HARTFORD, Conn., Dec. 8 /PRNewswire/ -- Conning Capital Partners (“Conning Capital”), a leading source of growth capital for entrepreneurial companies, today announced a $9.3 million investment in Elder Health as part of a series ‘G’ round of funding. The latest financing includes new investors Frazier Healthcare Ventures, who led the round, and Wasatch Funds, as well as existing investors New Enterprise Associates, Salix Ventures and Coleman Swenson Booth Inc. The investment is a follow-on to Conning Capital’s $4.3 million investment in Elder Health’s ‘F’ round, completed in March 2003, and brings Conning Capital’s total commitment to $13.6 million.
Based in Baltimore, Elder Health operates Medicare Advantage Plans that provide personalized medical care to Medicare beneficiaries. The company’s focus is on the most needy, chronically ill of the Medicare population that is the most costly for the government yet the most likely to experience adverse outcomes and need nursing home placement. By administering a proactive health delivery management system for members, focusing on preventative care to improve the quality of health and life and reduce the need for acute and emergency services, the company has developed successful health plans that produce improved quality results.
Founded in 1996, Elder Health tripled its revenue from 2001 to 2003 to $100 million and expects to triple revenue again by 2005. Elder Health currently has operations in Maryland and Pennsylvania.
“We are pleased to participate in an additional round of funding for this dynamic company,” said Michael Aspinwall, partner, Conning Capital. “We share in management’s excitement regarding the growth opportunities for this company and believe that this is the right time for Elder Health’s expansion and move into other strategic markets.”
“Elder Health combines the best principles of prevention, wellness and proactive care,” said Michael Steele, president and chief executive officer of Elder Health. “We are proud to be backed by such a dedicated group of highly reputable investors who have taken a long-term interest in the success of this company. This latest round of funding will enable us to uncover new avenues to reach a greater number of Medicare patients with our proven wellness programs.”
Mr. Aspinwall has served as Conning Capital’s representative on Elder Health’s Board of Directors since March 2003.
About Conning Capital Partners
Conning Capital Partners is a private equity firm dedicated to building exceptional growth companies. Focus investment areas include financial services, healthcare services, and business services and outsourcing. With over USD $500 million currently under management and over 70 investments completed since 1985, Conning Capital Partners is a leading source of growth capital for entrepreneurial-led companies. For more information on Conning Capital Partners, go to http://www.conningcapital.com/.
Conning Capital Partners
CONTACT: Torie Pennington, +1-212-850-5629, or Kristin Celauro,+1-212-850-5652, both of Financial Dynamics, for Conning Capital Partners
Web site: http://www.conningcapital.com/