M&A Deal Summary

Cigna Acquires Home Physicians Management

On September 3, 2013, Cigna acquired healthcare services company Home Physicians Management from Triton Pacific Capital Partners and Triangle Capital

Acquisition Highlights
  • This is Cigna’s 4th transaction in the Healthcare Services sector.
  • This is Cigna’s 7th transaction in the United States.
  • This is Cigna’s 1st transaction in Illinois.

M&A Deal Summary

Date 2013-09-03
Target Home Physicians Management
Sector Healthcare Services
Buyer(s) Cigna
Sellers(s) Triton Pacific Capital Partners
Triangle Capital
Deal Type Add-on Acquisition
Advisor(s) Raymond James - Investment Banking (Financial)

Target

Home Physicians Management

Chicago, Illinois, United States
Home Physicians Management, LLC, doing business as Alegis Care, is a multi-specialty, physician-led medical health services organization dedicated to delivering high quality medical services for homebound Medicare, Medicaid and Commercial Insurance patients Through our various care management programs, we deliver high quality, cost-effective health services ranging from direct patient care for the chronically ill, transitional care from hospital to home, targeted chronic care management programs and comprehensive health assessments for health plans.

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Buyer(S) 1

Buyer

Cigna

Bloomfield, Connecticut, United States

Category Company
Founded 1792
Sector Healthcare Services
Employees70,325
Revenue 195.2B USD (2023)
DESCRIPTION
Cigna office in Pittsburgh, Pennsylvania.
Cigna office in Pittsburgh, Pennsylvania.

Cigna is a health services organization. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance. Cigna dates back to 1792 and is based in Bloomfield, Connecticut.


DEAL STATS #
Overall 10 of 14
Sector (Healthcare Services) 4 of 5
Type (Add-on Acquisition) 7 of 11
State (Illinois) 1 of 1
Country (United States) 7 of 10
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-10 Great American Supplemental Benefits Group

Austin, Texas, United States

Great American Supplemental Benefits offers an array of quality, competitive products that are specifically designed for the work site market and offers the benefits and features most important to today’s employees. Employees who purchase supplemental health and life products through us are not only buying insurance, but also peace of mind.

Buy $305M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-26 QualCare Alliance Networks

New Jersey, United States

QualCare, Inc., provider-sponsored, managed care company; Qual-Lynx, a workers’ compensation managed care provider and multi-state third party administrator for property, casualty and workers’ compensation.

Buy -

Seller(S) 2

SELLER

Triton Pacific Capital Partners

Los Angeles, California, United States

Category Private Equity Firm
Founded 1996
Size Small
Type Sector Agnostic
DESCRIPTION

Triton Pacific Capital Partners is a private equity firm focused on investing in US based small to mid-size growth companies. Triton looks to invest $5 to $15 million in companies generating $2 to $10 million of EBITDA. Sectors of interest include healthcare services, software, IT, business services, consumer products, light manufacturing, logistics, and value-added distribution. Prospective transaction situations include recapitalizations, management buyouts, growth capital financings, divestitures, and shareholder liquidity needs. Triton Pacific Capital Partners was formed in 1996 based in Los Angeles, California.


DEAL STATS #
Overall 2 of 9
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 1 of 6
State (Illinois) 1 of 1
Country (United States) 2 of 9
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-16 Aisthesis

Bethesda, Maryland, United States

Aisthesis provides anesthesiology services to Ambulatory Surgery Centers (ASCs) in the greater Washington D.C. metro area. ASCs perform minor surgeries and medical procedures that would otherwise be performed in hospitals at greater cost and less convenience. Anesthesia's board-certified anesthesiologists perform their services with drugs that produce fewer side effects to patients resulting in shorter recovery times and increased facility utilization for the ASCs.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-24 Blue Bridge

Reston, Virginia, United States

Blue Bridge is a provider of small business financing solutions, with a focus on equipment loans and vendor funding programs on a nationwide basis. Blue Bridge was founded in 2009 and is based in Reston, Virginia.

Buy -
SELLER

Triangle Capital

Raleigh, North Carolina, United States

Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 11 of 72
Sector (Healthcare Services) 1 of 4
Type (Add-on Acquisition) 6 of 34
State (Illinois) 1 of 3
Country (United States) 11 of 71
Year (2013) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-15 Eagle Infrastructure Services

Houston, Texas, United States

Eagle Infrastructure Services provides third-party inspection services for the maintenance of oil and natural gas transmission, distribution, midstream and gathering lines, and other critical infrastructure. Other infrastructure includes refinery, power plant, compressor and pump stations, and mechanical integrity projects. A-C also offers complementary, specialized nondestructive and qualification services across the entire spectrum of the industry. Eagle Infrastructure Services was founded in 1991 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-18 Specialized Desanders

Calgary, Alberta, Canada

Specialized Desanders is a oilfield equipment company that specializes in engineering, assembling, distributing, and servicing patented, high-pressure equipment that efficiently removes sand and other solids during the well flowback and production process. Specialized Desanders has longstanding relationships with top Canadian E&P firms and has been growing rapidly in the U.S. market. The Company was co-founded by Chris Hemstock in 2001 and has built a world-class reputation for technical innovation, reliability, and service. Specialized Desanders was founded in 2001 and is based in Calgary, Alberta.

Buy -