Spring Mountain Capital Completes Successful Exit of Activate Healthcare
NEW YORK, Jan. 22, 2019 /PRNewswire/ -- Spring Mountain Capital, LP ("SMC") is pleased to announce the sale of Activate Healthcare, LLC ("Activate" or the "Company"), a leader in next-generation workplace primary care clinics for employers, to Paladina Health. Paladina Health, an innovative national leader in direct primary care services, is backed by New Enterprise Associates (NEA), Oak HC/FT, Alta Partners and Greenspring Associates.
Founded by Peter Dunn and Debra Geihsler, Activate has developed a proactive and holistic model for delivering primary care that engages patients in their own care and gives doctors the time, tools and support they need to make a difference in the lives of their patients. Activate has proven that this approach works by delivering significant healthcare cost savings to its employer clients through 51 clinics serving more than 130,000 patients. The Company was recognized by KLAS, in their 2018 Worksite Health Service report, as the top performer for three important measures including overall performance, quality of staff and strategic expertise based on a review of the 12 leading worksite health provider companies.
Spring Mountain Capital made its initial investment in Activate in 2014 and was its only institutional investor. Jamie Weston, SMC Managing Director and Activate board member, stated, "Our investment was predicated on our belief in the transformative power of the Activate healthcare model to deliver substantial savings for its employer clients and meaningful improvement in health for employee patients. However, we ultimately invested because of our confidence in the ability of Peter and Deb to execute. They have more than delivered on their vision and we will miss our collaborative partnership."
"I was impressed with how Spring Mountain Capital quickly became a trusted partner in our journey to build Activate," said Debra Geihsler, Principal and Co-founder of Activate. "They seamlessly became value-added advisors as well as friends."
"Our experience with the team from SMC was better than we could have expected," said Peter Dunn, Principal and Co-founder of Activate. "They provided guidance and support throughout our value-building process and we will miss them as well."
"We are excited to partner with Activate and their outstanding team to pursue our collective vision of transforming healthcare care in America," said Chris Miller, Paladina Health's Chief Executive Officer. "This partnership underscores the need for innovation and change to improve the health and well-being of Americans while realizing medical costs savings for employers and unions within the healthcare delivery system."
About Spring Mountain Capital
Founded in 2001 by John L. ("Launny") Steffens and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing. SMC's Growth Equity Group provides expansion stage capital to lower middle market companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The SMC Growth Equity Group focuses on two sectors of the U.S. economy undergoing the most change and with the highest growth potential: technology-enabled and healthcare businesses. For more information, please visit www.springmountaincapital.com.
About Activate Healthcare
Activate Healthcare is an onsite/near-site healthcare provider that offers partner organizations the ability to create customized clinic solutions that activate individuals and their families to take charge of their health and help organizations control their healthcare costs. Founded in 2009 and based in Indianapolis, Indiana, Activate strives to transform healthcare by delivering proactive primary and preventive care, chronic condition management and wellness services at or near an organization's location. Recognized by KLAS Research as the top performer in their 2018 Worksite Health Service, Activate's clinics serve more than 130,000 individuals across the country. For more information about Activate, please visit www.activatehealthcare.com.
For further information:
Raymond L.M. Wong (212-292-8334)
Jamie Weston (212-292-7056)