Private equity firm Genstar bets on aging America, buys Long Term Care Group
Minneapolis / St. Paul Business Journal - by Mark Calvey
San Francisco private equity firm Genstar Capital said Monday that it signed a definitive agreement to acquire Long Term Care Group, which provides services to the long-term-care insurance industry, from Advent International and CCP Equity Partners.
Also participating in the buyout areLong Term Care’s management and industry veterans Ben Lytle and Hugh Lytle, who are father and son. The Lytles are working with Genstar on UniVita Health, a new platform on which to build a range of senior-care services designed to promote independent aging.
Terms of the purchase of Eden Prairie, Minn.-based Long Term Care were not disclosed. The company, started in 1996, provides a range of services to insurers including application processing, underwriting, policy administration, clinical assessments, claims processing and care management.
Long Term Care has 1.3 million policies on its proprietary operating system and 27,000 claims under management,
“LTCG is perfectly positioned in front of several major trends including the aging of the baby boomers and the increased longevity we are experiencing in this country,” said Bruce Baude, CEO of Long Term Care Group. “The need for long term care insurance is becoming more visible everyday which will fuel our continued growth for many years to come.”
mcalvey@bizjournals.com / (415) 288-4950
Latest News |
Most Viewed Stories |
Most Emailed Stories |
