LongueVue Capital has invested $8 million of senior secured debt in Prime Health Services, a provider of medical cost containment services.
“Prime Health has become a leading provider of cost containment solutions in a niche market and is recognized for providing high quality and customized solutions for its customer base,” said John McNamara, Co-founder and Managing Partner of LongueVue Capital. “We are enthused to partner with the company and provide capital in support of the build out of Prime’s capabilities to support the workers’ compensation, auto and corrections markets.”
Prime Health is a diversified medical cost containment company that offers a variety of services, including a nationwide preferred provider organization (PPO) as well as medical cost containment. Prime Health’s cost containment services are tailored to the workers’ compensation, auto liability and corrections markets. The company’s customer base includes insurance companies, third party administrators, and self-insured employers. Prime Health was founded in 2001 and is headquartered near Nashville in Brentwood, TN (www.primehealthservices.com).
“We are excited about our partnership with LongueVue Capital and appreciate the opportunity to partner with such an experienced institutional investor,” said Prime Health President and Chief Executive Officer, Brian Sharp. “This financing enables our company to continue to focus on the evolving needs of our customers as we develop a breadth of offerings that will create additional savings within the complex healthcare system.”
LongueVue Capital makes equity and debt investments in lower middle market companies that have up to $100 million of revenue. Sectors of interest include manufacturing, business services, energy services, and third party logistics. The firm was founded in 2001 and is based in New Orleans with additional offices in New York and Salt Lake City (www.lvcpartners.com).
Prime Health was advised by TGP Securities on the transaction (www.tgpsecurities.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-20-14
