Partners+Simons CEO takes helm at parent company Myelin Health
Myelin Health CEO Rich Levy
Myelin Health today announced the appointment of a new CEO and plans for the healthcare communications network, which is focused on payers, healthcare providers and medical device and diagnostic manufacturers, to acquire up to nine other marketing services firms.
The network, which was created in 2012 by Baird Capital, is looking for firms that offer services such as public relations, CRM and data analytics that complement the three other deals that have been completed. The private-equity firm's first stake was in Partners+Simons, a Boston-based brand communications firm that works with healthcare and financial services clients such as AIG, Medtronic, Genzyme and some pharma clients. It employs about 100 people.
The network's growth strategy calls for making a total of eight to 12 acquisitions, including the three completed deals, within the next year, said Rich Levy, who was recently named CEO of Myelin Health and will continue to serve as president and CEO of Partners+Simons. He declined to say how much money Baird Capital plans to spend to fulfill the strategy.
Levy said Myelin Health won't look like a WPP or Omnicom Group, two of the world's largest advertising holding companies. Instead, it will continue to focus on payer and provider clients, which have become much more aggressive in their marketing in the US since the Affordable Care Act went into effect.
Insurers, in particular, have “never had to aggressively market and spend marketing dollars,” Levy added.
Along with the investment in Partners+Simons, Myelin Health has acquired Avid Design, which provides online marketing and services to healthcare providers, and Duet Health, a mobile healthcare communications firm.