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A merchant banking firm claims in a lawsuit that Palladium Equity Partners LLC is nearing a $250 million investment in Coconut Grove, Fla.-based HealthSun Health Plans Inc. and various affiliated entities.
American Merchant Banking Group Inc. revealed the allegations in accusing the private equity firm of breach of contract for a supposed failure to pay a fee for the company's work in procuring the transaction years earlier.
A Palladium spokesman declined comment on the allegations. A Summit Partners spokeswoman did not return a message seeking comment nor did HealthSun Co-Founder and CEO Alexander Fuster. A limited liability company controlled by Fuster owns 33.3% of HealthSun, a provider of Medicare Advantage products in the south Florida counties of Broward and Miami-Dade.
With total membership as of December 2015 of 31,033 and full-year 2015 premium revenue of $695.7 million, the company said it ranked as the fourth-largest Medicare Advantage health plan in the Broward and Miami-Dade service area on a pro forma basis for the pending merger of Aetna Inc. and Humana Inc. S&P Global Market Intelligence ranked the company as the eighth-largest writer of Title XVIII Medicare business in 2015 based on statewide enrollment, trailing Humana, GuideWell...