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New Investment to Position Employee Benefits Company for Continued Growth
OneDigital Health and Benefits (“OneDigital”), the nation’s largest employee benefits-only company, announced today that it signed a definitive agreement to partner with New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm headquartered in New York City. New Mountain is acquiring the majority ownership position from Fidelity National Financial Ventures (“FNFV”) and will provide strategic guidance and industry expertise to help drive OneDigital’s continued growth.
Adam Bruckman, president and CEO of OneDigital said, “When seeking the right partner to support OneDigital’s future, we wanted a group that would be a great cultural fit and have proven experience in both healthcare and brokerage distribution. We have a tremendous opportunity in front of us, and are confident that New Mountain Capital is the ideal partner to help us execute our strategic plan and achieve long-term business growth with excellent financial returns.”
"We believe OneDigital is a truly unique platform within the insurance distribution sector, and have been impressed with the company's exceptional culture and talent, best-in-class technology and systems, and proven leadership team," said Robert Mulcare of New Mountain Capital.
"OneDigital has a successful track record of delivering healthcare solutions and thought leadership to its customers, which is crucial to its success. The company has consistently grown organically and through acquisitions, and New Mountain is excited to help management execute on a strategy that has made it one of the best performing brokers in the U.S."
Pete Masucci of New Mountain Capital added, "New Mountain pursued OneDigital, recognizing its potential to be a differentiated leader that spans the insurance, healthcare and human capital management industries. We admire the vision and accomplishments of the OneDigital leadership team and look forward to supporting the company’s accelerated growth plan. Our approach emphasizes growth and business building over financial engineering, and we believe this partnership will create significant value for all stakeholders including customers, partners and OneDigital employees.”