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Parthenon Capital Announces Strategic Growth Investment in Medical Review Institute of America

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Positions Clinical Review Leader for Continued Growth and Expansion of Automation-Enabled Solutions

SALT LAKE CITY, July 8, 2024-- Medical Review Institute of America (“MRIoA” or the “Company”), a leading provider of outsourced utilization management and clinical review solutions to payers, announced a strategic investment from Parthenon Capital (“Parthenon”), a growth-oriented private equity firm. As part of the transaction, MRIoA management and Summit Partners, an investor in MRIoA since 2017, will both retain significant positions in the business. Financial terms were not disclosed.

“We are thrilled to welcome Parthenon as an investor in MRIoA. The firm brings deep expertise in supporting high-growth healthcare businesses at the intersection of services and technology and will be an invaluable partner as we look to scale and innovate,” said Ron Sullivan, CEO. “We are grateful for Summit Partners’ active support over the last several years and for their continued partnership moving forward. We are excited to continue to provide best-in-class utilization management services to our clients while also looking for even more ways to add value in the years ahead.”

Dan Killeen, a Partner at Parthenon, said, “MRIoA plays a critical role in enabling payer organizations to ensure members receive timely access to the care they need. With significant investments in clinical resources, service delivery and automation, the Company is uniquely positioned to help clients navigate a dynamic health care system, and we are excited to partner with MRIoA as it enters this next chapter of growth.”

Dave Ament, Co-CEO of Parthenon, added, “MRIoA has established itself as a trusted, scale partner providing high-quality clinical review solutions to health plans, third-party administrators and pharmacy benefit managers across the country. We look forward to working with Ron and the MRIoA team to build on this strong foundation in the years ahead.”

Mizuho and its affiliate Greenhill & Co. acted as exclusive financial advisor to MRIoA. Kirkland & Ellis, LLP acted as legal advisor to Parthenon Capital in connection with the transaction.

ABOUT MEDICAL REVIEW INSTITUTE OF AMERICA

Founded in 1983, Medical Review Institute of America, LLC (MRIoA) is a leading medical review company in the United States. With one of the largest, most extensive clinical review networks, industry-leading turnaround times, and utilization review licensing in all states that require it, our professionalism, enthusiasm and collaborative approach are transforming clinical care delivery nationwide. MRIoA is a technology-enabled provider of clinical insights to payers and patients through analytics and evidence-based clinical opinions derived from independent specialty reviews and virtual second opinion solutions that empower better decision-making. For more information, visit www.mrioa.com.

ABOUT PARTHENON CAPITAL

Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.

Contact:
Molly Fazio Kloos, Parthenon Capital
617-960-4012
mollyk@parthenoncapital.com

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