published on November 9, 2020 - 2:02 PM
Written by The Business Journal Staff

Fresno-based HealthComp — the largest independent third-party administrator of health care benefits in the U.S. — announced it has entered a partnership with New Mountain Capital, a New York investment firm with $28 billion in assets under management.

The terms of the transaction by New Mountain Capital were not disclosed, though HealthComp’s CEO and management team will remain in place, according to a news release. New Mountain Capital purchased HealthComp from San Francisco private-equity firm Alpine Investors.

“HealthComp is dedicated to transforming benefits management into an experience that employees and employers love, and we are excited to partner with New Mountain Capital to recognize our full potential as a market leader,” said HealthComp CEO Jose Rivero. “We expect to benefit from the team’s deep sector knowledge, growth-oriented philosophy, and highly relevant industry relationships, to set the stage for our continued growth acceleration. We thank Alpine Investors for their fantastic partnership, and we look forward to continuing to build the HealthComp platform with the support and strategic guidance of New Mountain Capital.”

Founded in 1994 and headquartered in Fresno, HealthComp serve more than 400,000 members in the self-funded employer industry. It has offices in Fresno, Illinois, West Virginia and Pennsylvania.

“HealthComp’s strong track record of cost containment and unwavering commitment to improving clinical outcomes for employee populations creates the opportunity to build a leading, scaled platform in an attractive, growing market with significant upside potential,” said Matt Holt, managing director and president of private equity at New Mountain Capital. “New Mountain Capital’s deep experience in healthcare cost containment will allow HealthComp to capitalize on an unparalleled opportunity to leverage institutional knowledge to drive business building and increase value for customers.”

TripleTree LLC served as exclusive financial advisor and Wilson Sonsini served as legal counsel to HealthComp in the transaction. Ropes & Gray LLP provided legal counsel to New Mountain.

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