BPV completes successful exit from Matrix Medical Network

Ballast Point Ventures is pleased to announce a successful exit from its investment in BPV I portfolio company Matrix Medical Network, the country’s leading provider of prospective health assessments for Medicare Advantage health plans.  BPV led the Company’s first institutional equity financing in February 2007 and provided additional growth equity in December 2008 in a financing led by Spring Bay Capital.  Under the terms of the transaction, Ballast Point Ventures, Spring Bay and the other non-management investors sold their ownership stakes in the Company to private equity firm Welsh, Carson, Anderson & Stowe.  Richard Brandewie, Managing Partner with BPV, had praise for both the management team and their new partner:

The sale of our interest in Matrix Medical Network marks the end of a very successful four and a half year investment for BPV.  We are very appreciative of the outstanding job that Mike Quilty and his team did in building Matrix into a market leader.  Mike and his team have created significant value for Matrix shareholders, their health plan customers and plan members.  We are delighted that Welsh, Carson, Anderson & Stowe will be supporting Matrix going forward and will be working with the Matrix management team to continue to build the business.

Additional detail can be found here.