The investment reduces debt servicing costs and improves financial flexibility.

SelectQuote continues to grow its Medicare insurance distribution and healthcare services platform. Alongside this funding, the company renegotiated its Senior Secured Credit Facility, lowering interest rates on its remaining balance.

As part of the deal, Bain Capital’s Chris Wolfe and Newlight Partners’ Srdjan Vukovic will join SelectQuote’s Board of Directors upon closing, expected on February 28, 2025. Wolfe, with over two decades of experience in healthcare and insurance private equity, emphasized SelectQuote’s role in expanding consumer access to insurance. Vukovic, an experienced healthcare investor, has backed companies such as Oak Street Health and Zing Health.

SelectQuote CEO Tim Danker called the investment a key step in the company’s long-term strategy. “This deal, along with our 2024 receivables securitization, marks another milestone in refinancing and deleveraging our balance sheet,” he said.

Ashwin Krishnan, Co-Head of North America Private Credit at Morgan Stanley Investment Management, expressed confidence in SelectQuote’s direction. “This investment, coupled with the company’s strong operating momentum, positions it for long-term success,” he stated.

Jefferies acted as SelectQuote’s exclusive financial advisor, while Wachtell, Lipton, Rosen & Katz served as legal counsel.

Source: Business Wire

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.