M&A Deal Summary

Health Insurance Plan of Greater New York Acquires ConnectiCare

On June 24, 2004, Health Insurance Plan of Greater New York acquired healthcare services company ConnectiCare from The Carlyle Group, Liberty Partners and Health Enterprise Partners

Acquisition Highlights
  • This is Health Insurance Plan of Greater New York’s 1st transaction in the Healthcare Services sector.
  • This is Health Insurance Plan of Greater New York’s 1st transaction in the United States.
  • This is Health Insurance Plan of Greater New York’s 1st transaction in Connecticut.
Investment Fate
  • ConnectiCare was divested to a consortium of strategic buyers in 2024 for 350M USD.

M&A Deal Summary

Date 2004-06-24
Target ConnectiCare
Sector Healthcare Services
Buyer(s) Health Insurance Plan of Greater New York
Sellers(s) The Carlyle Group
Liberty Partners
Health Enterprise Partners
Deal Type Add-on Acquisition

Target

ConnectiCare

Farmington, Connecticut, United States
ConnectiCare provides managed care services primarily in Connecticut and Western Massachusetts. The Company offers the complete spectrum of products to its members including gatekeeper and open access models with point-of-service ("POS") options. ConnectiCare was formed in 1981 and is based in Farmington, Connecticut.

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Buyer(S) 1

Buyer

Health Insurance Plan of Greater New York

New York, New York, United States

Category Company
Sector Insurance
DESCRIPTION

Health Insurance Plan of Greater New York, Inc. provides group and network-based health care products to individuals in New York, Connecticut, and Massachusetts.


DEAL STATS #
Overall 1 of 1
Sector: Healthcare Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Connecticut M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2004 M&A 1 of 1

Seller(S) 3

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 35 of 488
Sector: Healthcare Services M&A 3 of 19
Type: Add-on Acquisition M&A Deals 17 of 202
State: Connecticut M&A 1 of 6
Country: United States M&A 27 of 261
Year: 2004 M&A 11 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-22 Proteus Digital Health

Redwood City, California, United States

Proteus Digital Health is a developer of digital products that collect and aggregate various behavioral, physiological and therapeutic metrics. Proteus Digital Health is based in Redwood City, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-30 PanAmSat

New York, New York, United States

PanAmSat Corp. is a premiere global provider of fixed satellite services to video, data networking and government customers.

Buy -
SELLER

Liberty Partners

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Liberty Partners is a private equity investment firm that targets controlling or substantial-minority investments in North American companies. Liberty looks for opportunities in manufacturing, business services, and education-related companies and seeks to invest $20 to $75 million of equity capital per transaction. Target businesses generally have at least $50 million in revenues and at least $6 million in EBITDA. Prospective transaction types include leveraged buyouts, corporate divestitures, recapitalizations, going-privates, build-ups, and growth financings. Liberty Partners was formed in 1992 and is based in New York City.


DEAL STATS #
Overall 11 of 32
Sector: Healthcare Services M&A 1 of 3
Type: Add-on Acquisition M&A Deals 4 of 12
State: Connecticut M&A 1 of 1
Country: United States M&A 11 of 32
Year: 2004 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-07 Patient Accounting Service Center

Houston, Texas, United States

Patient Accounting Service Center, LLC is a comprehensive outsourced accounts receivable and back office operations management solutions to the U.S. hospital market.

Sell $94M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 EdgeAQ

Nashville, Tennessee, United States

Edgenet, Inc. is a provider of cloud-based product content network (“PCN”) and home improvement configuration software and services. The company’s comprehensive suite of SaaS solutions enable the exchange of detailed product information that can be utilized by retailers, manufacturers and suppliers to manage product data and streamline sales processes. Edgenet’s PCN software platform allows suppliers to collect, upload and share product information, marketing attributes and logistical data with retailers and its configuration tools help facilitate and simplify the design, ordering and manufacturing of configurable products including windows, doors, decking and fencing.

Buy -
SELLER
DESCRIPTION

Health Enterprise Partners is a private equity firm focused on the healthcare technology, tech-enabled services, and healthcare services. Specific areas of interest include behavioral health IT, consumer engagement platforms, data security, genomics data analytics, payor services, tech-enabled substance abuse management, social determinants of health, and virtual care. The Firm generally pursues growth equity investments and small buy-and-builds. Health Enterprise Partners was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 24
Sector: Healthcare Services M&A 1 of 9
Type: Add-on Acquisition M&A Deals 1 of 20
State: Connecticut M&A 1 of 3
Country: United States M&A 1 of 24
Year: 2004 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-06-01 ConnectiCare

Farmington, Connecticut, United States

ConnectiCare provides managed care services primarily in Connecticut and Western Massachusetts. The Company offers the complete spectrum of products to its members including gatekeeper and open access models with point-of-service ("POS") options. ConnectiCare was formed in 1981 and is based in Farmington, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-01 Sheridan Healthcare

Sunrise, Florida, United States

Sheridan Healthcare, Inc. is a multi-specialty physician practice management company that provides outsourced physician staffing services to hospitals and ambulatory surgery centers.

Sell -