Hammond, Kennedy, Whitney & Company, Inc. Announces Sale of Health Resources, Inc. to Paramount Health
Indianapolis, IN – December 27, 2017 – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on December 29, 2017 it closed on the sale of Health Resources, Inc. (“HRI” or “Company”). HRI, headquartered in Evansville, Indiana, is a leading provider of dental benefit programs to employers across Indiana and Kentucky. For additional information on the Company, please visit www.insuringsmiles.com.
The buyer is Paramount Health (“Paramount”), a member of ProMedica, based in Toledo, Ohio.
“HKW was a valuable partner to our company over the last two years,” said Terry Bawel, HRI CEO. “They assisted us in thinking through our strategic direction and worked in cooperation with us to create value over our two-year partnership.”
“HRI was a pleasure to work with over our hold period,” added Jeff Wood, HKW Senior Partner and former Chairman of the HRI Board. “The company had a great product and a leading position in its markets. In addition, the management team was highly motivated to improve operations during our ownership. These attributes made for a rewarding partnership.”
Chris Eline, HKW Principal, said, “Terry Bawel and the HRI team transformed the Company’s operations during our partnership. They automated underwriting and claims processes, improved metric tracking, and built out a sales team. We had a great run supporting this team and the Company has a strong foundation for future growth.”
HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 56 platform transactions of lower middle-market companies throughout North America, as well as 61 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com.
About Paramount Health
Paramount Health is a health insurance company serving commercial, Medicare, Medicaid and Health Insurance Marketplace members. With this acquisition, Paramount will expand its product portfolio to include dental insurance. For further information on Paramount, please visit www.paramounthealthcare.com.
HRI’s financial advisor was Cain Brothers, a division of KeyBanc Capital Markets, an investment bank headquartered in New York City, New York. Further information about Cain Brothers is available at www.cainbrothers.com.
Taft Stettinius & Hollister LLP (“Taft”) served as legal advisor to HRI. For further information on Taft, please visit www.taftlaw.com.