Cressey & Company Announces Investment in Avēsis to Accelerate Growth and Strengthen Leadership Position in the Supplemental Benefits Market
Phoenix, AZ, October 5, 2021 – The Guardian Life Insurance Company of America (“Guardian”) and Cressey & Company LP (“Cressey & Company”), announced a strategic partnership to accelerate growth for Avēsis, a Guardian subsidiary. Founded in 1978, Avēsis is a leading administrator of vision, dental, and hearing insurance benefits for government and commercial plans, serving over 9 million members.
As a strategic partner, Cressey & Company, a private investment firm focused on building leading healthcare services and information technology businesses, will make a significant investment to support accelerated growth through product development efforts, enhanced customer experience, and expansion in both existing and new markets.
“Avēsis is now uniquely positioned to leverage Cressey’s outstanding experience and expertise in the fast-growing Medicare and Medicaid space, and its track record of forging winning industry partnerships,” said Chris Smith, executive vice president, Group Benefits at Guardian Life. “By joining forces, Cressey and Guardian Life will create an expanded platform that meets the needs of our customers and serves as a preferred supplemental benefits partner for government and commercial markets.”
“We feel privileged to collaborate closely with Guardian Life in this new partnership with Avēsis,” said Peter Ehrich, Partner at Cressey. “With Avēsis’ strong foundation, we have the opportunity to positively impact the healthcare system by focusing on innovation that is centered on empowering customers with an improved approach to delivering supplemental benefits.”
With this partnership, 30-year healthcare veteran Sean Slovenski will assume the role of CEO and will lead the execution of Avēsis renewed strategy and vision.
“It’s an honor to join Avēsis and work closely with Guardian Life and Cressey to drive sustained growth while strengthening customers’ experiences with Avesis’ unique products offerings,” said Slovenski.
Terms of the transaction were not disclosed.
Founded in 1978, Avēsis is a leading administrator of vision, dental, and hearing health insurance benefits for government and commercial plans. In the government segment, Avēsis operates as either a subcontractor to MCOs or contracts directly with state Medicaid agencies to provide claims processing, provider network management, and value-added clinical programs. Avēsis also distributes and administers benefits for brokers and their employer customers. The Company offers both at-risk and ASO arrangements with its plan partners. Avēsis is headquartered in Phoenix, Arizona. To learn more about Avēsis, visit www.avesis.com.
About Guardian Life
Every day, Guardian provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we’re a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2020 included $9.5 billion in capital and $1.7 billion in operating income. For more information, please visit guardianlife.com or follow us on Facebook, LinkedIn, Twitter and YouTube.
About Cressey & Company LP
Based in Chicago, Illinois and Nashville, Tennessee, Cressey & Company LP is a private investment firm focused on building leading healthcare services and information technology businesses. With a history spanning 40 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. For more information, visit www.cresseyco.com.