SC-2025-002
Confidential
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
Client Verticals
Key Business Metrics
Founded
Late 2010s
Client Retention
High Renewal Rates
Revenue Type
Recurring TPA Fees
Ownership Structure
Founder/CEO
100% Founder-led
Open to minority/majority partnerships. Seeking distribution-focused strategic partners.
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