Well-known health care executives are working with a private equity firm to acquire a long term care insurance support services company.
L. Ben Lytle and his son, Hugh Lytle, have formed UniVita Health with backing from Genstar Capital L.L.C., San Francisco, and have announced an agreement to buy Long Term Care Group Inc., Eden Prairie, Minn., from Advent International Corp., Boston, and CCP Equity Partners, Hartford.
LTC Group, founded in 1996 through the spinoff of a business created by UnitedHealth Group Inc., Minnetonka, Minn., sells application processing, underwriting, policy administration, clinical assessment, claims processing and other services to LTC insurers.
LTC Group now has 1,200 employees and administers about 20% of all U.S. LTC insurance policies, according to Advent International and CCP.
What Your Peers Are Reading
Genstar, UniVita, Advent and CCP are not saying how much UniVita is paying for LTC Group.
But Genstar is hoping that the LTC Group investment will be the first in a series of senior care services investments, Genstar says.