SEATTLE--(BUSINESS WIRE)--Frazier Healthcare Partners (“Frazier”) is pleased to announce that it has closed on the acquisition of a majority share of Matrix Medical Network (“Matrix”) from Providence Service Corporation (“Providence”) (Nasdaq: PRSC). Based in Scottsdale, AZ, Matrix is a leading provider of in-home, facility and community-based risk adjustment and care management services to health plans and risk-bearing providers. Frazier, along with co-investors acquired a 53% interest in the company with Providence retaining the remainder. The definitive agreement was initially announced on August 29, 2016.
Frazier will assist the current Matrix management team, led by Walt Cooper, Chief Executive Officer, through its next phase of growth as it expands into new payor markets and offers new products and services to existing clients. Brett Moraski, a long-tenured managed care executive and Frazier Operating Partner, will collaborate with Matrix and Frazier General Partners Ben Magnano and Brian Morfitt will be members of the Board of Directors.
“We are excited to help Matrix expand its core offerings into adjacent markets and provide innovative additional services to its customers' members,” said Ben Magnano, General Partner at Frazier. “This partnership is another successful example of Frazier's operating model whereby we work with experienced executives to identify and invest in growth areas within healthcare. We look forward to working with the Matrix team to continue driving the future growth of the business.”
“The support of Frazier will help us to execute our growth strategy and realize our full potential as a diversified healthcare services company,” said Walt Cooper, CEO of Matrix. “With our proven operational platform as a foundation, we are well positioned to expand the services we provide and the populations we support.”
About Matrix Medical Network
Matrix pioneered the field of home-based medical assessments and has expanded its portfolio of services to include screening, chronic care management, physician engagement and analytics. As the leading platform in the home healthcare intervention market, Matrix provides services and care to primarily Medicare Advantage consumers across 37 states in the U.S.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading provider of growth and venture capital to emerging healthcare service and biopharma companies. With nearly $2.9 billion under management, Frazier has invested in over 170 companies ranging from early-stage venture investments to buyouts of profitable lower-middle market companies. For 25 years, Frazier has established itself among entrepreneurs and seasoned executives as the preferred partner to help create and rapidly grow market leading healthcare companies. Frazier Healthcare Partners has offices in Seattle, Wash., and Menlo Park, Calif., and invests broadly across the United States, Canada and Europe.
For more information about Frazier Healthcare Partners, visit the company's website at http://www.frazierhealthcare.com.
About Providence
The Providence Service Corporation is a holding company whose subsidiaries provide critical healthcare and workforce development services, comprised of non-emergency transportation services, workforce development services, legal offender rehabilitation services, health assessment services, and care management services in the United States and abroad. For more information, please visit www.prscholdings.com
