New York, NY – December 12, 2018 – Remedy Partners today announced it has entered into agreements securing an investment from New Mountain Capital, a leading private equity investment firm. The investment by New Mountain supports Remedy’s leadership role in the rapidly emerging health care bundled payments industry.
“New Mountain prides themselves on building great businesses”, said Steve Wiggins, Remedy’s Founder and Chairman. “They have built an impressive portfolio of leading health care companies, in sectors complementary to Remedy. We are excited to become a part of that family”.
The investment is a recapitalization in which early venture capital investors sold part of their stake to New Mountain, although all previous investors will remain shareholders. The transaction is expected to close in 30 to 60 days. New Mountain will hold four of seven board seats and take an active role in business development, M&A and strategic guidance.
“We believe Remedy Partners has the potential to transform how we pay for, buy, measure, and deliver health care,” said Matt Holt, Managing Director of New Mountain and head of their health care team. “They have laid the foundation to dramatically scale their business and we look forward to helping them achieve their potential.”
About Remedy Partners
Remedy delivers software and services enabling health insurers and health care providers to organize and finance health care around patient episodes of care. The Company’s bundled payment network serves Medicare and private insurers and manages over $9 billion of annual health spending.
About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under
management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management tobuild the value of these companies. For more information on New Mountain Capital, please visit nmcapdev.wpenginepowered.com.
Media Contact:
Remedy Partners, Inc
Phone: 203-541-4613
Contact: Millie Roa