MINNEAPOLIS--(BUSINESS WIRE)--Norwest Equity Partners (NEP), a leading middle market investment firm founded in 1961, has completed the sale of its investment interest in GoHealth (or the “Company”), the nation’s most complete online and telephonic portal for the health insurance market, to Centerbridge Partners. Post-close, NEP will retain an ownership stake in GoHealth. The transaction, initially announced on August 19, 2019, closed on September 13, 2019; financial terms were not disclosed.
GoHealth is revolutionizing the health insurance industry with the only technology-driven, multi-channel consumer engagement marketplace. Prospect generation expertise, diversified distribution channels, proprietary algorithms, business analytics, and deep technology integrations enable GoHealth to connect consumers with insurance carriers in the Medicare, Individual & Family, and Small Group markets. With an end-to-end approach, GoHealth provides carriers with highly scalable consumer acquisition and retention solutions while ensuring consumers are enrolled in appropriate and affordable plans.
NEP first invested in GoHealth in 2012 and saw an opportunity to invest in an industry leader and innovator in health insurance technology. NEP took a minority position in the company and partnered with the co-founders, Clint Jones, CEO, and Brandon Cruz, President, who started the company in 2001 after individually shopping for health insurance post-college and discovering that finding coverage, and understanding how to use it, was anything but simple.
Clint Jones, Co-founder and CEO of GoHealth, stated, “The NEP team provided us with strategic insight and shared our long-term vision to help us create successful outcomes. NEP worked side-by-side with us to build GoHealth into a stronger company and position us for a successful sale to Centerbridge.”
Brandon Cruz, Co-Founder and President of GoHealth, added, “We couldn’t be more optimistic about what the future holds for GoHealth, and having NEP remain a partner is a testament to that opportunity. We look forward to the ongoing partnership with NEP and Centerbridge as we continue building innovative solutions for the marketplace.”
“GoHealth has grown to be the only fully-integrated online health insurance marketplace in the industry with multiple distribution channels and has proven its ability to replicate its unique model in new markets. The Company is really transforming the health insurance distribution market,” stated John Lindahl, NEP Chairman. “Centerbridge is a great partner for GoHealth’s next chapter of growth, and we are excited to have the opportunity to reinvest alongside them,” Lindahl continued.
Employing 1,200 full-time people, GoHealth’s staff swells to over 2,200 during the annual enrollment period. Headquartered in Chicago, GoHealth has sales centers in Charlotte, North Carolina; Lindon, Utah; and Chicago, IL. The Company also has a technology development office in Slovakia.
William Blair & Company advised GoHealth on the transaction. More information can be found on gohealth.com
About Norwest Equity Partners
Founded in 1961, Norwest Equity Partners (NEP) is a leading middle market investment firm headquartered in Minneapolis, MN. NEP invests equity capital in companies that are leaders in their industry with a proven business model which has demonstrated the ability to generate profits. NEP has extensive experience with management buyouts, recapitalizations and growth financings, including working with founder and family-owned companies. Targeted equity investment size range for each transaction is $30 MM-$250+ MM and desired industries for investment opportunities include agriculture, business services, consumer, distribution, industrials, energy, and healthcare. NEP is currently investing NEP X, a $1.6 B fund. More information can be found on www.nep.com.