Written by The Business Journal Staff
A Fresno-based company that is one of the leading third-party administrators for health benefits in the country has acquired a Louisiana-based competitor.
HealthComp Holding Company LLC, parent company of Fresno-based HealthComp, announced the acquisition of the third-party administrator (TPA) and care management divisions of Gilsbar, based in Covington, Louisiana. The terms of the deal were not disclosed.
HealthComp itself was purchased by New Mountain Capital, a New York investment firm, in November 2020.
“HealthComp has chosen to invest in Gilsbar’s TPA because of its exceptional reputation, its outstanding market performance, and its high caliber of talent,” said Jose Rivero, CEO of HealthComp. “By combining the strengths of both our organizations, we’ll be able to deliver unmatched expertise and innovation in the field of health benefit administration, particularly in regard to healthcare cost containment, member engagement, and care management. In addition, Gilsbar’s geographic location will give HealthComp the local presence to better serve clients and brokers in the South and Southeast.”
Gilsbar’s TPA offers a fully-integrated approach to benefit plan administration, which includes sophisticated technology and personalized service, according to a news release. Through MedCom, Gilsbar’s in-house care management division, the company delivers care management programs that positively impact employee health and wellbeing. It has successfully provided clients with savings, process efficiencies and member satisfaction.
Gilsbar’s strong national presence and care management capabilities will move HealthComp one step closer to building a leading, national TPA of self-insured health plans.
“It’s a phenomenal fit – both HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise, and technological advancements,” said Ryan Haun, CEO and President of Gilsbar Holdings, LLC. “HealthComp’s financial and operational support will enable additional investment in technology and enhanced service offerings. Additionally, HealthComp will bring its leading-edge technology and capabilities to Gilsbar clients, including a proprietary analytics platform and digital tools. More importantly, we remain committed to delivering the same level of service our clients have come to expect and rely on.”
Moving forward, HealthComp and Gilsbar will work together to enhance products, services, and support for their customers.
Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional liability and commercial insurance products to attorneys, CPA’s and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern US as a full-service benefits brokerage house to employer and association groups.
Chicago-based financial services company Mesirow served as exclusive financial advisor to Gilsbar in the transaction.