Nashville-based HealthSpring Inc. said Tuesday it has finalized its planned $545 million cash acquisition of Bravo Health Inc., a Baltimore-based operator of Medicare Advantage health plans.
The sale was funded by cash and debt through a revolving credit and new term loan facility, HealthSpring officials said. Jeffrey Folick, chairman and chief executive officer of Bravo Health since 2006, has joined HealthSpring's board of directors, the announcement said.
HealthSpring owns and operates Medicare Advantage plans in Alabama, Delaware, Florida, Georgia, Illinois, Maryland, Mississippi, New Jersey, Pennsylvania, Tennessee, Texas and Washington, D.C., and also offers a national stand-alone Medicare prescription drug plan.
Privately held Bravo, founded in 1996 as Elder Health, offers Medicare Advantage, a government-sponsored program for the elderly, to about 100,000 people in Maryland and four other states and the District of Columbia. The company had nearly doubled the number of Brewers Hill headquarters employees since 2006 to 650 as of August.