Corsair Capital has made an investment in Kansas City, Missouri-based Spring Venture Group, a digital insurance platform in the senior healthcare market. No financial terms were disclosed. Evercore was strategic and financial adviser to Spring while Guggenheim Securities provided strategic and financial advice to Corsair.
Kansas City and New York, July 2, 2018 – Spring Venture Group (“Spring” or the “Company”), a leading digital insurance platform in the senior healthcare market, today announced that Corsair Capital (“Corsair”) has made a strategic investment in the Company. The partnership with Corsair will fuel the continued expansion of Spring, which has tripled its employee base to more than 600 in the last two years.
Founded in 1992 with offices in New York and London, Corsair is one of the longest-standing private equity firms focused on the financial services industry. Corsair joins Five Elms Capital, a leading growth investor and Spring founding member, as a minority shareholder in the Company.
Spring operates as a strategic distribution partner to leading Medicare Supplement and Medicare Advantage insurance carriers through its digital presence and dedicated team of insurance advisors. Over the last eight years, Spring has developed a highly-differentiated technology platform that combines sophisticated marketing, lead generation, comparison shopping, sales execution, and post-enrollment customer engagement to create an invaluable distribution channel for its insurance carrier partners.
“We are in a phenomenal position to continue supporting seniors as they choose the best healthcare insurance coverage to fit their individual needs,” said Chris Giuliani, CEO of Spring. “Corsair’s strong understanding of the financial services industry, deep sector relationships, and track record of successfully partnering with management teams at rapidly scaling companies will be invaluable as we grow our core Medicare business and expand into adjacent markets.”
“The Spring team brings tremendous sales and digital expertise to the fast growing, $200 billion senior healthcare market,” said James Kirk, Managing Director of Corsair. “Spring is changing the distribution landscape for insurance carriers using highly-targeted digital marketing channels, which produce greater customer lifetime values through enhanced satisfaction and renewal rates. Corsair is excited to work with the Spring team and with Five Elms Capital as the Company embarks on its next stage of growth.”
“Spring’s customer-focused advisory and comparison shopping platform empowers seniors to make an informed decision about their healthcare needs,” added Jeremy Schein, Managing Director of Corsair. “Given the Company’s rapid growth trajectory and history of pioneering innovative digital solutions, we see compelling opportunities ahead for Spring.”
Tony Ling, Principal at Corsair said, “Spring has built a strong, employee-centric culture that allows the firm to deliver enormous value to seniors, its insurance carrier partners, and its community. We look forward to collaborating with management on ways to further enhance its market leading offering.”
As part of the transaction, Corsair representatives will join Spring’s Board of Directors. The Company’s existing management team will continue to manage day-to-day business operations. Financial terms of the transaction were not disclosed.
Evercore acted as strategic and financial advisor and Husch Blackwell acted as legal counsel to Spring. Guggenheim Securities acted as strategic and financial advisor and Simpson Thacher & Bartlett acted as legal advisor to Corsair.
About Spring Venture Group
Spring Venture Group is a leading digital direct-to-consumer sales and marketing company with product offerings focused on the senior market. Founded in 2010, the Company specializes in distributing Medicare Supplement, Medicare Advantage, and related products via its digital presence and dedicated team of insurance advisors. Spring has developed a highly-differentiated technology platform that combines sophisticated marketing, lead generation, comparison shopping, sales execution, and post enrollment customer engagement to create an invaluable channel for its insurance carrier partners. Spring’s deep senior market expertise and technology-enriched sales approach are complemented by its data-driven operational and workflow insight. The Company employs over 600 professionals and is headquartered in Kansas City, Missouri.
About Corsair Capital
Corsair Capital LLC, which includes a highly regarded private equity platform, is a leading investor in the financial services industry. Corsair Capital has invested in substantially all of the subsectors of the financial services industry including wealth & asset management, payments & financial technology, services, insurance and banking & specialty finance. Since inception, Corsair has led or co-led $8 billion of private equity investments.