WestView is All In on Newest Platform

WestView Capital Partners has made a minority growth investment in Benefits All In, a provider of employee healthcare benefit navigation and risk management services.

Benefits All In (BAI) provides services that help employees and their families understand and use healthcare benefits offered by their employers. The company operates a technology-enabled service model that combines data analysis with human support to guide individuals through insurance coverage, provider selection and medical billing questions.

Services provided by BAI include benefit navigation, advocacy services, education programs and ongoing support for employees managing routine care needs as well as complex health events. The company’s service model connects employees with advisors who assist with treatment decisions, scheduling care, understanding coverage options and coordinating services across providers and insurers. The company also provides a suite of reporting tools that are used by employers to monitor healthcare utilization and identify potential cost drivers within their benefit programs.

“We are excited to partner with BAI in advancing its dual mission of helping employees and their families access care while enabling employers to better manage risk. BAI offers a compelling solution to combat the persistent increases in healthcare costs employers face each year, without forcing tradeoffs in their benefit offering,” said Kevin Twomey, a partner at WestView Capital Partners who will join the company’s board of directors.

Cincinnati-headquartered BAI was founded in 2019 by Ralph Blackwelder and President Rob Hare. “Our partnership with WestView marks an exciting step forward for the company as we continue to deliver personalized benefit support and measurable healthcare cost savings to our clients and their employees,” said Mr. Hare. “We chose WestView because they share our long-term vision and bring strategic insight and collaborative partnership that will be valuable for our next phase of growth. We look forward to deepening our commitment to compassionately supporting individuals and their families as they navigate their unique health situations.”

“With unmatched subject matter expertise in navigating the complexities of health benefit resources, BAI delivers a unique value proposition for employers and employees. The company’s strong growth, high client retention, and innovative, technology-enabled service model underscore that value,” said Jeff Klofas, a vice president at WestView.

Abacus Finance was the Senior Secured Credit Facilities Administrative Agent and Lead Arranger on senior debt financing to support WestView’s investment in BAI. Abacus also made an equity co-investment to support the transaction.

“We relied on Abacus to move quickly and provide us with the exact financing solution we were looking for,” said Mr. Twomey. “They are a tried and true partner for us.”

“We were delighted once again to partner with Westview and support their investment in Benefits All In and through our Total Partnership Approach™ provide the custom financing solution they were seeking,” said Tim Clifford, the CEO and founding partner of Abacus.

WestView makes majority and minority investments of $20 million to $100 million in lower middle-market growth companies that have revenue of at least $10 million and operating profits between $3 million and $25 million. WestView’s investments are typically in founder-owned and managed companies that have not previously raised institutional capital. Sectors of interest include business services, software and IT services, healthcare technology and outsourcing, growth industrial and consumer.

In January 2023, WestView closed its fifth fund, WestView Capital Partners V LP. The new fund was oversubscribed and at its hard cap with $1 billion of limited partner commitments.

“Benefits All In is providing a unique but incredibly valuable service to employers and their employees. We believe the company has tremendous growth potential as they continue to assist employers in managing healthcare spend while improving outcomes for employees nationwide,” concluded Sean McKeever, the president and founding partner at Abacus.

Abacus specializes in financing sponsor-led transactions in the lower middle market. Since inception, the firm has closed more than $3.5 billion in financings and targets private debt investments of up to $60 million in companies with EBITDA between $2 million and $15 million. The firm is headquartered in New York City and maintains a second office in Portsmouth, New Hampshire. Abacus is an affiliate of New York Private Bank & Trust, which was founded in 1850.

In addition to Messrs. Clifford and McKeever, other members of the Abacus transaction team included Vice President Austin Rendell and Analyst Matthew Campanella.

PNFP Capital Markets was the financial advisor to Benefits All In.