January 20, 2011
New York-based private equity firm Tailwind Capital completed its sale of Trover Solutions, an outsource provider of insurance subrogation and claims recovery services, to Boston-based private equity firm ABRY Partners. Kelley Drye & Warren served as legal counsel for Trover and Tailwind Capital, and Kirkland & Ellis served as legal counsel for ABRY Partners.
Tailwind acquired Trover through a taking-private transaction in 2004. Warburg Pincus was one of the early investors when Trover launched in the late 1980s. In 1995, Trover (then known as Healthcare Recoveries Inc.) was sold to Medaphis Corp. In 1997, Trover spun off from Medaphis in an IPO.
Trover Solutions, Inc. (troversolutions.com) is a leading independent provider of comprehensive cost containment services and software to the private healthcare payer and property and casualty industries. Among the cost containment services provided by Trover are insurance subrogation, overpayments recovery, clinical bill auditing and litigation management.
Tailwind Capital (tailwind.com) is a private equity firm investing in growth-oriented middle market companies in healthcare and business and communications services.
ABRY Partners (abry.com) is a media and communications focused private equity investment firm, with extensive experience in the healthcare and insurance services sectors.
Partner Elisheva S. Teitz and associate Wendy A. Clarke were the primary attorneys who handled this matter for Trover.