Centerbridge Partners Acquires GoHealth to Launch End-to-End Health Insurance Platform

On September 29, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Centerbridge Partners (“Centerbridge”) had acquired the health insurance company GoHealth from Norwest Equity Partners. The transaction is expected to be completed in the fourth quarter of 2019, and the financial terms of the deal have not been disclosed.

GoHealth, established in 2001 and headquartered in Chicago, USA, is a health insurance company. By leveraging diversified distribution channels combined with technology, data science, and deep industry expertise, the company effectively connects insurers with consumers and the small group market.

GoHealth’s online platform leverages proprietary algorithms, business analytics, and cutting-edge technology to enable insurance carriers to reduce marketing expenditures and enhance consumer experience. The company partners with leading U.S. health insurance operators, providing them with commercial health insurance solutions that allow them to focus on their core competencies. GoHealth’s services are free to consumers, helping them identify health insurance plans tailored to their specific needs.

Centerbridge, established in 2005, is a private investment management firm with offices in New York and London. The company is dedicated to partnering with world-class management teams across target industries and regions to help companies achieve their operational and financial objectives. The Centerbridge team comprises more than 300 individuals, including over 100 investment professionals. As of June 30, 2019, its total assets under management amounted to approximately $27 billion.

Jeremy Gelber, Senior Managing Director at Centerbridge, said, “GoHealth is an industry leader in health insurance. To bridge the gap between consumers and insurers, GoHealth provides innovative and scalable services. GoHealth will become part of Centerbridge’s portfolio, and we look forward to collaborating with the GoHealth team, under the leadership of its co-founder Clint Jones, to achieve accelerated growth in its next phase.”

Clint Jones, Co-Founder and CEO of GoHealth, stated, “Over the past 20 years since its inception, GoHealth has been committed to providing accessible, affordable, and personalized health insurance to people across the United States. The substantial investment from Centerbridge, along with its expertise in the healthcare and financial services sectors, will further accelerate GoHealth’s technological development and deepen market penetration, thereby benefiting our partners and their consumers.”

Brandon Cruz, Co-Founder and President of GoHealth, added, “GoHealth holds a leading position and unique advantages in a large and rapidly growing market. New consumers of Medicare and seniors are increasingly inclined to purchase Medicare plans online. We are excited to partner with Centerbridge to lead GoHealth into its next phase of growth.”

(Compiled by Hu Yifan)