November 16, 2023

New York, NY – November 16, 2023 – NMS Capital (“NMS”) announced today that it has partnered with the management of VONA Case Management, LLC (“VONA” or the “Company”) in a recapitalization of the Company. Terms of the transaction were not disclosed. 

Established in 2015 and headquartered in Daphne, AL, VONA is a leading provider of medical case management services to self-insured employers, workers’ compensation insurance carriers, and third-party administrators across the U.S. The Company employs a deep bench of nurse case managers who provide field, vocational, catastrophic, and telephonic case management services to help injured workers navigate the complexities of the workers’ compensation system and contain payor costs. Through strong customer relationships and superior service, VONA has built a reputation for quality, high-touch services and stands amongst competitors as a captain of advocacy for injured workers.

The total U.S. spend on outsourced case management in 2022 is estimated to have been $2.0 to 2.5 billion. The market for outsourced field case management services has grown steadily, driven primarily by growth in underlying claims volume and pricing inflation. Incidence rates and workers’ compensation claims volumes have rebounded to pre-COVID levels following the return to in-person work, while the cost of treatment is expected to rise due to growth in medical care inflation and a greater concentration of medium- and high-severity cases. As these trends continue to impact working Americans, VONA will seek to drive positive outcomes for affected employees and their customers.

In Summer 2022, NMS partnered with Pat Rowland to evaluate investments in the payor services space and NMS’s partnership with VONA marks a successful initial outcome of those efforts. Ms. Rowland is a highly experienced healthcare operator, having served for over 30 years in a variety of advisory and executive roles. Ms. Rowland’s experience includes serving as Chief Strategy Officer for a leading provider of specialty services to the workers’ compensation industry and President of Intracorp (at the time, a subsidiary of CIGNA Healthcare), a provider of workers’ compensation and disability case management. She will serve as a member of the Board of Directors of VONA and assist the Company with growth initiatives.

“This partnership represents an exciting milestone in VONA’s history and is a testament to the success of the organization’s mission and values,” said Ryan Shirley, the Company’s Founder, President, and Chief Executive Officer. “I look forward to working with NMS to capitalize on numerous growth opportunities while also investing in our team, service offerings, and client relationships. It was clear during our initial meeting that NMS was the right partner for VONA, sharing a common vision for growth while maintaining our focus on quality and customer service.”

“We are excited by VONA’s track record, depth of experience, and customer service orientation,” said David Peterson, Managing Director, who led the investment for NMS. “VONA’s focus on quality and expertise in case management position it well to extend its brand and capabilities into new markets and offer a greater breadth of services in the future. We believe VONA has an excellent opportunity to address customer needs currently unmet by national case management vendors and capture share of customer spend through a handful of thoughtful strategic organic and M&A initiatives.”

Pat Rowland, NMS Operating Executive Council member focused on payor services, added “The Company boasts an impressive track record and reputation, and we see immense potential for the future through a number of growth avenues we can pursue together. We look forward to supporting Ryan and his team in continuing to deliver the bespoke service for which VONA is known.”

McDermott Will & Emery LLP provided legal counsel to NMS. Bailey & Company served as financial advisor to VONA, and Burr & Forman LLP provided legal counsel.

About VONA Case Management:

Established in 2015 and based in Daphne, AL, VONA is a leading provider of medical case management services that helps injured workers, employers, and insurance adjusters navigate the workers’ compensation process. The Company delivers tailored solutions through a dedicated team of results-driven case managers with a commitment to transparency. For additional information on VONA, please visit

About NMS Capital:

Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.5 billion. Since inception, NMS has partnered with management teams in over 150 investments and follow-on acquisitions across defined investment themes within the Business Services and Healthcare Services industries. The firm’s principal strategy is to create long-term value by providing strategic and operational resources to growth-oriented companies led by founders or experienced management teams. NMS has successfully built industry leading lower middle market companies in defensible and scalable end markets by accelerating organic and acquisition-driven growth.

For additional information on NMS, please visit the firm’s website at Follow NMS Capital on

For further information:
David M. Peterson
Managing Director