“We have solid financial footing and partners who are committed to HealthSmart’s growth. Completing this recapitalization builds on our relationship with Silver Point, and our other lenders, and provides us with access to capital to pursue our vision.”
Irving, TX (PRWEB) November 22, 2009
HealthSmart Holdings, Inc., an innovative healthcare benefit solutions company, today announced that it has successfully completed a recapitalization with Silver Point Capital, L.P. and the Company’s other lenders. Silver Point Capital, L.P. is a private investment firm based in Greenwich, Connecticut.
Over the past decade, HealthSmart has generated robust growth, in part, through a strategic merger and acquisition program. This recapitalization allows the Company to continue its growth and executing its business strategy.
HealthSmart founder and Chief Executive Officer Ted Parker said, “We have solid financial footing and partners who are committed to HealthSmart’s growth. Completing this recapitalization builds on our relationship with Silver Point, and our other lenders, and provides us with access to capital to pursue our vision.”
HealthSmart also announced today that Daniel D. Crowley has been named Chairman of the Company’s Board. Mr. Crowley is the founder of Dynamic Healthcare Solutions, a firm that invests in and consults with healthcare firms. Through Dynamic, Mr. Crowley has served as senior advisor to a number of major investment firms as well as serving on the boards of numerous healthcare companies and as senior management advisor and interim executive for a variety of healthcare services companies. Mr. Crowley previously was CEO and Chairman of Foundation Health Corporation and prior to that he was the Executive Vice-President of Blue Cross Blue Shield of Ohio.
HealthSmart Holdings, Inc. (HealthSmart) is an innovative healthcare benefit solutions company serving more than 1.75 million members and managing more than $3.2 billion in claims through service operations around the country. HealthSmart provides integrated solutions, on a single administrative platform, to over 8,500 employer groups and partners through its wholly owned healthcare related subsidiaries. The Company’s products and services include employee benefit and workers compensation administration, nationwide preferred provider networks, predictive population management and wellness programs, prescription benefit management, on-site primary care clinics and reinsurance and stop-loss management. HealthSmart’s mission is to improve member health, reduce costs and deliver “smarter” healthcare benefit solutions.
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