But Hank Said……………………

Henry  “Hank” Miltenberger

“When you go public, it changes the culture. That can be good for some companies, but we’re glad we don’t have to worry about quarterly earnings reports. I’ve never considered selling Gilsbar. I don’t view the business as a investment. It’s a stewardship. I hope to hand it off to someone with the same values—values where people are a priority over dollars.” (Up With People – New Orleans Living Magazine)

Four or five years ago I made an appointment to visit Gilsbar’s headquarters to meet the folks there and tour their facility. As usual, I was early for the appointment and waited outside the locked building by the front door. A nice lady approached from the parking lot, obviously an employee, and opened the door. She turned and asked, “Are you here to see someone? Come on in.”

She was the receptionist. “Make yourself home, would you like some coffee? she asked. A short time later a worker arrived, saw me in the waiting area and warmly greeted me. “Have you been helped?” he asked.

So the morning began. My appointment showed up and we toured the facility, meeting all kinds of nice people. Towards the end of the morning I was ushered in to meet the owner of the company for a brief introduction to top off my tour. As I entered the room I immediately recognized the owner as the same fellow who asked me if I had been helped earlier.

Hank gave a brief welcome and a short version about the history of Gilsbar, their vision and philosophies, and ended with “We are privately owned, no equity outside investors, and unlike what you see in the market these days we are not for sale, and will never be for sale, that you can be rest assured. We are here to stay.”

HealthComp Acquires Gilsbar’s TPA Division

Mon, January 17, 2022, 8:30 AM·4 min read

HealthComp’s Acquisition of Gilsbar’s TPA Division will Support Continued Enhancements in Client Offerings and Growth

FRESNO, Calif., January 17, 2022–(BUSINESS WIRE)–HealthComp Holding Company LLC (“HealthComp” or “the Company”), a New Mountain Capital company and a leading Third-Party Administrator (TPA) of healthcare benefits for self-funded employers, today announced that it has acquired Gilsbar’s TPA and Care Management (MedCom) divisions (Gilsbar, LLC). Together, the combined business will continue to deliver on two critical priorities for its clients: managing healthcare costs and delivering a best-in-class member experience.

“HealthComp has chosen to invest in Gilsbar’s TPA because of its exceptional reputation, its outstanding market performance, and its high caliber of talent,” said Jose Rivero, CEO of HealthComp. “By combining the strengths of both our organizations, we’ll be able to deliver unmatched expertise and innovation in the field of health benefit administration, particularly in regard to healthcare cost containment, member engagement, and care management. In addition, Gilsbar’s geographic location will give HealthComp the local presence to better serve clients and brokers in the South and Southeast.”

Gilsbar’s TPA offers a fully-integrated approach to benefit plan administration, which includes sophisticated technology and personalized service. Through MedCom, Gilsbar’s in-house care management division, the company delivers care management programs that positively impact employee health and wellbeing. It has successfully provided clients with savings, process efficiencies, and member satisfaction. Gilsbar’s strong national presence and care management capabilities will move HealthComp one step closer to building a leading, national TPA of self-insured health plans.

“It’s a phenomenal fit – both HealthComp and Gilsbar are forward-thinking companies, delivering value through a now shared vision of operational excellence, clinical expertise, and technological advancements,” said Ryan Haun, CEO and President of Gilsbar Holdings, LLC. “HealthComp’s financial and operational support will enable additional investment in technology and enhanced service offerings. Additionally, HealthComp will bring its leading-edge technology and capabilities to Gilsbar clients, including a proprietary analytics platform and digital tools. More importantly, we remain committed to delivering the same level of service our clients have come to expect and rely on.”

Moving forward, HealthComp and Gilsbar will work together to enhance products, services, and support for their customers. Whereas traditional health plans have been unable to deliver tailored offerings, these companies fill the need for highly customizable solutions, as employers want health benefits configured to the needs of their unique member populations.

Gilsbar Holdings and its remaining subsidiaries will continue their core businesses. Gilsbar Specialty Insurance is a nationally recognized retailer of professional liability and commercial insurance products to attorneys, CPA’s and other professionals. Gilsbar Group Benefits will maintain its presence in the Southeastern US as a full-service benefits brokerage house to employer and association groups.

Mesirow served as exclusive financial advisor to Gilsbar in the transaction.

About Gilsbar

Established in 1959, Gilsbar Holdings, LLC® is one of the largest privately held insurance services organizations in the country. Recognized as a catalyst for creating healthy businesses while delivering health plan savings, Gilsbar, LLC offers self-funded and fully-insured benefit plan management services, along with Wellness, Advocacy, and overall Population Health Management. Gilsbar Specialty Insurance, LLC and Gilsbar Group Benefits, LLC are industry leaders in their fields of professional liability insurance retail and benefits advisory and brokerage, respectively.

Gilsbar has been honored by Inc. magazine for its sustained growth, Modern Healthcare and Business Insurance magazines as a Best Place to Work, and WELCOA and the American Heart Association for its proven wellness methodology. For more information, visit www.Gilsbar.com.

About HealthComp

HealthComp, a New Mountain Capital company, is a leading independent health plan administrator for self-funded employer groups. For more than 25 years, HealthComp has been dedicated to transforming benefits administration. Our solution brings together concierge-level service, best-in-class operations, powerful analytics and expert medical cost management and integrates seamlessly with any benefits ecosystem. The result is an industry-leading experience that delivers better clinical outcomes for our members and higher savings for our book of business. HealthComp has offices in California, Illinois, Kentucky, West Virginia and Pennsylvania. For more information, visit www.HealthComp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220117005053/en/


Joy Scott, CEO, Scott Public Relations
Phone: 818.610.0270