RADNOR, Pa. /PRNewswire/ — MVP Capital Partners, a lower-middle market private equity firm, today announced it provided equity capital to MCMC LLC (MCMC), a diversified managed care and cost containment provider, in support of its acquisition of Patriot Risk Management, Inc.’s (PRMI) managed care service business.
MCMC, a portfolio company of MVP Capital Partners, developed a relationship with PRMI over five years ago when it began providing a bill review and PPO network processing solution for the company. These activities later evolved into a full service care management program that has resulted in increased network penetration, enhanced medical savings, and improved claims outcomes.
“We are very excited about PRMI becoming a part of the MCMC platform,” said David Pegg, Partner at MVP Capital. “This is also an important step in further perpetuating the managed care service relationship with Patriot National Insurance Group.”
LBC Credit Partners (LBC), a leading provider of financing solutions to middle market companies, provided a $120 million senior credit facility to MCMC as part of the transaction. The senior facility — for which LBC is Sole Lead Arranger and Administrative Agent — supported the acquisition, provides for ongoing working capital, and facilitates growth. In addition to agenting the senior credit facility, LBC also co-invested in the equity.
“MVP, our long-time supporter, and, more recently, LBC have been valuable partners of ours as MCMC has scaled its business both via acquisitions and organically,” said Mike Lindberg, President and CEO of MCMC. “This acquisition significantly expands upon MCMC’s seven years of investing in applications, networks, and integrated processing solutions.”
“We are pleased to continue our support of MVP and MCMC with their growth plans,” added John Brignola, Partner with LBC. “This is the type of long-term relationship that defines our business.”