New York City, August 23, 2012 – BBH Capital Partners IV, L.P. (“BBHCP”) announced today that it has completed a $45 million equity investment in Best Doctors, Inc. (“Best Doctors” or the “Company”). Based in Boston, MA, Best Doctors leverages its proprietary medical expert network to provide supplemental benefit programs and medical management services primarily to large self-insured employers and health care insurers in the U.S., Canada and Europe. The Company's programs and services facilitate medical cost containment, added risk management, improved quality of care and better patient outcomes by targeting unforeseen complex and severe medical conditions which are costly and difficult to treat.
"BBHCP’s investment took the form of convertible preferred stock and was used to provide liquidity to certain early investors in Best Doctors, as well as to support Best Doctors’ continuing global expansion. Collectively, the Best Doctors management team remains the largest shareholder of the Company following the transaction. In conjunction with BBHCP’s investment, Jeffrey B. Meskin and Douglas L. Maine will join the Best Doctors Board of Directors and Bradley M. Langer will serve as a Board Observer.
Jeffrey Meskin, Partner of Brown Brothers Harriman & Co. and Co-Manager of BBHCP, noted: “We view Best Doctors as a trailblazing leader in helping individuals with complex and costly medical conditions to obtain the right treatment and the right diagnosis for these conditions. Best Doctors provides proven medical cost containment solutions to employer groups and other parties around the globe. We see the Company's addressable market as being very significant as capitated reimbursement, quality of care, improving outcomes and improving the efficiency of the current health care system all become central themes of the global health care landscape. Our team was especially impressed by the fact that Best Doctors is transforming health care and benefiting both employers and employer-insured individuals in the process." Meskin added: "We are excited to back a senior management team with a proven ability to create a compelling operating model, a strong track record of generating growth and a strong ongoing financial commitment to the Company."
“We want to extend our deep appreciation to the BBH Capital Partners team for the tremendous vote of confidence they've made in Best Doctors with this investment,” noted David Seligman, Chairman and CEO of Best Doctors. “Given Brown Brothers Harriman's global stature in the business and finance community, this investment speaks volumes in terms of their belief in our work to improve health care quality while reducing costs.”
“We believe we are on to something so important and much needed in health care today,” according to Best Doctors’ Vice Chairman Evan Falchuk. “In our U.S.-based cases from 2011, for example, our experts corrected or refined diagnoses in 29% of cases, and corrected or improved treatment in 60% of cases. These results are not only saving lives in many cases, but reducing needless suffering, and saving health care dollars for employers and employees.”
“People in today’s crowded health system are demanding more accurate, patient-centric care – and our goal continues to be providing exactly that,” Seligman noted. “Our recent investment from BBH Capital Partners will help us even more in our efforts to meet that crucial goal.”
About BBH Capital Partners:
BBH Capital Partners, a private equity fund sponsored by Brown Brothers Harriman & Co., provides friendly, junior capital solutions to growth oriented profitable middle market companies. BBHCP looks to invest between $20 million and $75 million, has the flexibility to act as a control or non-control investor and can structure investments as a combination of both equity and mezzanine debt securities. BBHCP’s capital is used to support a variety of transactions including management or leveraged buyouts, growth financings, recapitalizations (including dividend recapitalizations), buy and build strategies and acquisitions. BBHCP seeks to invest in companies with enterprise values ranging from $20 million to $400 million. By investing in a variety of subordinated debt and equity securities in control and non-control transactions, BBHCP offers highly customized financing solutions for companies seeking capital.
About Best Doctors, Inc.:
Founded in 1989 by Harvard Medical School professors, Best Doctors is transforming and improving health care. The global company, headquartered in Boston, serves more than 30 million members in every major region of the world. Best Doctors works with the best five percent of doctors to find the right diagnoses and right treatments, and seamlessly integrates its trusted services with employers’ other health-related benefits. In addition to its clinical advocacy in the U.S., Best Doctors designs and implements international insurance programs that help people be sure they get the best care and the right care. For further information, visit www.bestdoctors.com, Twitter, Facebook, and LinkedIn, or call (800) 223-5003. To schedule an interview with Best Doctors’ Vice Chairman Evan Falchuk, contact Jen Beltz at (617) 502-9319 or firstname.lastname@example.org.