New Mountain Capital has acquired Convey Health Solutions, a healthcare tech and business process outsourcing provider, from Comvest Partners. No financial terms were disclosed. Houlihan Lokey served as financial adviser to Convey Health Solutions on the transaction.
West Palm Beach, FL, October 6th, 2016: Comvest Partners (“Comvest”) is pleased to announce that it has completed the sale of Convey Health Solutions (“Convey” or the “Company”), a specialized healthcare technology and business process outsourcing provider, to New Mountain Capital. Comvest acquired its original ownership stake in Convey in July 2009.
Convey Health Solutions provides comprehensive, technology-enabled solutions to clients that offer Medicare Prescription Drug Plans, Medicare Advantage Plans, and other related provider benefit programs. For nearly a decade, Convey has managed large-scale end-to-end health insurance processes for clients, including eligibility and enrollment processing, member services, premium billing, payment processing, reconciliation, and other related services.
Michael Falk, Chairman and Managing Partner at Comvest Partners, said, “Steve Farrell and the rest of Convey’s management team have been great partners. During our ownership period, we were able to transition the Company from principally a Medicare focused durable medical equipment company to a leading provider of technology solutions for government-sponsored health insurance plans due to management’s excellent execution. We firmly believe Convey is well-positioned to achieve continued success.”
“With Comvest’s support and financial stewardship, Convey’s business has grown significantly over the last few years,” said Steve Farrell, CEO of Convey. “We enjoyed working with the Comvest team and appreciate the strategic guidance they have provided to the company.”
Houlihan Lokey acted as exclusive financial advisor and Foley & Lardner acted as legal advisor to Convey Health Solutions in connection with the transaction.
About Convey Health Solutions:
Convey Health Solutions is a specialized healthcare technology and business process outsourcing firm that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. Through its centers in Florida, Arizona, Illinois, and the Philippines, Convey Health Solutions creates better business results and better healthcare consumer experiences on behalf of business customers and partners. The company’s clients include some of the nation’s leading health insurance companies and pharmacy benefit management firms. Their healthcare-focused teams help several million Americans each year to navigate the complex Part D Medicare and Medicare Advantage landscape. Learn more at www.ConveyHealthSolutions.com.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across North America. Since its founding in 2000, Comvest has invested $2.3 billion in over 140 companies. Today, Comvest’s funds have $2.3 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance.
For more information, please visit www.comvest.com.