By Sabela Ojea
SelectQuote secured a $350 million investment from funds managed by Bain Capital, Morgan Stanley Private Credit, and Newlight Partners.
The insurance company on Monday said the transaction, expected to close Feb. 28, would allow it to grow both its healthcare business and healthcare services marketplaces, as well as deepen its relationship with carrier partners.
Overall, the investment would also help SelectQuote recapitalize its balance sheet, lower its annual cash debt service, and increase its operating flexibility, the company said.
"While we have more work to do, this deal, on the heels of our 2024 receivables securitization, marks the second meaningful milestone toward our ultimate goal of refinancing the business and significantly deleveraging the balance sheet," Chief Executive Tim Danker said.
SelectQuote said that it is appointing Chris Wolfe of Bain Capital and Srdjan Vukovic of Newlight Partners to its board of directors.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 10, 2025 17:14 ET (22:14 GMT)
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