SC-2025-002
Confidential
Third Party Benefits Administrator
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United States
Market-leading third-party administrator serving 2,100+ brokers with ACA-compliant MEC/MVP plans and ICHRA solutions. Exceptional 83%+ EBITDA margins driven by lean South America-based operations, scalable technology platform, and specialized focus on cost-effective employer health coverage alternatives.
Annual Revenue
~$6.0M
2024 performance
EBITDA Margin
83%+
Exceptionally lean operation
Broker Network
2,100+
Appointed brokers nationwide
Owner's Expected Valuation
~9× EBITDA
Platform investment opportunity
Business Model & Value Proposition
Proprietary ACA-compliant MEC/MVP plans and Individual Coverage HRA (ICHRA) solutions addressing the $2.8B small group health insurance market. Differentiated white-labeled broker programs with tax-optimized structures, delivering 40-60% cost savings versus traditional group health plans while maintaining compliance and quality coverage.
Distribution & Go-to-Market Strategy
Proven B2B2C distribution model with 2,100+ appointed independent brokers nationwide, supported by centralized sales infrastructure and comprehensive training programs. High broker retention (85%+) and growing average revenue per broker creating predictable, scalable growth with minimal direct sales investment.
Competitive Positioning & Risk Management
Best-in-class 83%+ EBITDA margins achieved through strategic South America-based operations (~50% of workforce) providing 70% cost arbitrage while maintaining U.S. regulatory compliance. Conservative approach avoids high-risk association health plans, ensuring sustainable competitive positioning and regulatory durability in evolving healthcare landscape.
Strategic Investment Opportunity
Compelling platform investment at 9× EBITDA targeting strategic or financial sponsors. Founder collaboration opportunity for minority/majority recapitalization. Established infrastructure supports multiple growth vectors: geographic expansion, complementary TPA acquisitions, adjacent product development, and potential enterprise direct sales channel.
Core Services
- MEC (Minimum Essential Coverage) Plans
- ICHRA Solutions
- White-Labeled Broker Plans
- MVP (Minimum Value Plans)
- Tax-Optimized Plan Structuring
- Scalable Back-Office Operations
Client Verticals
- Small & Medium Enterprises (2-500 employees)
- Healthcare & Medical Practices
- Manufacturing & Distribution
- Professional Services Firms
- Technology & Software Companies
- Retail, Hospitality & Service Industries
Key Business Metrics
Founded
Late 2010s
Client Retention
High Renewal Rates
Revenue Type
Recurring TPA Fees
Ownership Structure
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Founder/CEO
100% Founder-led
Open to minority/majority partnerships. Seeking distribution-focused strategic partners.
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