Griffin Transaction Announcement: TA Completes Investment in The Benecon Group

Griffin Financial served as exclusive financial advisor to The Benecon Group

Representation Type:  M&A
Sector(s):  Insurance; Health Care

In December 2020, TA Associates (“TA”) announced that it completed a significant growth investment in The Benecon Group (“Benecon”), a leading developer and manager of self-funded medical benefit programs. Financial terms of the transaction were not disclosed.

Founded in 1991 by Samuel Lombardo, Benecon is a program manager that develops, designs and implements self-funded health plans for small and medium sized businesses. Through its Actuarial, Compliance, Finance and Producer Services divisions, Benecon offers a full suite of services for thousands of public sector and private employer groups across the United States. Benecon’s subsidiary, ConnectCare3, provides wellness consulting and clinical services for Benecon members, including patient advocacy, nurse navigation and chronic disease management.

“We owe our success in addressing the health insurance needs of middle market companies to our scale, our well-established and trusted relationships with third-party brokers, stop-loss providers and third-party administrators, and a strong track record built over nearly 30 years,” said Samuel Lombardo, Founder, Chairman and CEO of Benecon. “Given our compelling product offering, we see a number of opportunities to accelerate Benecon’s historically strong organic growth. With its decades of experience investing in the health care and business services sectors, we are confident that TA is the right financial partner to help us in these efforts and we welcome them as an investor in Benecon.”

Transaction Contacts:

Jeffrey Harenza
Senior Managing Director
W 610-478-2158 | M 610-223-6804

Stacey Weikel
Senior Vice President
W 610-478-2015 | M 215-534-7959

Other recent insurance sector transactions include: the sale of Healthcare Holdings of America to AmeriLife; the sale of The Boon Group to Assured Partners; the recapitalization of LA Insurance; the formation and capitalization of Genesis Legacy Solutions by Maiden Re; dividend recapitalization and growth capital raise for A-MAX Auto Insurance; the demutualization and sale of Fidelity Life to JC Flowers; the terminal loss portfolio transfer, novation and sale of Public Service Insurance Company (in Rehabilitation) on behalf of the Illinois Insurance Department to Premia; and the demutualization of Federal Life Mutual Insurance Company.