TMCnet News
MultiPlan Announces Agreement To Be Acquired By Hellman & FriedmanNEW YORK, May 5, 2016 /PRNewswire/ -- MultiPlan, Inc., the industry's most comprehensive provider of healthcare cost management solutions, today announced that affiliates of Hellman & Friedman have entered into a definitive agreement to acquire control of the company from Starr Investment Holdings, LLC and Partners Group. Starr and Partners Group will retain minority investments in the company on behalf of their clients. Terms of the transaction were not disclosed. Founded in 1980, MultiPlan is the nation's largest provider of transaction-based solutions that reduce medical costs. The company uses technology, analytics and data to generate over $13 billion in savings annually for commercial, property and casualty, and government payers of medical claims. Its solutions reduce about 40 million medical bills annually through analytics- and network- based cost containment strategies, and analyze well over 300 million bills to identify opportunities for improved claims payment integrity. "As a technology-powered, data-driven, cost management company, MultiPlan is firmly committed to reducing the costs of medical claims," said Mark Tabak, Chief Executive Officer of MultiPlan. "We are equally vigilant in ensuring claims payment integrity for our clients, with a focus on identifying possible clinical waste and abuse. We are pleased to be partnering with Hellman & Friedman, an experienced investor in both healthcare and technology, and look forward to our next chapter with them." Mr. Tabak added: "Starr and Partners Group helped guide MultiPlan through a period of significant growth. We thank them for their contributions to our success, and welcome their continued support as investors." "MultiPlan is a trusted cost management partner to healthcare payers and providers through its unmatched network and analytics. Mark Tabak and the team have built an excellent business by delivering outstanding service and continually expanding solutions for clients," said Allen Thorpe, Managing Director at Hellman & Friedman. "We are thrilled to invest further to strengthen the Company's capabilities and expand its footprint." "Our partnership with MultiPlan, the culmination of a multi-decade relationship, has been a period of innovation highlighted by the continued development of its technology-enabled solutions allowing the Company to expand into new markets anddrive unprecedented growth," said Geoffrey Clark, Senior Managing Director of Starr Investment Holdings. "We are very proud of the impressive growth MultiPlan has achieved throughout our partnership and are delighted to have the opportunity to continue to support the business. The Company has strived to enhance and expand its offering and today contributes significantly towards easing pressure on national healthcare expenditures," said Joel Schwartz, Managing Director of Partners Group. As part of the transaction, GIC, Singapore's Sovereign Wealth Fund, and Leonard Green & Partners will invest alongside Hellman & Friedman. Barclays, Goldman, Sachs & Co. and Simpson Thacher & Bartlett are advising Hellman & Friedman. J.P. Morgan Securities LLC and Kirkland & Ellis LLP are advising MultiPlan and the seller. About MultiPlan, Inc. About Hellman & Friedman About Starr Investment Holdings, LLC About Partners Group To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/multiplan-announces-agreement-to-be-acquired-by-hellman--friedman-300264042.html SOURCE MultiPlan, Inc. |