WESTPORT, CT – Gemspring Capital, LLC (“Gemspring”), a Westport, Connecticut-based private equity firm specializing in lower middle market companies, announced today that an affiliate has made a strategic investment in United Group Programs, Inc. (“UGP” or “the Company”), a leading designer, marketer and administrator of healthcare benefit products and services. Financial details of the investment were not disclosed.
UGP was founded in 1968 and is both a Third-Party Administrator (“TPA”) and Managing General Agent (“MGA”) of healthcare benefits. The Company offers specialty products and services that are sold through an extensive broker network to small and mid-sized businesses. The primary insurance products offered by the Company include gap, limited medical, minimum essential coverage and self-funded major medical. UGP maintains operations in Newtown, PA, Boca Raton, FL, and Beaufort, NC.
“UGP has a long track record of successfully developing, selling and administrating new and innovative healthcare benefit solutions. We are excited to invest in UGP and partner with the management team, led by Robert Edelheit and Marc Edelheit, to build upon its strong history of organic growth and selectively pursue strategic add-on acquisitions,” commented Bret Wiener, Managing Partner of Gemspring.
The UGP management team is investing alongside Gemspring and will continue to lead the Company. “We are very pleased to partner with Gemspring. Their team will bring the right financial and strategic resources to help UGP continue our thoughtful approach to growth without compromising our focus on best-in-class customer service,” commented Robert Edelheit, President of UGP.
About United Group Programs
UGP is a Third-Party Administrator and Managing General Agent that designs, markets, and administers healthcare benefit products and services including gap, limited medical, minimum essential coverage and self-funded major medical. Established in 1968, the Company has a long track record of offering comprehensive solutions and industry-leading service to brokers and employer groups. For more information, visit www.ugpinc.com
About Gemspring Capital
Gemspring Capital, LLC, a Westport, Connecticut-based private equity firm with $350 million under management, focuses on making control equity investments and structured equity investments in lower middle market companies headquartered in the United States and Canada. Gemspring partners with talented management teams and takes a hands-on approach to driving revenue growth and operating efficiencies. The goal for each portfolio company is growth, enhanced market leadership and a significant increase in the strategic value of the business. Target companies have up to $250 million in revenue and are in the business services, industrial services, distribution and logistics, healthcare services, specialty manufacturing, media, technology or software sectors. For more information, visit www.gemspring.com.