WhiteGlove Health, a chronic care and population health management provider, announced the acquisition of Glenridge HealthCare Solutions, a provider of technology-enabled network development and consulting services. WhiteGlove is a portfolio company of Enhanced Equity Funds and Biomark Capital.
WhiteGlove Health is a mobile healthcare provider that is focused on both treating the individual and achieving improved overall health and well-being of populations. The company’s comprehensive healthcare strategy is to provide the highest quality care at the lowest cost through board-certified nurse practitioners. The WhiteGlove Health care model includes primary and acute care services; supporting individuals with chronic conditions and focusing on preventable and avoidable care by ensuring patients receive appropriate care after discharge from acute-care hospital facilities. WhiteGlove Health is based in Austin (www.whiteglove.com).
Founded in 1997 by the company’s President Terry Spoleti, Glenridge offers a full suite of differentiated services utilizing proprietary tools and software that enable customers to outsource their mission-critical managed care network development and provider engagement needs. Glenridge is focused on creating reform-driven payor strategies and provider alliances and serves national and regional health plans and health systems in all fifty states. The company is headquartered in Columbia, MD (www.glenridgehealth.com).
“The acquisition of Glenridge strengthens WhiteGlove’s position as a key partner for payors as they continue to adapt to the new healthcare environment,” said Nicholas Balog, CEO of WhiteGlove. “WhiteGlove’s care management tools and value-based care product are highly synergistic with Glenridge’s service offering. The combination of these two leading and innovative businesses will help payors and providers improve patient care while containing costs. We are thrilled that Terry will continue to serve as Chief Innovation Officer to help us continue to grow the combined company.”
Enhanced Equity invests from $10 million to $50 million in healthcare companies with annual revenues typically less than $100 million. The firm manages approximately $600 million of committed capital across two funds. Enhanced Equity was founded in 2005 and is based in New York (www.enhancedequity.com).
“We are proud of the company we have built and are excited by the vision of the combined business. By combining our two companies we are better situated to help our clients improve patient access to care, improve the quality of existing networks, and manage costs,” said Ms. Spoleti.
Biomark Capital provides venture funding and assistance to mid to late-stage life science and healthcare companies focused on novel approaches to diagnostics, therapeutics, medical devices, and the use of digital health technologies. Biomark Capital has over 50 years of combined venture capital management experience and $200M under management. The comany is based in Greenwich, CT (www.biomarkcapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 7-1-14