NU Online News Service, June 20, 1:35 p.m. – Sun Capital Partners Inc., Boca Raton, Fla., an investment firm, says it has helped a group of executives led by Jeffrey Bak acquire HealthPlan Services Inc., Tampa, Fla., from its parent company, Plan Vista Corp., Tampa.
HealthPlan Services is a major “third-party administrator. It administers health plans for employers, health insurers and health maintenance organizations. It manages coverage for 1.5 million U.S. residents and 100,000 U.S. businesses.
The Bak team also acquired three related businesses from Plan Vista: American Benefit Plan Administrators Inc., El Monte, Calif., a TPA that manages health plans for unionized employees; Southern Nevada Administrators Inc., Las Vegas, a TPA for health plans in Nevada; and Montgomery Management Corp., Blue Bell, Pa., a company sells stop-loss insurance for self-funded employee health plans.
Sun Capital obtained financing for the transaction from Cerberus Capital Management L.P., New York, and invested the money through Sun Capital Partners II L.P., a $200 million investment fund..
The HealthPlan Services businesses will now operate as subsidiaries of a new Sun Capital affiliate, HealthPlan Holdings Inc., Sun Capital says.
Bak, previously the president of Plan Vista’s TPA division, will be the chief executive officer of HealthPlan Holdings, Sun Capital says.