Marathon Health merges with Denver-based company
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Marathon Health, a fast-growing, Indianapolis-based company that provides primary-care clinics for employers and unions, said Thursday it has merged with Denver-based Everside Health, expanding its footprint to 680 health centers across 41 states.
The combined companies will operate under the Marathon Health name. A spokeswoman declined to say where the headquarters will be located, instead saying the largest offices would be in Indianapolis and Denver.
Terms of the deal were not disclosed. The expanded company will be run by Dr. Jeff Wells, Marathon’s CEO, and Ben Evans, Marathon’s executive chairman, who will retain those roles.
Everside’s CEO, Chris Miller, is leaving the company but will remain a significant shareholder of the combined business.
The sector, known as employer-sponsored primary care, has been rapidly consolidating in recent years. Everside is a combination of four separate companies, including Activate Healthcare, formed in Indianapolis in 2009 and sold to Everside’s predecessor, Paladina Health, in 2019.
Everside scrapped an initial public offering in 2022, under which it had planned to raise $100 million, but pulled the offering due to market conditions. It later raised $164 from equity backers.
The Indianapolis operation of Marathon Health was founded in 2009 as OurHealth by Wells and Evans. OurHealth merged with Marathon Health, then based in suburban Burlington, Vermont, in 2020 and adopted the Marathon name.
Marathon said the merger will extend services to 2.5 million eligible patients and more than 630 U.S. employer and union-sponsored clients. The company offers its services to employers and unions, allowing those employees and union members to use clinics for primary care, mental health, occupational health, musculoskeletal and pharmacy services.
All existing backers, including General Atlantic, New Enterprise Associates and Oak HC/FT will continue as large shareholders.