Windsor Health Group Closes $9 Million Preferred Stock Sale To Investor Group led by Pharos Capital
Brentwood, TN, January 6, 2006 - Windsor Health Group, Inc., a managed care company operating government sponsored health plans, has completed a $9 million Series A Preferred Stock financing. The round was led by Pharos Capital Group, with co-investors including Delta Capital Management and Vanderbilt Health Services.
The Company intends to use the proceeds of the offering to fund the roll-out of its Medicare Advantage product called Windsor Medicare Extra in select markets of Tennessee. Funds will be used for marketing costs, increased statutory reserves and working capital needs. The Company anticipates undertaking a rapid geographic expansion of the Windsor Medicare Extra product following its initial roll-out.
In conjunction with the financing, Bob Crants of Pharos Capital Group and Richard Wagers of Vanderbilt Health Services have agreed to join the Company’s Board of Directors.
“Pharos Capital Group and their co-investors share the founders’ vision for the future of Windsor Health Group. We searched for investors with healthcare industry expertiseand sufficient fund size to fuel the company’s growth and we could not be happier with the outcome,” said Philip Hertik, Windsor Chairman and CEO.
“We are very pleased to have the opportunity to work with such an experienced and successful management team in the roll-out of new, cost-effective, health care solutions for Tennessee’s seniors,” said Bob Crants of Pharos Capital.
About Windsor Health Group
Windsor Health Group is a managed healthcare company operating government sponsored health plans and providing specialty managed care services to both the insurance and healthcare provider communities. Headquartered in Brentwood, TN, the Company operates Windsor Health Plan of TN, a licensed HMO offering VHP CommunityCare and Windsor Medicare Extra; and Windsor HomeCare Network, a network of home healthcare providers covering the state of Tennessee.
About Pharos Capital Group
Based in Dallas and Nashville, Pharos Capital Group currently has approximately $500 million in capital under management. Pharos primarily invests $10 to $20 million in companies seeking later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare, business services and technology.
Contact:
Windsor Health Group, Inc.
Heather MacDonald
DVL
(615) 244-1818
Pharos Capital Group, LLC
Caroline Luz
Owen Blicksilver Public Relations
(203) 656-2829