02/07/2020
Citizens Capital Markets, Inc. Advises Medical Mutual of Ohio in its Acquisition of Bravo Wellness, LLC
PROVIDENCE, RI – Citizens Capital Markets, Inc announced today that it served as the exclusive financial advisor to Medical Mutual of Ohio in its acquisition of Bravo Wellness, LLC. Bravo will operate as a wholly owned subsidiary of Medical Mutual and will continue to operate under the leadership of founding CEO Jim Pshock.
The acquisition of Bravo expands Medical Mutual’s national commercial service offerings and bolsters its population health strategy. Bravo’s configurable, achievement-based wellness platform helps employers lower overall health costs by helping employees reduce preventable health risks.
“Medical Mutual is committed to helping every member — no matter their current health status — improve their well-being while managing rising healthcare costs for individuals and groups enrolled in our plans,” said Rick Chiricosta, President, Chairman and CEO of Medical Mutual. “Bravo’s personal, motivational and measurable approach to wellness programming helps us reach both of those goals.”
Medical Mutual is one of the largest health insurers in Ohio with more than 1.6 million members. It has successfully grown beyond its core commercial health insurance platform to include life, disability and dental insurance, which it expanded through its acquisition of Superior Dental Care in 2018. Medical Mutual engaged Citizens Capital Markets as its buy-side M&A advisor to further accelerate its acquisition initiatives across its core health insurance markets, as well as diversification opportunities in P&C, life and other specialty insurance products.
Tom Dewey, Medical Mutual Executive Vice President of People & Strategy, said: “It has been a pleasure working with the Citizens M&A team to augment our M&A strategy and execution.”
“Medical Mutual is an ideal environment for Bravo to join and accelerate its population health initiatives,” said Citizens Capital Markets Managing Director Andrew Male. “We are proud to have brought these two great Cleveland healthcare businesses together.”
Citizens Capital Markets, Inc. provides M&A, capital raising and other financial advisory services to middle market companies across a focused set of industry verticals. Citizens delivers thoughtful advice, keen market insight and superior execution to clients, both nationally and internationally.
For more information, please go to the Citizens Commercial Banking M&A Advisory Services website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $165.7 billion in assets as of December 31, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
