Elevance Health and Clayton, Dubilier & Rice Sign Agreement to Launch Strategic Partnership to Advance Primary Care Delivery

Elevance Health, Inc. (NYSE: ELV) and Clayton, Dubilier & Rice (CD&R) announced an agreement to form a strategic partnership to accelerate innovation in primary care delivery, enhance the healthcare experience, and improve health outcomes. This effort, which will operate across multiple regions of the United States, will bring together certain care delivery and enablement assets of Elevance Health's Carelon Health and CD&R portfolio companies, apree health and Millennium Physician Group (MPG).

"CD&R's collaboration with Elevance Health is an important step in our ongoing investment focus to accelerate innovation in care delivery across the country," said Clay Richards, CD&R Operating Partner. "We are excited to enter into this strategic partnership with Elevance Health and for what this effort can accomplish, drawing out the strengths of each of the three companies to improve the patient and physician experience for the communities they serve."

The strategic partnership's advanced primary care models take a whole health approach to address the physical, social, and behavioral health of every person. The foundation of the new advanced primary care offering will be stronger patient-provider relationships supported by data-driven insights, care coordination and referral management, and integrated health coaching. It will also leverage realigned incentives through value-based care agreements that enable care providers, assist individuals in leading healthier lives, and make care more affordable.

"We know that when primary care providers are resourced and empowered, they guide consumers through some of life's most vulnerable moments, while helping people to take control of their own health," said Bryony Winn, President of Health Solutions at Elevance Health. "By bringing a new model of advanced primary care to markets across the country, our partnership with CD&R will create a win-win for consumers and care providers alike."

This strategic partnership marks the next step in Elevance Health's journey to expand access to advanced primary care for consumers with coverage across Commercial, Individual Exchange, Medicaid, and Medicare health plans. Upon its formation, the payer-agnostic platform will serve nearly one million consumers. apree health, Carelon Health, and MPG offer unique strengths that together promise to improve individuals' health and wellbeing, while helping care providers deliver higher quality care.

• apree health offers best-in-class digital navigation and clinical advocacy capabilities with advanced primary care to deliver better care outcomes and a unique patient experience while driving affordability;
• Carelon Health has 30 clinics that will support the strategic partnership's ability to provide healthcare to high-risk members, including individuals with complex and chronic conditions; and
• MPG is a leading primary care centric platform serving nearly 900 healthcare providers across multiple states.

Through this strategic partnership, people will have access to integrated care teams, personalized navigation, expanded digital access, and specialized services for higher need populations. Employers will have an even stronger care provider service that delivers affordability and superior experiences for their employees, including dedicated primary care capacity integrated with clinical and benefits navigation.

Our investment will primarily be through a combination of cash and our equity interest in certain care delivery and enablement assets of Carelon Health, and is subject to customary regulatory approvals. While we are not disclosing terms of the strategic partnership, it will not have a material impact on Elevance Health's 2024 financial results.

About Elevance Health, Inc.

Elevance Health is a lifetime, trusted health partner fueled by its purpose to improve the health of humanity. The company supports consumers, families, and communities across the entire care journey ? connecting them to the care, support, and resources they need to lead healthier lives. Elevance Health's companies serve more than 115 million consumers through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice (CD&R) is a leading private investment firm with a strategy of generating strong investment returns by building stronger and more sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr-inc.com and follow the firm's activities through LinkedIn and @CDRBuilds on X/Twitter.

Forward-Looking Statements

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