The firm also announced that it has recruited Eric Reimer to serve as CEO of CareCentrix, and Steve Shulman and Steve Cosler to join the board of directors. Together, they will focus on repositioning and expanding CareCentrix, a coordinator of home healthcare services for managed care organizations.
Mr Reimer, most recently led strategic development for Magellan Health Services. He spearheaded the company’s acquisition of National Imaging Associates, where he assumed the CEO position and transformed the $50 million business into a full-service radiology benefits management firm, generating $300 million in annualized revenue.
Ned Villers, a partner with Water Street, said: “Water Street has focused on finding platforms in specialty benefits management since we identified payer services as an attractive investment segment three years ago.
“During this time, we’ve met with many impressive executives, but Eric stands out as an exceptional leader and the perfect fit for CareCentrix. His direct experience, strategic insight and strong track record of building market-leadership companies make him the ideal CEO for CareCentrix. We are confident that Eric will help the company execute the many growth opportunities that exist in home healthcare.”