Firm News
Schulte advises Lovell Minnick Partners in growth investment in S&S Health
October 6, 2023
Schulte Roth & Zabel advised Lovell Minnick Partners (LMP), a private equity firm focused on investments in financial services, business services and financial technology companies, in its majority investment in S&S Health (S&S), a leading provider of administration and technology solutions for health plans for small and mid-sized businesses.
S&S partners with brokers, program managers, carriers, and other third-party administrators to offer comprehensive healthcare services and coverage. In addition to benefit plan administration, S&S provides employers with provider network access and a marketplace of solutions for wellness and cost containment strategies.
The strategic partnership will enable S&S to advance organic growth initiatives, enhance operational efficiency, and accelerate its mission to improve healthcare outcomes nationwide.
The Schulte team was led by partner Brian Miner, co-chair of the firm’s M&A and Securities Group, and M&A associates Ryan Post, Jamie Freedman, Rachel DiSciullo, Sarah Winkelstein and law clerk Julia Cummings. The team also included partners Alex Kim (IP), Ian Levin (Executive Compensation), Joseph Reich (Tax), Gregory Ruback (Finance) and Bob Ward (Litigation); special counsels Adam Gartner (Executive Compensation), Scott Gold (Labor), Ngoc Pham Hulbig (Antitrust), Ted Keyes (Insurance) and Amiel Mandel (Real Estate); associates Steven Appel (IP), Daryoush Behbood (Litigation), Jessica Berman (Tax), Laura Horowitz (Labor) and Lance Kodish (Real Estate).
Read more: here
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On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.
Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.