Catamaran Corp. to acquire Healthcare Solutions
The transaction is expected to be complete in the second quarter of 2015, subject to fulfillment of customary closing conditions.
Healthcare Solutions provides integrated medical cost management solutions to over 800 customers in the workers’ compensation and auto liability markets through clinical and technology-based services.
"We are very pleased with our successful investment in Healthcare Solutions,” Jeff Fronterhouse, co-CEO and co-founder of Bravos, said. “The company has developed into a market-leading health services company delivering network product solutions and managed care services to the workers' compensation and auto liability markets.”
Healthcare Solutions’ revenues have grown from $80 million to approximately $450 million under Bravos’ ownership and partnership with management. Healthcare Solutions also has completed and integrated three strategic add-on acquisitions that broaden its products and services base.
“The transaction, which came about due to a pre-emptive approach made by Catamaran, will result in a great outcome for the company, management, and the shareholders,” Fronterhouse said. “We are particularly appreciative of the leadership team at Healthcare Solutions. They have done an outstanding job in building the company into a market leader, and we wish them continued success as part of Catamaran."
Weil, Gotshal and Manges, LLP, is serving as legal counsel to Healthcare Solutions, and Harris Williams and Co. and J.P. Morgan Securities, LLC, are serving as financial advisers.