Council Capital said Sept. 6 that it sold Adva-Net to Paradigm Outcomes. Financial terms weren’t announced. Adva-Net, of Lakewood Ranch, Florida, provides an ancillary network for workers’ compensation claims for pain management, post-acute care and addiction recovery.
Nashville, TN, September 6, 2018 – Council Capital, a healthcare-focused private equity firm based in Nashville, TN, announced today that Adva-Net, the first investment in Council Capital III, has been sold to Paradigm Outcomes. Terms of the transaction were not disclosed.
Adva-Net, the nation’s leading ancillary network for high-acuity workers’ compensation claims for pain management, post-acute care and addiction recovery, has experienced exponential growth since its launch in 2012. Since Council Capital’s investment in 2015, Adva-Net has grown revenue annually by 166%, landing a spot as the fastest growing Health Sector company on the Inc. 5000 list in 2017 (and #13 Overall).
Council invested in Adva-Net alongside management, led by Chris Feeney (Chairman) and Ken Hannigan (CEO and President). The investment marked the second time Council Capital’s Eric Keen had partnered with Messrs. Feeney and Hannigan – they successfully partnered together previously with Universal SmartComp. Ken Hannigan, who joined the Paradigm senior management team at sale, commented, “We grew Adva-Net by applying a time-tested formula: exceeding our customers’ expectations by working hard, providing quality services, and developing long-lasting and dependable relationships. The team at Council allowed us the flexibility to execute our goals while providing support at every step of our path.”
Eric Keen, General Partner at Council Capital, added, “It has been a great pleasure to once again successfully partner with Chris and Ken, and to work with the entire Adva-Net team. Adva-Net is an excellent example of our strategy of partnering with a terrific management team in a company on the right side of change in healthcare. We wish them the best in the next chapter of the Adva-Net story, and we undoubtedly know that they will continue their track record of success.”
About Council Capital
Council Capital is healthcare-focused private equity firm based in Nashville, Tennessee. Council Capital leverages its unique CEO Council model to attract and support leading management teams and portfolio companies on the ‘right side’ of change in the healthcare industry – where growth will accelerate as cost pressure and quality demands increase. Council Capital targets control and minority investments with enterprise values between $10 million and $50 million. For more details, please visit www.councilcapital.com.