Avalon Healthcare Raises $3.7 Million in Funding.TAMPA, Fla. -- Avalon Healthcare Holdings, Inc. announced today that the Company has raised $3.7 million in equity capital from several sources. Avalon raised $1.4 million from existing shareholders including private equity firm Inter-Atlantic Group, existing private investors and several new private investors. In addition, the Company raised $2.3 million from Manning & Napier Advisors, Inc. ("Manning & Napier", an independent investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and located in Fairport, New York Fairport is a village located in the Town of Perinton which is part of Monroe County, New York. It is a suburb 9 miles outside of Rochester, and adjacent to East Rochester (W), Pittsford (SW), and Penfield (N). The village is often called the "Jewel of the Erie Canal". ). Avalon Healthcare Holdings, Inc. operates Avalon Healthcare Inc., Florida's newest state approved commercial health plan selling high deductible consumer directed health plans to individuals, small groups and large groups statewide. "New capital will be used in part to continue efforts in building our provider network of hospitals and physicians, to expand our web-based services to brokers, employers and members and to ensure that we meet our statutory net worth requirement as dictated by the Florida Office of Insurance Regulation as we grow our business," said Charles O'Neill, Avalon's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Over the past 12 months Avalon has gained traction in the market and is beginning to see strong incremental Membership growth month over month," O'Neill said. "We've moved beyond start-up stage to growth stage and the capital we raised will help increase membership while managing our business responsibly." O'Neill said additional capital from existing shareholders proves that the Company is making progress towards its business plan and that the investment by Manning & Napier shows that the capital markets are always looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. strong dynamic companies to support. O'Neill also contends that Avalon Healthcare is the only new commercial health plan that has been started nationwide in the past three years. "We've talked to a number of national consultants and vendor partners and all of them are telling us that Avalon is the only new commercial plan they've seen in the past few years," O'Neill said. "Now that we've surpassed our initial period of risk, the capital markets are starting to realize that Avalon provides a solid investment opportunity in a multi billion dollar industry." Manning & Napier currently manages over $15 billion for corporate and union pension and annuity funds, endowment funds Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures. , foundations, profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of plans, 401(k) benefit plans, and individuals. Manning & Napier is a Registered Investment Advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in , serving in a fully-discretionary fiduciary capacity. Founded in 1970 in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or , the firm remains 100% employee-owned. It has more than 240 employees and serves clients in all 50 states. Headquartered just outside Rochester, the firm has a client service office in Columbus, Ohio and a research office in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. . Florida based Avalon Healthcare is an innovative health insurance company offering consumer directed health plans to employers and individuals who need high quality, affordable healthcare and live and work in Florida. The Company offers a variety of plan benefits including co-pay plans and HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) compatible plans. Based in Tampa, the Company is quickly becoming one of the most well-respected, quality health plans available statewide. Inter-Atlantic Group manages two private equity funds focused exclusively on the financial services sector totaling $75 million. Inter-Atlantic Group concentrates primarily on growth capital investment opportunities within the United States. The Fund's investors include prominent financial services companies and private equity institutional investors. |
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