Welsh, Carson, Anderson & Stowe acquires majority stake in LIBERTY Dental Plan Corporation

Overview

Deal Type Mergers & Acquisitions
Client & Transactional Partners LIBERTY Dental Plan Corporation
Welsh, Carson, Anderson & Stowe
Anthem
Our Role Sell-Side Advisor

Summary

 

Court Houseworth | Jenny Watson

LIBERTY Dental Plan Corporation and Welsh, Carson, Anderson & Stowe announced the parties have entered into a definitive agreement through which WCAS will make an equity investment and become the majority investor in LIBERTY. Anthem (NYSE: ANTM), a leading health company and a LIBERTY customer since 2010, will also become a minority investor. Terms of the agreement were not disclosed.

This agreement with WCAS, a healthcare and technology-focused investment firm, will enable LIBERTY to expand into additional markets and serve a greater number of members. These investments will drive innovative member engagement strategies; targeted, person-centered care; and improved quality and outcomes.

Cain Brothers, a division of KeyBanc Capital Markets, served as sell-side advisor to LIBERTY Dental Plan, highlighting Cain Brothers deep expertise in managed care.

LIBERTY is a dental benefits administrator founded by dentists and health industry professionals in 2002. LIBERTY currently administers dental benefits in all 50 states, including on behalf of 5.8 million Medicaid, Medicare Advantage, commercial and exchange members. LIBERTY operates and lives by its motto “Making Members Shine — One Smile at a Time.”

WCAS is a leading U.S. private equity firm focused on the technology and healthcare industries. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives, and strategic acquisitions. The firm has raised and managed funds totaling over $30 billion of committed capital.

Cain Brothers

 

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