Connecticut, US-based online insurance marketplace HealthPlanOne, Inc. and Peloton Equity, LLC have agreed to terms with Lightyear Capital LLC for a recapitalisation of the company, giving Lightyear's affiliated investment funds an indirect controlling stake in HPOne, the company said.
Lightyear's affiliated investment funds will acquire a majority stake in HPOne from Peloton, management and members of the board, and the transaction will invest cash into HPOne to support future growth and strategic objectives.
Existing shareholders will retain a significant ownership stake in the company. Financial terms of the transaction were not disclosed. The transaction is expected to close in July 2020.
Baird served as the exclusive financial advisor to HPOne and Peloton with respect to this transaction. Goodwin Procter LLP acted as legal advisor to HPOne and Lowenstein Sandler LLP acted as legal advisor to the company's management team.
Peloton Equity, LLC is a Connecticut-based private equity firm that focusses exclusively on growth capital investments in the healthcare industry.
Lightyear Capital LLC is a financial services-focussed private equity firm based in New York.
HPOne is a technology-enabled platform and online marketplace delivering end-to-end, direct-to-consumer enrollment solutions focussed exclusively on the high-growth Medicare insurance market.
Hub International Acquires Seven Firms in Michigan, USA
SOCOTEC USA Acquires Code Consulting and Permit Expediting Firm Conversano Associates
GritCo Acquires US Software Developer Codesmith
R Systems Acquires India-Based Velotio to Deepen Product Engineering Capabilities
Finsemble Merges with Glue42 to Form interop.io to Strengthen Interoperabiity in Capital Markets
TreeHouse Foods to Acquire Farmer Brothers Texas Facility for USD 100m
AES Acquires 2 GW Bellefield Solar-Plus-Storage Project
Productlife to Merge with Pharma D&S Group to Expand Geographic Footprint in Italy
Interopay Acquires Rewardworks to Strengthen Position in B2B Payment Market
Cordata Acquires MedReportGuard to Expand Positive Impact on High-Risk Populations
GrowthCurve Capital Acquires Netchex to Accelerate Growth in Data Analytics and AI
SoftServe Acquires Hoverstate to Serve Growing Client Base
Southpaw Acquires Taco Bell Portfolio in Atlanta Area to Expand in Southeast