Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Long-Term Care Planning

Investment Group Pays $130 Million For LTCG

By Trevor Thomas, Allison Bell

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, April 12, 2004, 6:15 p.m. EDT – Advent International Corp. and Conning Capital Partners are leading an investment group that is paying $130 million for Long Term Care Group Inc., El Segundo, Calif.[@@]

Advent, Boston, is investing $46 million in the deal, and Conning Capital, the venture capital unit of Conning Research & Consulting Inc., Hartford, is investing $23 million.

LTCG managers are kicking in another $6 million, Advent reports.

A unit of Merrill Lynch & Company Inc., New York, rounded up the senior debt financing for the deal, and Northwestern Mutual Life Insurance Company, Milwaukee, handled the subordinated debt.

LTCG is a privately held company that sells underwriting support services, care management services and other support services to long term care insurers. Ted White, an executive with more than 30 years of experience in health care administration, co-founded the company in 1996 and continues to serve as its president.

LTCG administers LTC policies that cover about 600,000 insureds. In February, it bought a block of third-party administrator contracts from ERC Long Term Care Services, a division of the Employers Reinsurance Corp. unit at General Electric Company, Fairfield, Conn.

In addition to its main office in El Segundo, LTCG has major operations in Eden Prairie, Minn.; Hudson, Wis.; Maitland, Fla.; and Natick, Mass.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.