TripleTree Advises Providence Service Corp. on the Formation of a Strategic Partnership with Frazier Healthcare Partners in M...
August 29 2016 - 2:49PM
Business Wire
TripleTree, LLC (“TripleTree”), a strategic advisor and merchant
bank serving innovative and market-leading healthcare companies, is
pleased to announce that it advised Providence Service Corporation
(“Providence”) in the creation of a strategic partnership with
Frazier Healthcare Partners (“Frazier”) in Matrix Medical Network
(“Matrix”).
Under the terms of the transaction, Frazier will own a 60%
equity interest in Matrix and Providence will retain a 40% equity
interest in Matrix and have representatives on Matrix’s Board of
Directors. The transaction values Matrix at $537.5 million.
“The partnership with Frazier allows us to accelerate our growth
strategy into a diversified healthcare services company, leveraging
the proven Matrix platform as the foundation,” said Walt Cooper,
CEO of Matrix. “TripleTree’s deep understanding of our business,
the healthcare industry, and the firm’s long-standing relationships
with all parties in the transaction were critical factors in the
formation of this strategic partnership.”
According to James Lindstrom, CEO of Providence, “After recently
completing its two millionth in-home health assessment visit, we
are creating this partnership with Frazier to accelerate Matrix’s
growth opportunities. Partnering with Frazier is an example of how
Providence seeks to work with leaders in industry domains,
particularly where those partners with deep industry insight, when
combined with our long-term investment perspective, can provide
advantages for our clients, colleagues and shareholders. For
Providence, the transaction represents a validation of the
investment to date and the liquidity provides further opportunity
for disciplined capital deployment.”
“The strategic partnership between Providence and Frazier in
Matrix is an incredible outcome, leveraging the strengths of each
organization to fuel continued innovation and deliver even more
value across the healthcare industry,” said Jon Hill, Senior
Director at TripleTree. “Our unique team approach, combined with
our investment banking and healthcare operating experience, once
again helped TripleTree drive a successful outcome for our
clients.”
TripleTree acted as the financial advisor to Providence for this
transaction. In addition to Jon Hill, the transaction team was led
by Managing Directors Justin Roth and Dave Brownlie.
About TripleTree
TripleTree is an independent merchant bank focused on mergers
and acquisitions, financial restructuring, and principal investing
services. Since 1997, the firm has advised and invested in some of
the most innovative, high-growth businesses in healthcare. For
more, visit www.triple-tree.com.
About Providence
The Providence Service Corporation is a holding company whose
subsidiaries provide critical healthcare and workforce development
services, comprised of non-emergency transportation services,
workforce development services, legal offender rehabilitation
services, health assessment services, and care management services
in the United States and abroad. For more information, please visit
www.prscholdings.com.
About Matrix
Matrix Medical Network, part of The Providence Service
Corporation (NASDAQ:PRSC), provides in-home assessments and
comprehensive care management services to health plan members that
improve health outcomes. Using an advanced technology platform,
Matrix providers visit with health plan members in their homes to
obtain a deeper understanding about how to best support the
members’ care needs. This information is used to ensure that
provider and health plan services are best aligned with the needs
of the member, resulting in better overall health outcomes. Matrix
is headquartered in Scottsdale, AZ, and partners with leading
health plans across the country. For more information, visit
www.matrixforme.com.
About Frazier
Founded in 1991, Frazier Healthcare Partners is a leading
provider of growth capital to healthcare companies. The firm has
over $2.9 billion in committed capital under management and has
made investments in over 170 healthcare companies with investment
types ranging from company creation and venture capital to growth
buyouts and leveraged recapitalizations. Frazier’s Growth Buyout
team invests in profitable companies focusing on healthcare
services, pharmaceutical services, medical products, and related
sectors. Additional information about Frazier is available through
its website, www.frazierhealthcare.com.
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TripleTreeJaimie Vetter, 952-223-8400jvetter@triple-tree.com