Leading Private Equity Firm Provides Financial Platform to Accelerate Company’s Participation in Consumer Directed Healthcare
ORLANDO, FL – October 16, 2006 – Connextions, Inc. today announced that New Mountain Partners II, L.P., a private equity fund sponsored and managed by New Mountain Capital LLC, has made a significant equity investment in the company.
Over the past decade, Connextions has provided technology-based business solutions delivered from its proprietary customer data-driven platform for a long list of America’s best-known companies, including Federal Express, Mercedes Benz and UnitedHealth Group. Earlier this year, the company established operations in North Carolina – its first expansion outside of Florida.
Through its Connextions Health operations, the company has leveraged its technological and Customer Relationship Management (CRM) capabilities to earn a leadership position in the rapidly emerging Consumer Driven Healthcare (CDH) movement in the United States.
Announcing the investment, New Mountain’s Founder & CEO Steven Klinsky said, “In addition to its scalable business solutions and strong position within the healthcare industry, we are impressed with the excellent and longstanding client relationships Connextions has established. Our reference calls to Connextions clients confirmed that this company consistently delivers on its promise to provide clients with tangible enterprise-wide value. We believe Connextions is an outstanding business poised for continued significant growth, and we are proud to be partners with Jack LeFort and his team and to help build the business going forward.”
Mr. Klinsky noted that there are no plans to change Connextions’ market strategy, operations, or staffing levels as a result of New Mountain’s investment. Connextions’ Founder, Chairman & CEO Jack LeFort will remain in his current capacity, and he will be joined on the board of directors by Steven Klinsky, Michael Ajouz and Doug Londal, all members of New Mountain.
Mr. LeFort said, “New Mountain will provide Connextions with the long-term financial and intellectual capital necessary to take advantage of the significant new opportunities in healthcare. This support and direction will enable us to expand our capabilities to aggregate and analyze patient data, wellness content and financial information into a single, coherent resource for all healthcare industry participants.”
According to Mr. LeFort, “New Mountain believes in our culture, our management, and the significant potential of our marketplace. This transaction provides the runway for growth that will enable Connextions to continue in its position of leadership and innovation as the health care industry undergoes the most important changes of the past 50 years.”
About New Mountain Capital:
New Mountain Capital, LLC is a New York-based private equity firm investing for long-term capital appreciation through direct investment in growth equity transactions, leveraged acquisitions and management buyouts. New Mountain seeks out the highest quality growth leaders in carefully selected industry sectors, and then works intensively with management to build the value of those companies. New Mountain’s website is www.newmountaincapital.com.
Founded in 1992, Connextions and Connextions Health’s 1,800 professionals provide technology based business solutions for a long list of America’s best-known corporate and healthcare organizations. The company is a leader in the emerging field of Consumer Directed Healthcare (CDH). Additional information on the web can be found at www.connextions.com and www.connextionshealth.com.
For further information:
Gordon G. Andrew
Senior Vice President, Connextions, Inc.
(609) 987-0200 [email protected]