Colbalt Ventures sells CompAlliance

Cobalt Ventures has sold CompAlliance, a workers compensation managed care services company. The buyer is Mitchell | Genex. No financial terms were disclosed. Bailey Southwell & Co provided financial advice to Cobalt Ventures on the transaction. Mitchell | Genex is a portfolio company of Stone Point Capital.

PRESS RELEASE

NASHVILLE, TN – (December 3, 2019) – Bailey Southwell & Co., a Nashville-based healthcare and tech-enabled services investment bank, is proud to announce it acted as exclusive financial advisor to Cobalt Ventures, LLC, the captive private equity subsidiary of Blue Cross and Blue Shield of Kansas City, in its sale of CompAlliance, LLC. A leading workers’ compensation managed care services company, CompAlliance will become part of Mitchell | Genex, a leader in technology solutions, medical cost containment, and disability management. Mitchell | Genex is a portfolio company of Stone Point Capital.

Bailey Southwell represented Cobalt Ventures earlier this year in its sale of MEDVAL, LLC to Brown & Brown, Inc. and was again engaged to lead Blue Cross and Blue Shield of Kansas City through their latest portfolio exit. In this recent transaction, Bailey Southwell leveraged its broad network and deep understanding of the managed care space to identify a buyer who would benefit from acquiring CompAlliance’s comprehensive service offering and proprietary PPO network, ushering the combined company through this next phase of growth.
CompAlliance offers a comprehensive end-to-end solution to its clients that delivers significant efficiency and cost savings by helping workers return to work as soon as medically appropriate. Through its proprietary PPO network in the Midwest, internal bill review team, and state-of-the-art technology, CompAlliance is uniquely positioned to provide comprehensive managed care services from the initiation of a claim to settlement.

This acquisition will give Mitchell | Genex greater reach into the Midwest and California markets, enabling the company to expand its case management services. The addition of CompAlliance’s bill review services and its extensive network of workers’ compensation providers in the Midwest region will also strengthen Mitchell | Genex’s position as a leading managed care provider in the industry.

“Bailey Southwell’s knowledge of the workers’ compensation and managed care services industries is unrivaled,” shared Jim Weir, President of CompAlliance. “Their understanding of the sector trends and opportunities enabled them to efficiently and effectively navigate our options, providing steady counsel and ultimately identifying the ideal home for the company, employees, and customers.”