InTandem Capital Partners, LLC (“InTandem” or the “Firm”), a healthcare services focused private equity firm, announced today that it has completed an equity investment in The Phia Group (the “Company”), an industry leader in healthcare cost containment.

Founded in 2000 and headquartered in Canton, Massachusetts, The Phia Group delivers cutting-edge, technology-fueled cost containment and compliance solutions that empower health plan sponsors and employers to provide members with robust and affordable health benefits. The Phia Group serves millions of lives nationwide, providing a dynamic ecosystem of services that include but are not limited to industry-leading claim recovery savings, comprehensive appeal reviews with fiduciary protection, health benefit plan drafting and consulting services, and safeguards against overcharged out-of-network claims. Already equipped with decades of experience, peerless legal expertise and customer service, with InTandem’s support, The Phia Group now has the resources to reach another stratosphere.

Adam V. Russo, Co-Founder and CEO of The Phia Group, stated, “I am incredibly proud of not only our team’s tremendous success over the past twenty-five years, but also our unwavering commitment to our family-centric culture that prioritizes employees’ well-being. I look forward to working alongside InTandem during the next stage of our evolution. InTandem’s approach perfectly aligns with our values. Their experience in employer-sponsored healthcare will allow us to continue expanding in exciting new ways, while remaining true to our core values and way of doing business. Building and improving upon what our clients know and love about us – that’s the name of the game.”

“In a healthcare ecosystem where cost containment is a critical area of focus, in particular for small and medium sized employer groups, to combat the rising healthcare costs, best-in-class solutions are required to position self-funded employers and plan sponsors for success,” stated Brad Coppens, Senior Partner at InTandem. “Outsourcing cost containment and payment integrity functions is not nearly enough to deliver meaningful savings, and The Phia Group is uniquely positioned with a leading advisory business to support clients beyond recovery opportunities. We’re thrilled to partner with Adam Russo and The Phia Group team to further the Company’s leadership position in delivering performance excellence in healthcare cost containment.”

“Our partnership with Adam and The Phia Group over the past several years has not only been a highly successful investment for WestView, but has enabled Phia’s success in delivering incredible value for its employer and plan sponsor clients, and the significant advancement of its mission to lower healthcare costs and improve access to care,” stated Matt Carroll, Managing Partner at WestView Capital Partners. “We are pleased to be able to remain as a significant investor in the business alongside InTandem and the Phia team.”

InTandem is joined in its investment by strategic co-investments from HarbourVest Partners and Partners Capital, each among the largest and most well-respected institutional investors in the global alternative investment market.

Goodwin Procter served as legal counsel to InTandem Capital, and Houlihan Lokey served as the Firm’s exclusive financial advisor. Triple Tree served as the Company’s lead sell-side advisor with Covington Associates serving as co-advisor and Latham & Watkins served as legal counsel to The Phia Group.

About The Phia Group

The Phia Group empowers health benefit plans and sponsors through innovative consulting, cost containment, and plan management services. Founded in 2000, Phia reduces the cost of health benefits and improves access to quality care through innovative technologies, legal expertise, and focused, flexible customer service. By providing the industry with best practices and staying true to a forward-thinking methodology, The Phia Group boasts an all-encompassing cost containment program for the ever-changing healthcare industry. Learn more at phiagroup.com.

About InTandem Capital Partners

InTandem Capital Partners is a private equity firm that invests in and helps accelerate the growth of select healthcare services companies. Its goal is to build excellent businesses of significant value working collaboratively with its management team partners. InTandem is solely focused on investing in businesses that align closely with the Healthcare Quintuple Aim – the simultaneous pursuit of enhanced patient experience, elevated provider experience, improved clinical outcomes, greater healthcare equity, and lower cost of care delivery. The firm is comprised of former healthcare business executives and experienced investors, and is uniquely qualified to provide strategic, acquisition and operating expertise to help companies significantly increase their value and their contribution to an improved healthcare system. InTandem provides active support to the management of its portfolio companies directly and leverages its network of industry executives to augment its capabilities. For further information, please visit intandemcapital.com.

About WestView Capital Partners

WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages $2.7 billion in capital across five funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in several sectors, including software and IT services, business services, healthcare technology and outsourcing and growth industrial. WestView targets investments of $20 to $100 million in companies with revenue of at least $10 million and operating profits between $3 and $25 million. For more information, please visit wvcapital.com.

About HarbourVest

HarbourVest is an independent, global private markets firm with over 43 years of experience and more than $146 billion of assets under management as of June 30, 2025. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,270 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $64 billion to newly-formed funds, completed over $66 billion in secondary purchases, and invested over $49 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

About Partners Capital

With more than $68 billion in assets under management, Partners Capital is a leading global investment firm acting for distinguished endowments, foundations, senior investment professionals and prominent families. For more information, please visit www.partners-cap.com/co-investment.

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