Rubicon Founders-Led Investor Group’s Acquisition of Majority Stake in Centene’s U.S. Medical Management

Skadden, Arps, Slate, Meagher & Flom and Locke Lord advised Centene, while Ropes & Gray advised WCAS on the deal.

Centene Corporation (NYSE: CNC) has signed a definitive agreement to sell a majority stake in U.S. Medical Management, LLC (USMM) to Rubicon Founders; Valtruis, a WCAS company; Oak HC/FT; and HLM Venture Partners. Centene will retain a minority stake in USMM.

USMM is a family of companies dedicated to providing high-quality, coordinated healthcare in the home. USMM has also developed and owns several allied health assets, which assist in the provision of home-based primary care and furthers the value and efficiency of house call medicine.

Centene Corporation, a Fortune 25 company, is a leading multi-national healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals.

WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm’s strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions.

Evercore served as financial advisor to Centene.

The Skadden team included M&A partners Jeremy London (Picture; Washington, D.C.) and Paul Schnell (New York), counsel Micah Kegley (Washington, D.C.) and associates Paul Bolaji (Washington, D.C.) and James Harrington (Washington, D.C.); Intellectual Property and Technology partner Jose Esteves (New York/Palo Alto) and associate MacKinzie Neal (New York); Tax partner Gavin White (New York); Executive Compensation and Benefits partner Erica Schohn (New York) and counsel Page Griffin (New York); and Antitrust/Competition counsel Elliot Silver (Washington, D.C.).

The Ropes & Gray team that advised WCAS was led by private equity partners Scott Abramowitz and Othon Prounis (both of New York), and included private equity associate Randy Limberg (New York), heath care partner Timothy McCrystal (Boston), tax partner Leo Arnaboldi III (Boston), litigation & enforcement partner John Bueker (Boston), employment, executive compensation & benefits partners Alexandra Alperovich (New York) and Matt Jones (Chicago), real estate counsel Chrystal LaRoche (New York) and employment, executive compensation & benefits counsel Stephanie Bruce (Boston).

Involved fees earner: Scott Abramowitz – Ropes & Gray; Alexandra Alperovich – Ropes & Gray; Leo Arnaboldi – Ropes & Gray; Stephanie Bruce – Ropes & Gray; John Bueker – Ropes & Gray; Matthew Jones – Ropes & Gray; Chrystal LaRoche – Ropes & Gray; Randall Limberg – Ropes & Gray; Timothy McCrystal – Ropes & Gray; Othon Prounis – Ropes & Gray; Paul Bolaji – Skadden Arps Slate Meager & Flom; Jose Esteves – Skadden Arps Slate Meager & Flom; Page Griffin – Skadden Arps Slate Meager & Flom; James Harrington – Skadden Arps Slate Meager & Flom; Micah Kegley – Skadden Arps Slate Meager & Flom; Jeremy London – Skadden Arps Slate Meager & Flom; MacKinzie Neal – Skadden Arps Slate Meager & Flom; Paul Schnell – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Elliot Silver – Skadden Arps Slate Meager & Flom; Gavin White – Skadden Arps Slate Meager & Flom;

Law Firms: Ropes & Gray; Skadden Arps Slate Meager & Flom;

Clients: Centene Corporation; Welsh, Carson, Anderson & Stowe;