Houlihan Lokey Advises Carisk Partners

Houlihan Lokey is pleased to announce that Carisk Partners (Carisk), a portfolio company of MBF Healthcare Partners (MBF), has been recapitalized by Lee Equity Partners, LLC (Lee Equity) and Elements Health Investors, LLC (Elements). The transaction closed on December 1, 2023. Houlihan Lokey served as the exclusive financial advisor to Carisk.

Headquartered in Miami, Carisk is a specialty risk transfer and care coordination company operating in the workers’ compensation market. Since 2016, Carisk has redefined how patients and clients access high-quality care and support services. Today, Carisk continues to transform the workers’ compensation marketplace by providing seamless experiences across all products and services and empowering patients through its proprietary Pathways™ 2 Recovery care model.

MBF is a leading middle-market healthcare private equity fund based in Coral Gables, Florida. MBF’s strategy is to partner with exceptional management teams while leveraging operating experience, domain segment knowledge, and tenured relationships to rapidly accelerate value creation. The partners of MBF have substantial operating experience in healthcare and have held senior management positions in both private and publicly traded healthcare companies. MBF principals have managed and helped build some of the nation’s most innovative and successful healthcare companies.

Lee Equity is a New York-based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 million to $150 million in middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million that are located primarily in the United States. The firm invests within three distinct sectors—financial services, healthcare services, and business services—where the team has developed deep relationships over decades.

Elements is a private equity firm that partners with healthcare services companies that share their aims of improving the quality-of-care delivery for patients and lowering costs to the system. Elements targets $20 million to $40 million equity investments in companies that address themes of shared interest, are experiencing rapid growth, and can benefit from their partnership.

This transaction further highlights Houlihan Lokey’s leadership position advising clients in the workers’ compensation, payor services, and value-based care sectors. In 2022, the group closed 37 transactions and was ranked by Refinitiv as the No. 1 M&A advisor for global healthcare transactions under $1 billion.* This transaction builds on Houlihan Lokey’s leading track record in the post-acute care sector.