Progressive Enterprises, a holding company owned by private equity firm Stone Point Capital and publicly traded Fiserv Inc., has acquired pharmacy benefit manager Progressive Medical. Financial terms of the deal were not released. Progressive Medical is based in Westerville, Ohio, and focuses on the workers’ compensation and auto no-fault markets. Progressive Enterprises was formed by Stone Point and Fiserv as a holding company for a portfolio of insurance services businesses. Stone Point is based in Greenwich, Conn.
Progressive Enterprises, a newly formed holding company for several insurance services businesses owned by affiliates of funds managed by Stone Point Capital and Fiserv, Inc., announced the acquisition of Progressive Medical, Inc. Based in Westerville, Ohio, Progressive Medical is a leading pharmacy benefit manager and ancillary services provider focused on the workers’ compensation and auto no-fault markets that was founded in 1986. David Bianconi, the founder of Progressive Medical, will continue in his role as Chairman of the company and will retain a significant ownership stake in the business. Mr. Bianconi commented, “I am delighted that our management team will continue to operate Progressive Medical under the Progressive Enterprises umbrella.
We remain committed to reducing the total cost of workers’ compensation claims for our clients, and, with the additional resources of Progressive Enterprises, we believe that we can deliver even more innovative solutions to the workers’ compensation and auto no-fault industries.”
About Progressive Medical, Inc.
Through a national network, Progressive Medical, Inc. offers cost management services and products to the workers’ compensation and auto no-fault insurance industries. Progressive Medical has invested more than 20 years of experience in developing innovative pharmacy management and ancillary solutions for its clients. By combining its clinical expertise with access to an expansive network of pharmacies, home health care service and medical equipment, Progressive Medical enables its clients to manage costs while providing quality care to injured parties. Learn more about Progressive Medical at www.progressive-medical.com.
About Progressive Enterprises Holdings, Inc.
Progressive Enterprises is a holding company that owns several insurance services business, including StoneRiver Insurance Solutions, Emerald Connect, FSC Solutions and StoneRiver Pharmacy Solutions. The businesses are operated as separate companies with independent management teams.
About Stone Point Capital
Stone Point Capital is a global private equity firm based in Greenwich, Connecticut. Stone Point serves as the manager of the Trident Funds, which have raised more than $10 billion in committed capital to make investments in the insurance, employee benefits and financial services industries. Stone Point has made a number of investments in the insurance claims services and workers compensation sectors, including GENEX Holdings, Sedgwick CMS and Cunningham Lindsey. For further information about Stone Point, see www.stonepoint.com.
About Fiserv, Inc.
Fiserv, Inc. (Nasdaq: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.