Friday Health Plans secures CAD154 million in funding

Company

Peloton Capital Partners

Law Firm / Organization
Goodwin Procter LLP

Company

Leadenhall Capital Partners

Law Firm / Organization
Not Specified
Lawyer(s)

Robert Schwartz

On May 25, 2022, Friday Health Plans Management Services Company, Inc., headquartered in Denver, secured a $70 million equity investment led by Leadenhall Capital Partners, with additional participation from Vestar Capital Partners, Peloton Capital Partners, and others. Furthermore, Leadenhall committed to a $50 million debt financing for Friday. This funding is set to support Friday's expansion into new Affordable Care Act marketplaces, building on its 400% membership growth over the past two years. CEO Sal Gentile emphasized the company's dedication to providing straightforward, affordable health plans for individuals without employer-based insurance, focusing on this growing market segment. Friday currently offers services to over 330,000 members in seven states, projecting about $1.95 billion in gross premium revenue for 2022. Their health plans feature no-cost primary care visits, mental health counseling, generic drugs, and telehealth services. Tom Spreutels of Leadenhall, having collaborated with Friday's management for years, expressed enthusiasm for supporting the company's ongoing growth. Friday, founded in 2015 by industry veterans Sal Gentile and David Pinkert, has been an active player in the ACA market since its inception. The company, which now employs over 600 people, has grown significantly through both acquisitions and organic development.
Financing/Investment
Healthcare
$ 154,000,000
Active