Edgemont closes transaction for a leading payor services provider specializing in healthcare subrogation services
Edgemont Partners ("Edgemont"), a premier healthcare investment bank and a leading M&A and capital raising advisor exclusively serving healthcare companies, announced that it acted as exclusive financial advisor to Benefit Recovery Group ("BRG") in its recapitalization with Abry Partners ("Abry"). The terms of the transaction, which closed on October 16, 2020, were not disclosed. Edgemont’s deal team included Jeff Swearingen, Managing Director, Patrick Bradley, Director, Associate, Daniel Smallegan, and John O’Malley, Analyst.
BRG is a leading tech-enabled payor services provider, offering subrogation and compensation recovery services to health plan administrators and many of the largest Fortune 500 employers in the United States. Headquartered in Memphis, Tennessee, BRG provides significant cost savings for its clients through a data driven and scalable approach. The Company’s innovative and unique business model employs a "Zero Contact" process that has been highly successful and is nationally recognized.
"Investor interest in differentiated business models in the payor services industry remains very strong. The founders and senior management of BRG have built an excellent platform that will continue to innovate and lead the evolution of the subrogation process. We believe the partnership with Abry is a tremendous fit and that it will accelerate BRG’s already impressive growth," said Jeff Swearingen.
Tom Lawrence, BRG’s Chief Executive Officer, commented, "Edgemont’s insights, intelligence and teamwork delivered an outstanding outcome for BRG. We’re grateful for their dedication and commitment to providing best-in-class services, while ensuring we found the best partner for our business. Their invaluable guidance and deep healthcare domain expertise is first-rate."
Abry Partners, a leading Boston-based private equity firm that manages over $5 billion of capital, has significant experience investing in payor services businesses and will look to leverage their knowledge to drive significant future growth for BRG. T.J. Rose, Partner at Abry, commented, "We are incredibly excited to partner with BRG. As the environment for insurance services becomes increasingly complex, we believe BRG’s outstanding management team, data and technology driven approach, and focus on customer service will uniquely position the company to expand its role as a leading subrogation provider to large employers."
Tom Lawrence, Chief Executive Officer of BRG, commented, "I am looking forward to the next chapter of our future with Abry Partners. They have a successful track record of blending their capital and investment expertise with experienced operators to build strong and growing businesses. The senior management team and I look forward to working closely with Abry and leveraging their healthcare and insurance expertise, extensive network and financial prowess as we continue to grow BRG."
About Benefit Recovery Group
Benefit Recovery Group provides a significant cost savings by recovering dollars owed back to clients through health plan subrogation and compensation recovery services. For more than two decades, we have differentiated ourselves by offering superior legal expertise and negotiating leverage, significantly increased recoveries, a member-friendly process, a first-class customer experience, unmatched technology, and continuous innovation. Our clients now include plan administrators and many of the largest Fortune 500 employers in the United States.
About Abry Partners
Since its founding in 1989, Abry has focused on media, communications, business and information services to become one of the most experienced private equity firms investing in North America and Europe. Abry’s funds are deployed by our close-knit and diverse team of professionals, most of whom have built their careers at the firm.
About Edgemont Partners
Now in its 20th year, Edgemont ranks among the most active and best performing independent healthcare M&A and financial advisors in the U.S. We focus solely on providing expert strategic advice and transaction execution to healthcare and life sciences companies, bringing a steadfast commitment to our clients, driven always to prioritize their best interests. Edgemont’s principals have executed 160+ transactions with an aggregate value of $62 billion+.
Investment banking services are provided by Edgemont Capital Partners, LP, a registered broker-dealer and member of FINRA and SIPC.
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