Council Capital announced today a recent investment in Adva-Net, a Florida-based workers’ compensation network management company. Specifically, Adva-Net actively manages the cost and quality of pain treatments and post-acute care for workers’ compensation patients for payers including insurance companies, intermediaries and self-insured employers. The company achieves this by building networks of providers and monitoring their clinical quality on behalf of payers. Adva-Net also receives discounts from providers in exchange for driving volume to them. Council Capital acquired a minority stake in Adva-Net and proceeds were used to fund Adva-Net’s continued growth, as well as re-capitalize existing shareholders.

Led by Chairman Chris Feeney and CEO Ken Hannigan, Adva-Net has been experiencing strong growth, having more than doubled revenue in a six-month timeframe. The company also has visibility on substantial additional growth, which makes this an ideal investment for Council Capital. Additionally, Eric Keen, General Partner at Council Capital, previously partnered with Feeney and Hannigan at Universal SmartComp which merged with another company and ultimately sold for more than $800 million, generating greater than a 10x multiple of invested capital for investors.

“Adva-Net is well-positioned to continue its rapid growth profile, and we are excited to partner again with Chris and Ken,” said Keen. “Between our CEO Council business model and their tremendous experience and track record, we are confident this partnership will continue their legacy of providing winning solutions for patients, payers, and providers in the workers’ compensation industry.”

Adva-Net will receive access to the CEO Council, a distinct value proposition of Council Capital that offers exclusive access to a top tier group of 34 industry-leading CEOs who have committed more than $120 million of capital to Council Capital Funds and are deeply involved in helping support the growth and success of our portfolio companies by providing access to their extensive networks and expertise.

Council Capital seeks to partner with healthcare companies that will benefit from the company’s CEO Council business model.  The opportunity to invest in Adva-Net was compelling to Council Capital due to several key factors including:

  • A management team that has successfully implemented the same strategy twice in the workers’ compensation market.
  • Attractive markets of pain management and post-acute care that are large and unmanaged.
  • A network business model that is capital efficient, highly valuable and scalable.
  • Opportunity to build a multi-vertical network platform in the workers’ compensation market, organically and through add-on acquisitions.

“We could not be more excited to work with Council Capital,” said Chris Feeney, Chairman of Adva-Net. “Our team already has an established relationship with Eric Keen, and we are well positioned to utilize the relationships and expertise of the CEO Council and the broader Council Capital team to expand our growth and profitability.”

Ken Hannigan, CEO of Adva-Net said, “We selected Council Capital from a number of financing options because of our comfort with Council Capital and the ability of the CEO Council business model to help drive additional value in our business.”

As part of Adva-Net’s growth strategy, Council Capital will help identify and facilitate acquisition opportunities.

About Adva-Net

Adva-Net is the first and largest specialty network for pain management and post-acute care in the Workers’ Compensation industry. The company strives to provide clients with extraordinary savings through the use of advanced technology, superior customer service and extensive industry expertise. For more information about Adva-Net, please visit

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