TPG Capital, the private equity platform of global alternative
asset firm TPG, announced today it has acquired Convey Health
Solutions (Convey), a leading provider of technology-enabled and
advisory solutions for health plans, from New Mountain Capital (New
Mountain). As part of the transaction, Convey management and other
select stakeholders will remain invested in the company. Financial
terms of the transaction were not disclosed.
Convey offers a broad range of value-added services to health
plans. The company offers a full suite of outsourced administrative
solutions and services that help government-sponsored health plans
– including Medicare Advantage, Medicare Part D, and Employer Group
Waiver Plans – simplify business processes, ensure compliance, and
optimize member interactions. In addition to plan management,
Convey leverages its technology and service offering to provide
industry-leading, end-to-end supplemental over the counter (OTC)
benefit administration services. Convey also provides best-in-class
healthcare advisory services and data analytics, which help its
customers identify revenue gaps and drive cost savings.
“Our proprietary technology and highly-skilled team are creating
and driving compliant, innovative, and comprehensive approaches to
serving our clients,” said Stephen Farrell, CEO of Convey.
“Partnering with TPG will help fuel our next stage of growth. Their
industry expertise, ability to identify acquisition targets, and
deep understanding of how to build and operate leading healthcare
platforms make TPG a great fit for Convey. We want to thank New
Mountain for their strong support throughout our partnership and
the important role they played in helping us transform the company
into to a technology-based market leader.”
“As long-term investors, we are focused on partnering with great
management teams that are innovating in high-growth sectors that
add efficiency to the broader healthcare ecosystem,” said Todd B.
Sisitsky, Co-Managing Partner of TPG Capital. “Convey fulfills this
mandate, providing integrated and intuitive solutions to health
plans to propel their businesses in important areas such as
Medicare Advantage. We are impressed by Convey’s industry insights,
strong customer relationships, and excellence in compliance, and
look forward to working with Steve and the team to continue to grow
the business.”
Convey and TPG also announced today that current Board member
Dr. Sharad Mansukani will take on the role of Chairman of the Board
of directors. Prior to joining TPG as Senior Advisor, Dr. Mansukani
served as Senior Advisor to the Administrator for CMS, Vice
Chairman of HealthSpring (MA Plan), and on the boards of IASIS
Healthcare, Surgical Care Affiliates, Kindred Healthcare, Par
Pharmaceutical, EnvisionRx, and IMS Health.
“Dr. Mansukani is widely respected for his breadth of experience
in the healthcare industry. I am delighted to welcome him as
Chairman and look forward to working with him and the team at TPG
to expand our core business and find new acquisition
opportunities,” commented Mr. Farrell.
“I’ve had the privilege of knowing the teams at TPG and Convey
for 15 years,” said Dr. Mansukani. “Each possess a unique level of
domain expertise and market insight that together, will generate
exciting opportunities for growth and innovation. I’m pleased to
join the Convey team, and look forward to supporting the
partnership in my new role as Chairman.”
Healthcare is a core focus for TPG. The firm is one of the most
experienced investors in the industry, with select current and past
investments including Allogene Therapeutics, Aptalis, AskBio,
EnvisionRx, Exactech, Fenwal, IQVIA (formerly QuintilesIMS),
Kadiant, Kindred Healthcare and Kindred at Home, Par
Pharmaceutical, Surgical Care Affiliates, and WellSky.
“During our ownership tenure from 2016 to 2019, New Mountain
supported the transformation of Convey into a cutting-edge
healthcare technology provider. From our initial investment in
Convey, and through the strategic acquisitions of Gorman Health,
Healthscape Advisors, and Pareto Intelligence that created a market
leader, we are proud to have worked with Steve and the entire
Convey management team,” said Matt Holt, Managing Director and
Deputy Head of Private Equity at New Mountain. “We are confident
that management will continue to build on their momentum and
success going forward.”
Barclays and Goldman Sachs & Co. LLC acted as financial
advisors to Convey, and Ropes & Gray LLP served as legal
counsel. Davis Polk & Wardwell LLP served as legal counsel to
TPG.
About Convey Health Solutions
Convey Health Solutions and its affiliate companies HealthScape
Advisors, Pareto Intelligence and the Gorman Health Group, is a
specialized healthcare technology and services company that is
committed to providing clients with healthcare-specific, compliant
solutions utilizing technology, expert advisory, and analytics. The
Company’s administrative solutions for government-sponsored health
plans help to optimize member interactions, ensure compliance, and
support end-to-end Medicare processes. By combining its
best-in-class, built-for-purpose technology platforms with
dedicated and flexible business process solutions, 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 plans and pharmacy benefit management firms. Their
healthcare-focused teams help several million Americans each year
to navigate the complex Medicare Advantage, Part D and Employer
Group Waiver landscape. To learn more please visit
www.ConveyHealthSolutions.com.
About TPG
TPG is a leading global alternative asset firm founded in 1992
with more than $108 billion of assets under management and offices
in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston,
London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San
Francisco, Seoul, and Singapore. TPG’s investment platforms are
across a wide range of asset classes, including private equity,
growth equity, real estate, credit, and public equity. TPG aims to
build dynamic products and options for its investors while also
instituting discipline and operational excellence across the
investment strategy and performance of its portfolio. For more
information, visit www.tpg.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that
emphasizes business building and growth, rather than debt, as it
pursues long-term capital appreciation. The firm currently manages
private equity, public equity, and credit funds with over $20
billion in assets under management. New Mountain seeks out what it
believes to be the highest quality growth leaders in carefully
selected industry sectors and then works intensively with
management to build the value of these companies. For more
information on New Mountain Capital, please visit
www.newmountaincapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190905005550/en/
Media: Convey Health Solutions Timothy Fairbanks
Chief Financial Officer TFairbanks@ConveyHS.com 954-903-5018
New Mountain Capital Dana Gorman Abernathy MacGregor
dtg@abmac.com 212-371-5999
TPG Luke Barrett Global External Affairs media@tpg.com
415-743-1550