SEATTLE--(BUSINESS WIRE)--Frazier Healthcare Partners (“Frazier”) is pleased to announce that it
has closed on the acquisition of a majority share of Matrix Medical
Network (“Matrix”) from Providence Service Corporation (“Providence”)
(Nasdaq: PRSC). Based in Scottsdale, AZ, Matrix is a leading provider of
in-home, facility and community-based risk adjustment and care
management services to health plans and risk-bearing providers. Frazier,
along with co-investors acquired a 53% interest in the company with
Providence retaining the remainder. The definitive agreement was
initially announced on August 29, 2016.
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Frazier will assist the current Matrix management team, led by Walt
Cooper, Chief Executive Officer, through its next phase of growth as it
expands into new payor markets and offers new products and services to
existing clients. Brett Moraski, a long-tenured managed care executive
and Frazier Operating Partner, will collaborate with Matrix and Frazier
General Partners Ben Magnano and Brian Morfitt will be members of the
Board of Directors.
“We are excited to help Matrix expand its core offerings into adjacent
markets and provide innovative additional services to its customers'
members,” said Ben Magnano, General Partner at Frazier. “This
partnership is another successful example of Frazier's operating model
whereby we work with experienced executives to identify and invest in
growth areas within healthcare. We look forward to working with the
Matrix team to continue driving the future growth of the business.”
“The support of Frazier will help us to execute our growth strategy and
realize our full potential as a diversified healthcare services
company,” said Walt Cooper, CEO of Matrix. “With our proven operational
platform as a foundation, we are well positioned to expand the services
we provide and the populations we support.”
About Matrix Medical Network
Matrix pioneered the field of home-based medical assessments and has
expanded its portfolio of services to include screening, chronic care
management, physician engagement and analytics. As the leading platform
in the home healthcare intervention market, Matrix provides services and
care to primarily Medicare Advantage consumers across 37 states in the
U.S.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading provider of
growth and venture capital to emerging healthcare service and biopharma
companies. With nearly $2.9 billion under management, Frazier has
invested in over 170 companies ranging from early-stage venture
investments to buyouts of profitable lower-middle market companies. For
25 years, Frazier has established itself among entrepreneurs and
seasoned executives as the preferred partner to help create and rapidly
grow market leading healthcare companies. Frazier Healthcare Partners
has offices in Seattle, Wash., and Menlo Park, Calif., and invests
broadly across the United States, Canada and Europe.
For more information about Frazier Healthcare Partners, visit the
company's website at http://www.frazierhealthcare.com.
About Providence
The Providence Service Corporation is a holding company whose
subsidiaries provide critical healthcare and workforce development
services, comprised of non-emergency transportation services, workforce
development services, legal offender rehabilitation services, health
assessment services, and care management services in the United States
and abroad. For more information, please visit www.prscholdings.com
Contacts
Frazier Healthcare Partners
Carol Eckert -- Director, Investor
Relations