M&A Deal Summary

WellCare Health Plans Acquires Universal American

On November 17, 2016, WellCare Health Plans acquired healthcare services company Universal American from Welsh Carson Anderson & Stowe, Lee Equity Partners and Capital Z Partners for 800M USD

Acquisition Highlights
  • This is WellCare Health Plans’ 8th transaction in the Healthcare Services sector.
  • This is WellCare Health Plans’ 2nd largest (disclosed) transaction.
  • This is WellCare Health Plans’ 10th transaction in the United States.
  • This is WellCare Health Plans’ 1st transaction in New York.

M&A Deal Summary
Date 2016-11-17
Target Universal American
Sector Healthcare Services
Buyer(s) WellCare Health Plans
Sellers(s) Welsh Carson Anderson & Stowe
Lee Equity Partners
Capital Z Partners
Deal Type Add-on Acquisition
Deal Value 800M USD

Target

Universal American

White Plains, New York, United States
Universal American is a provider of health care products and services.

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Buyer(S) 1

Buyer

WellCare Health Plans

Tampa, Florida, United States
Category Company
Founded 1985
Sector Insurance
Employees6,900
Revenue 20.0B USD (2018)
DESCRIPTION

WellCare Health Plans, Inc. is a provider of managed care services targeted to government-sponsored health care programs, focusing on Medicaid and Medicare. WellCare offers a variety of health plans for families, children, and the aged, blind, and disabled, as well as prescription drug plans.

DEAL STATS #
Overall 10 of 13
Sector (Healthcare Services) 8 of 9
Type (Add-on Acquisition) 4 of 5
State (New York) 1 of 1
Country (United States) 10 of 13
Year (2016) 5 of 6
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-05 Care1st Health Plan of Arizona

Phoenix, Arizona, United States

Care1st Health Plan of Arizona, Inc. is a provider of support and services to meet the health care needs of eligible members enrolled in KidsCare, AHCCCS, and DDD.

Buy $158M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 Phoenix Health Plan - Medicaid Assets

Arizona, United States

Phoenix Health Plan - Medicaid Assets includes medicaid membership and certain provider contracts.

Buy -

Seller(S) 3

SELLER

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.

DEAL STATS #
Overall 58 of 75
Sector (Healthcare Services) 20 of 25
Type (Add-on Acquisition) 36 of 44
State (New York) 6 of 6
Country (United States) 56 of 72
Year (2016) 5 of 5
Size (of disclosed) 16 of 33
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Clearwater Analytics

Boise, Idaho, United States

Clearwater Analytics provides web-based, investment portfolio reporting and analytics for institutional investors, investment managers, custody banks, and electronic trading portals. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for clients such as Cisco Systems, Oracle Corporation, Starbucks Corporation and Yahoo!. Clearwater Analytics was founded in 2004 and is based in Boise, Idaho.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-02 Intoxalock

Des Moines, Iowa, United States

Intoxalock is a provider of ignition interlock devices, which are breathalyzers installed in vehicles to prevent ignition by intoxicated drivers. Intoxalock pioneered the development of fuel cell technology in IIDs, and continues to combat drunk driving with the most innovative solutions in the market. Intoxalock was founded in 1992 and is based in Des Moines, Iowa.

Buy -
SELLER

Lee Equity Partners

New York, New York, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 4.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lee Equity Partners is a private investment firm that looks for buyout and growth capital investments across a range of industries. Lee Equity Partners seeks investments requiring $50 to $150 million of equity capital. Lee Equity Partners was formed in 2006 by Thomas H. Lee, formerly of Thomas H. Lee Partners, LP.

DEAL STATS #
Overall 8 of 17
Sector (Healthcare Services) 3 of 5
Type (Add-on Acquisition) 4 of 6
State (New York) 1 of 3
Country (United States) 7 of 16
Year (2016) 2 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-17 Prelude Fertility

Atlanta, Georgia, United States

Prelude Fertility is a comprehensive fertility company with a focus on providing proactive fertility care. Prelude Fertility was established in 2016 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-21 Carlile Bancshares

Forth Worth, Texas, United States

Carlile Bancshares, Inc. is a provider of buying small to regional banks that are looking for shareholder alternatives. Carlile Bancshares, Inc. was established in 2009 and is headquartered in Forth Worth, Texas.

Sell $434M
SELLER

Capital Z Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1990
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Capital Z Partners is a private equity firm focused on the financial services sector. The Firm targets companies in the US, Bermuda, and the UK and looks to commit $25 to $100 million as a primary or co-investor partner. Specific areas of interest include insurance (property, life, health, reinsurance, and specialty markets), services (insurance distribution, claims management, asset servicing, and outsourced service providers), specialty finance (commercial finance, consumer finance, banks, and leasing), and securities (fund management, broker-dealers, and wealth management). Capital Z Partners was established in 1990 and is headquartered in New York City.

DEAL STATS #
Overall 4 of 8
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (New York) 1 of 1
Country (United States) 4 of 6
Year (2016) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-30 Portfolio Group

Lake Forest, California, United States

Portfolio Group is an independent provider of finance and insurance products and services to automotive dealers across the country. Portfolio develops, sells and administers auto dealer extended warranty programs across a full-service product offering including vehicle service contracts, GAP insurance, and ancillary products. Portfolio Group was founded in 1990 and is based in Lake Forest, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-26 Centrue Financial

Ottawa, Illinois, United States

Centrue Financial Corp. is a bank holding company. The Company operates a subsidiary, Centrue Bank (the Bank). It provides various services, establishes Company-wide policies and procedures, and provides other resources as needed, including capital.

Sell $175M
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