Integra Partners Receives Growth Capital Investment
September 2, 2011 /Press Release – Integra Partners, a leading, New York based, DMEPOS provider network, announced today that it has received a growth equity investment from a group of investors led by Peterson Partners. Andrew Saltoun, who brings significant management expertise having held roles at Goldman Sachs, Vestar Capital Partners, and Duane Street Capital, has also joined the Integra team as President and Chief Executive Officer. These moves will enable Integra Partners to execute on its growth strategy and allow the company to invest in systems and infrastructure, which will further enhance the company’s ability to deliver the highest level of service to its customers.
“In our rapidly changing healthcare environment, there are constantly new demands on healthcare providers and health plans that require advanced systems and infrastructure,” says Steven Lowenbraun, Integra Partners’ co-founder. “This investment will allow us to stay in front of these demands and enable us to continue delivering value to our customers. We are delighted to have Andrew join our team, as he brings a wealth of knowledge and experience that will be instrumental to Integra Partners continued success.”
Prior to founding Duane Street Capital, Mr. Saltoun was an investment professional at Vestar Capital Partners, a $7 billion private equity firm. While at Vestar, he invested over $100 million of equity capital and was responsible for evaluating and executing new investments, working with many of Vestar’s portfolio companies, including those in the healthcare industry. Mr. Saltoun started his career as an Investment Banker at Goldman Sachs, & Co., where he advised on mergers and acquisitions with an aggregate value of over $11 billion. He brings significant experience raising capital in the public markets where he completed over $500 million of equity offerings and $600 million of debt financings. Mr. Saltoun has also been successfully involved with numerous entrepreneurial, growth companies, including Bonobos, New Media Learning, Second Time Around, Axial Markets, and the Hurricane Club. Mr. Saltoun holds an MBA from Stanford’s Graduate School of Business where he focused on the growth and management of entrepreneurial companies.
The equity investment group includes notable healthcare professionals and investors including – Bob Dahl, the former head of Carlyle Group’s Global Healthcare Group and Orrin Feingold, the former CFO of Multiplan, MagnaCare, and Healthfirst, as well as a significant investment from Andrew Saltoun. Joining Integra’s Board of Directors are: Joel Peterson, founding partner of Peterson Partners, current Chairman of the Board of JetBlue Airlines, and professor of Business at Stanford University; Bill Egan, founding partner of Burr, Egan, Deleage & Co, past Chairman and President of the National Venture Capital Association, Trustee of the University of Pennsylvania, and member of multiple public and private company Boards of Directors; Kent Weaver, current Chairman and CEO of Progressive Home Care; and Brandon Cope of Peterson Partners.
“I am thrilled to be joining such a strong team. Going forward we have an even greater opportunity to demonstrate the value that we deliver to our healthcare network. With these new investments we will be better positioned to provide scaled infrastructure to healthcare practitioners while reducing administrative costs for health plans and improving patients’ access to care. We will be expanding our network of providers, health plans, and patients at the same time as we increase the quality of service,” commented Andrew Saltoun, Integra Partners’ newly appointed President and CEO.
About Integra Partners
Integra Partners, which was founded in 2006, is a leading DMEPOS provider network. The Company provides outsourced claims management solutions to healthcare providers and health plans to increases efficiency for both parties. Today the company works with over 200 healthcare providers and 30 health plans in the northeast. By delivering value to its customers, Integra is improving healthcare by reducing cost, increasing efficiency, and delivering more choice to patients.
About Peterson Private Equity
Peterson Private Equity, located in Salt Lake City Utah, is the Private Equity group of Peterson Partners Inc. Peterson Private Equity is a middle market investor that is growth oriented, flexible, and has a long-term mindset. Over the past 11 years, Peterson has made investments across the United States, Canada, and Brazil. Peterson Partners Inc. is an independent investment management firm with assets under management across a variety of alternative asset classes. Peterson Partners and its affiliates have invested in over 150 companies, primarily in the US, but also Canada, Europe, Mexico, Brazil and India.