Vestar Capital Partners, a leading U.S. middle-market private equity firm, has made a $100 million equity investment in Friday Health Plans Inc., a Denver-based health insurance holding company. Leadenhall Capital Partners, a London-based insurance-focused investment manager, will provide an additional $60 million in debt financing.
“Friday has proven its ability to run an efficient, technology-driven health plan in the consumer health insurance market, and with our investment, we’re excited to support the company as it grows its footprint,” said Norm Alpert, co-president and co-founder of Vestar Capital Partners. “There’s great demand for affordable, customer-driven insurance, and expanding nationwide will help bring better insurance options to those who need it most.”
“This funding will not only allow us to offer health plans to more people, but will also accelerate Friday’s technology innovation,” said Sal Gentile, CEO of Friday Health Plans. “Friday was built specifically for individuals seeking simplicity, practical health benefits, and great service – all at an affordable price. We’re able to offer that through a combination of efficient operational execution and consumer-centric technology.”
“Leadenhall is delighted to continue to support and further expand its successful partnership as Friday Health Plans grows its business,” said Tom Spreutels, head of origination at Leadenhall Capital Partners. “We are equally pleased to be supporting Friday as an innovative provider of affordable health insurance, bringing their plans to a wider group of individuals.”
TripleTree LLC acted as the exclusive financial advisor to Friday Health Plans for this transaction.