A leading global private equity investment firm H.I.G. Capital, LLC announced that it has completed the sale of its portfolio company MagnaCare, a New York and New Jersey’s top-notch regional Healthcare Network.
Based in New York, NY, MagnaCare is a leading health plan services company offering a broad range of healthcare administrative services and access to a proprietary provider network of approximately 95,000 individually contracted physicians, hospitals and other healthcare providers. MagnaCare currently provides services to approximately 850,000 members and manages approximately $1.5 billion of annual health care expenses.
After acquiring MagnaCare in 2010, H.I.G. partnered with management and invested significant resources in the Company to augment its infrastructure and further expand its service offering into the workers compensation and commercial markets. Through these investments, MagnaCare has grown to be one of the leading full service healthplan providers in the NY/NJ markets, generating significant revenue and EBITDA growth during H.I.G.’s ownership.
Tags: Private Equity, Private Equity firm, Private Equity group, Private Equity Company, Private Equity Fund, Private Equity investment, Private Equity investor, Fund of Fund, Private Equity business, Private Equity industry, PE, H.I.G. Capital, LLC, MagnaCare, New York, New Jersey, Healthcare Network, NY/NJ Markets, EBITDA.