increasing propensity to buy healthcare plans online. We are excited to be partnering with Centerbridge, and to lead GoHealth in the next chapter of our growth.”
Financial terms of the transaction were not disclosed.
GoHealth’s mission is to champion a healthier America by empowering consumers with education and choice. As a healthcare marketplace that provides consumers with quality coverage that meets their needs and fits their budgets, the company connects Americans to affordable insurance throughout every stage of their life.
Founded in 2001 by Brandon Cruz and Clint Jones, GoHealth combines technology, data science and deep industry expertise to match consumers with the healthcare policy and carrier that is best for them. The company partners with the nation’s top health insurance carriers as a trusted extension of their team, supplying them with scalable business solutions that allow them to focus on what they do best: provide health insurance. Based in Chicago, GoHealth has received numerous awards, including Deloitte Technology Fast 500 and Ernst & Young Entrepreneur of the Year.
About Centerbridge Partners, L.P. (“Centerbridge”)
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of June 30, 2019 has approximately $27 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.