New Mountain Capital LLC agreed to recapitalize Remedy Partners Inc. by acquiring interests from early venture capital investors in the healthcare bundled-payment company.
The venture capitalists will continue to be shareholders in the company. As part of the deal, New Mountain will hold four of seven board seats in Remedy and take an active role in Remedy's business development, mergers and acquisitions, and strategic guidance.
The transaction, the terms of which were not disclosed, is set to be completed in 30 to 60 days.
New Mountain supports companies typically valued between $100 million and $1 billion and invests $100 million to $500 million per transaction.