The Benecon Group, a Lititz, PA-based developer of self-funded medical benefit programs for small-and-medium sized businesses, received a minority investment from Neuberger Berman.
The amount of the deal was not disclosed. Neuberger Berman Private Markets will join existing investor TA Associates, a global private equity firm, who remains the majority owner of the company.
The company intends to use the funds to expand operations and development efforts.
Founded in 1991 by Samuel Lombardo, Benecon develops and administers self-funded medical benefit programs for small-and-medium sized businesses, offering a full suite of actuarial, compliance, finance and producer services to employers and employees across the United States. Its offering allows employers to manage benefit plan expenditures and design programs that meet both the strategic needs of the employer and the personal needs of the employees. Benecon’s subsidiary, ConnectCare3, provides wellness consulting and clinical services, including patient advocacy, nurse navigation and chronic disease management.
Commenting on the news, Matthew Kirk, President and CEO of Benecon, said:”We continue to execute on our expansion strategy, delivering industry-leading, self-funded healthcare solutions and are excited to continue furthering this mission with Neuberger Berman. We look forward to working with TA Associates and Neuberger Berman. Their investment affirms the strength of the platform and our future growth potential.”
FinSMEs
25/02/2024