Renton, WA – November 2017 – Navia Benefit Solutions, Inc. is pleased to announce that it has formed a growth partnership with Shore Capital Partners, a Chicago-based private equity firm focused on the healthcare industry. Founded in 1989, Navia is a leading third-party administrator (“TPA”) of consumer directed health benefit solutions serving clients nationwide.
Shore partnered with Hilarie Aitken and Matt Aitken who have led Navia through a period of tremendous growth since taking an active leadership role in 2003 following the passing of their father, Stan Aitken. Under the name Flex-Plan Services, Inc., Brothers Stan and Jim Aitken founded Navia in 1989 after seeing an opportunity to help employers administer tax-advantaged account based benefits such as Flexible Spending Accounts (“FSA”). Since then, Navia has evolved to offer other tax-advantaged benefits including Commuter and Transit Benefits, Health Savings Accounts (“HSA"), Health Reimbursement Arrangements (“HRA”) and COBRA services.
“We believe Shore is the ideal partner to help facilitate growth through the expansion of our platform with new products and services over the coming years. We continue our commitment to providing the highest quality customer service and differentiated product offerings,” explained Ms. Aitken, CEO, who continues to lead the Company and will maintain a significant ownership position. “Shore’s support of strategic growth initiatives and proven expertise in partnering with other family-owned healthcare service businesses is impressive. We look forward to the opportunity to expand our platform with new products to new and existing customers.”
A highly experienced Board of Directors joins Navia in connection with the partnership to help execute Navia’s growth plan. The three independent Directors joining Navia include: (i) Greg Bell: experienced TPA operator and founder of First Benefit Corp. and HealthX, (ii) Jim Forrest: founding investor and former Director of MBI (now Alegeus), a leader in FSA payment processing technology, and (iii) Bill Clendenen: founder and former CEO of Health & Safety Institute, a compliance, safety and training services business that realized enterprise value growth of over 24% annually from 2006 to 2016 across three different private equity partnerships.
Ryan Kelley, a Partner at Shore Capital noted that, “We are excited to partner with a proven industry leader such as Navia. Supporting the growth of Navia by investing in products, people, and process to scale their unique TPA service offering is what we do best. After studying the broader payor services landscape, we believe that Navia represented an exceptional opportunity for Shore to grow a company well-positioned for an acceleration in consumer-directed healthcare. When you boil it down, Navia is helping consumers manage first dollar out-of-pocket healthcare expenses. The need for Navia’s services are only becoming more relevant given the rapid increase in health insurance premiums and rising healthcare deductibles pushed onto consumers.”
Navia represents the fifth platform investment out of Shore Capital Partners Fund II, L.P., a $190 million investment vehicle raised in April 2017.
About Shore Capital
Shore Capital Partners is a Chicago-based private equity firm focused exclusively on lower middle market healthcare investments. Shore supports management partners with capital, business development expertise, and industry knowledge to accelerate growth, and fund acquisitions. Shore has approximately $350 million of equity capital under management through various investment vehicles including the recently formed Shore Capital Partners Fund II, L.P. with $190 million of capital commitments.