Advent International and CCP Equity Partners have agreed to sell Long Term Care Group, a US provider of outsourced services to the long-term-care insurance industry and an emerging player in the geriatric care services market, to Genstar Capital. Credit Suisse acted as the M&A advisor while Pepper Hamilton was legal counsel for the transaction.

Long Term Care Group was founded in 1996 and Advent and CCP led its buyout in 2004, since when the company has added new executives including chief executive Bruce Baude and chief financial officer Jeffrey Sjobeck.

The past four years have seen the acquisition and integration of Nation's CareLink, the implementation of a new operating system, the conversion of several large, closed-block portfolios and an expansion into geriatric care management.

Today, Long Term Care Group administers approximately 20 per cent of the total in-force policies in its market segment. With 1,200 employees, the business processes more than 120,000 applications per year, bills more than USD1.5bn in annual premiums and has more than 27,000 claims under management.

'It has been a pleasure working with the company over the past four years to create a leading outsourced provider to the insurance industry,' says John Maldonado, an Advent International principal working with Long Term Care Group. 'The management team is extremely motivated and has grown the profits of the business considerably.'

Advent International has been investing in business process outsourcing and services for 20 years and has funded more than 25 businesses in the sector worldwide, including National Bankruptcy Services, a US provider of bankruptcy monitoring and processing services to secured lenders, Equiniti, a UK provider of share registration, retail investor and employee benefit services, Cams, a provider of outsourced back-office services to the asset management industry in India, and Raet, a Dutch payroll processing provider.

Founded in 1984, Advent International has more than 130 investment professionals at offices in 15 countries in western and central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts, and since its establishment has raised USD24bn in private equity capital and completed more than 250 transactions valued at more than USD40bn in 35 countries.

CCP Equity Partners, formerly Conning Capital Partners, is a private equity firm providing growth capital to financial services and health care services companies that currently manages more than USD500m.