PRIMA Health Solutions engaged Saltire Capital Partners, a leader in corporate finance and advisory services, as lead financial advisor for its recent acquisition by Honeysuckle Health
Saltire facilitated the full transaction process and successfully helped Honeysuckle close the deal.
Founded in December 2019, Honeysuckle Health is a joint venture between nib Group (nib), a $3.5 billion Australian health care fund and Cigna Corporation (Cigna), a $125 billion Fortune 500 health services company. Honeysuckle Health is a health services company that develops and delivers digital and telephonic chronic disease management and preventative health programs, health services contracting and healthcare analytics. Honeysuckle Health was recently authorised by the ACCC to form and operate a buying group for healthcare payers.
PRIMA is an Australian allied healthcare and technology company specialising in the nationwide remote delivery of multi-disciplinary weight and lifestyle related health management products and programs.
The health management industry holds PRIMA’s programs in high regard. Outcome data from PRIMA programs are published in international peer-reviewed medical journals and cited as reference sources in medical publications, including the most recent Royal Australian College of General Practitioners Guidelines for the Management of Knee and Hip Osteoarthritis.
In April 2022, Honeysuckle Health acquired 100 percent ownership of PRIMA, making PRIMA a subsidiary of Honeysuckle Health. The acquisition helps build out Honeysuckle Health’s capability in delivering chronic disease management programs that utilise data science to both target the programs at the right patients and evaluate the programs to ensure the programs continue to be both clinically and commercially effective.
Rhod McKensey, CEO of Honeysuckle Health, says, “During the transaction process I was impressed by how well Saltire represented its client’s interests while building a strategic relationship with Honeysuckle Health to understand the outcomes we needed too. The Saltire team was consistently responsive, flexible, relationship-focused, and innately confident without ego. I’d have no hesitation working with Saltire again.”
Peter Gardiner, Principal of Saltire Capital Partners, says, “Saltire’s depth and breadth of engagements in the health sector represent our values of helping people lead better lives. We’re pleased to advise firms like PRIMA and work with firms like Honeysuckle Health to support their strategies to advance high-impact preventative treatments that help communities safeguard their health.”