Discount Medical Plan Organization TruHearing Closes Significant Investment
from Sorenson Capital
Private equity firm investment positions TruHearing for hyper-growth
WEST JORDAN, Utah, Jan. 11, 2013
WEST JORDAN, Utah, Jan. 11, 2013 /PRNewswire/ --TruHearing, which provides
discount programs offering significant savings on digital hearing aids and
services to health plan members, today announced that it has completed a
private equity transaction with Sorenson Capital.
Sorenson Capital acquired a significant minority interest in TruHearing in
late December, positioning the Utah-based company to continue its rapid
growth. TruHearing is the nation's first state-approved Discount Medical Plan
Organization to provide considerable savings to health plan members on
state-of-the-art digital hearing aids from five of the world's leading
manufacturers and TruHearing's private label selection.
"Sorenson Capital's investment in our company speaks volumes about
TruHearing's potential in the marketplace and will allow us to deliver an even
greater advantage to our health plan members, provider network, corporate
partners and employees," said TruHearing CEO Lindsay Atwood. "TruHearing will
benefit from Sorenson's expertise and a common philosophy and set of values
that will help us continue to build for the future."
As part of the agreement, Sorenson Capital will receive two seats on
TruHearing's board of directors. TruHearing's board now consists of Ralph
Atkin, founder of SkyWest Airlines; Steven D. Bench, entrepreneur/investor,
founder of Heatizon Systems and co-founder of Grand Valley Transmission
Company; Fraser Bullock, a co-founder and a managing director of Sorenson
Capital, the President and CEO of the Salt Lake Organizing Committee for the
Olympic Winter Games of 2002 and an original partner of Bain Capital; Scott
Frazier, a founder of the Utah Angels venture group; Tommy Macdonald, Sorenson
Capital vice president; and TruHearing CEO Lindsay Atwood.
"We've been very impressed with TruHearing's strong strategic position, value
proposition, and potential for sustained growth as we've watched them for
several years," said Bullock. "We're looking forward to helping guide the
company to even greater success during this next phase."
Atwood founded TruHearing in 2003 with the goal of delivering brand-name
hearing aids and professional hearing services at affordable prices, improving
quality of life for more than 150 million health plan members nationwide.
Initially developed at the request of health plans to help reduce member
costs, TruHearing's programs offer discounts on digital hearing aids and
services, which can save members and their extended families thousands of
dollars. TruHearing also works with a nationwide network of more than 2,800
audiologists and hearing instrument specialists who provide expert advice and
professional services at discounted rates.
The TruHearing MemberPlus program works like a warehouse club membership,
saving members up to $1,300 off average national retail prices for a yearly
membership fee of $108. TruHearing is waiving the fee through 2013 for
participating health plan members.
The program also offers an opportunity to add up to four extended family
members (parents, grandparents, siblings, uncles/aunts) for a membership fee
of $79 per guest member per year. MemberPlus also offers a 45-day money-back
guarantee on membership and all purchases. For more details about TruHearing,
ABOUT SORENSON CAPITAL
Sorenson Capital (www.sorensoncapital.com) is a private equity fund that
provides small- to middle-market buyout and growth equity investments with a
particular focus on opportunities in the western United States. Sorenson
Capital is managed and controlled by West Rim Capital; both are headquartered
in Salt Lake City, Utah.
TruHearing (www.truhearing.com) is the nation's first state-approved discount
medical organization to provide health plan and employer group members deep
discounts on the latest hearing aid technology. TruHearing also provides
access to expert advice and discounted professional hearing services,
delivered through a contracted network of more than 2,800 hearing
professionals. Founded in 2003 and based in Utah, TruHearing provides
significant savings through direct purchasing from five of the world's leading
hearing aid manufacturers. TruHearing also has contracts with more than 45
health plans, providing discounted hearing aids to more than 150 million
participating health plan members, their families and extended families.
TruHearing is not available to the general public. Individuals can access
TruHearing programs through participating health plans and employer groups.
For more information, visit www.truhearing.com or
www.truhearingmemberplus.com. Employers can learn more by contacting
TruHearing's National Business Department at 877-396-7188. Hearing care
professionals can learn more about joining the TruHearing network of providers
by calling 877-396-7192 or emailing firstname.lastname@example.org.
THIS IS NOT INSURANCE. TruHearing provides discounts to contracted health care
plans and enrolled employer groups for hearing aid sales and professional
services. Professional services for fitting, programming and three adjustment
visits are included in the price of the aids. The customer is obligated to pay
for testing, and all other post-fitting hearing care services, but will
receive a discount from those health care providers who have contracted with
For Florida and Oklahoma residents: The Member may cancel membership within 30
days, and receive a full refund of fees. The Member must return hearing aids
within 30 days of purchase to receive a full refund of the purchase price. In
Florida, the DMPO does not make payments directly to providers. As with all
Members nationwide, fitting fees, programming fees and first three adjustment
visits are included in the price of the aids.
Contact: Brian Bellmont, +1-952-440-6161, email@example.com
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