Houlihan Lokey Advises Trustmark

Houlihan Lokey is pleased to announce that Trustmark Health Benefits (Health Benefits), a wholly owned subsidiary of Trustco Holdings, Inc. (Trustmark), has been acquired by Health Care Service Corp. (HCSC). The transaction closed on October 5, 2022.

Headquartered in Lake Forest, Illinois, Health Benefits is a leading third-party administrator of self-funded, employer-sponsored health plans. Health Benefits designs, implements, and administers custom plans to manage costs through innovative solutions, data transparency, and member-centric support.

Trustmark, through its operating divisions and subsidiaries, offers specialized expertise in voluntary benefits, self-funded health plan design and administration for smaller employers, and the delivery of wellness, fitness, recreation, and injury prevention and treatment programs.

HCSC is the country’s largest customer-owned health insurer, with nearly 17.5 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma, and Texas. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross Blue Shield Association.

This transaction demonstrates Houlihan Lokey’s continued success across payor services and represents its third medical TPA transaction since 2021. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the U.S. In 2021, the group closed 43 transactions and was ranked the No. 1 M&A advisor for global healthcare transactions under $1 billion by Refinitiv.*

Houlihan Lokey served as exclusive financial advisor to Trustmark, including the provision of transaction advisory services.

*Excludes accounting firms and brokers.