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Friday Health Plans Rounds Up $160 Million in Funding: Deals

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What You Need to Know

  • Friday Health covers about 70,000 people in Colorado and other states.
  • Beacon Capital is an RIA with a turnkey asset management program.
  • Leavitt Partners was founded by former HHS Secretary Mike Leavitt.

Friday Health Plans Inc. says it has lined up $160 million in funding from two investors. The Denver-based health insurer is in the process of getting $100 million by selling stock to Vestar Capital Partners, an investment company based in New York.

The insurer also is borrowing $60 million from Leadenhall Capital Partners, a London-based investment company.

Further, Friday Health Plans says it expects to get the approvals it needs to close on the financing within 90 days.

The insurer now provides coverage for 70,000 people in Colorado, New Mexico, Nevada and Texas. It hopes to expand into “multiple states” each year.

The company sells coverage through brokers, through its own website and through the Affordable Care Act public exchange system.

Sal Gentile and David Pinkert started the company in 2015. The company now has about 175 employees.

In other life and health deal news:

Sammons Financial Group of West Des Moines, Iowa, has closed on the acquisition of Beacon Capital Management, a registered investment advisor with a turnkey asset management program, or TAMP.

Beacon Capital ended 2020 with $3.2 billion in assets under management.

Chris Cook, Beacon Capital’s president, and other Beacon Capital employees will go to work for Sammons, according to Esfand Dinshaw, the CEO of Sammons.

Health Management Associates of Lansing, Michigan, has acquired Leavitt Partners of Salt Lake City. Both are health care policy research and consulting firms.

Leavitt Partners was founded by Mike Leavitt in 2009. Leavitt is a former governor of Utah and a former secretary of the U.S. Department of Health and Human Services.

(Image: Blue Planet Studio/Shutterstock.com)