Daphne, Alabama – October 29, 2025 – NMS Capital (“NMS”) portfolio company VONA Case Management (“VONA”) announced today that it has acquired Custom Case Management (“CCM” or the “Company”).
Founded in 2006 and headquartered in Batavia, IL, Custom Case Management is a provider of nurse case management for workers’ compensation in Illinois, Indiana, and Wisconsin. Founder Tracey Bilut, a nurse case manager by trade, started the Company after identifying an unmet need in the Midwest market. Known for its highly respected nurse case managers and responsive service, the Company delivers measurable outcomes through a high-touch offering to injured workers and long-standing partnerships with employers, insurers, and TPAs.
Together, VONA and Custom Case Management bring expanded clinical expertise, broader geographic reach, a seamless experience rooted in clarity, compassion, and results driven by data. The combined team strengthens both organizations’ ability to deliver the high-quality case management outcomes that employers, payers, and injured workers rely on.
Ms. Bilut, who will continue to lead as Managing Director of Custom Case Management within VONA, said, “since 2006, we’ve built our reputation on experienced nurse case managers who deliver superior outcomes through responsiveness, integrity, and compassionate care. With VONA, we can continue that strategy while investing further in our people and systems. This is the perfect fit for our team and our clients.”
“At VONA, our purpose is simple: to be the trusted partner for all those we serve in improving outcomes,” said Joe McCullough, President of VONA. “Custom Case Management reflects that same belief. Together, we will never lose sight of driving outcomes by staying centered on urgency, communication, and being easy to work with. That’s what our clients and injured workers deserve —and why it matters who you use.”
“At both VONA and Custom Case Management, our people are the heartbeat of everything we do,” McCullough added. “Their dedication ensures every client and every injured worker experiences the clarity, compassion, and outcomes that define our work. Being the trusted partner is not just what we say – it’s how we operate every day.”
McDermott Will & Schulte LLP provided legal counsel to VONA and NMS.
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, patients, employers, and insurance adjusters navigate the workers’ compensation and auto no-fault 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 www.vonacasemanagement.com.
About NMS Capital:
Founded in 2010, NMS Capital is an experienced private equity firm managing assets in excess of $1.6 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 www.nms-capital.com. Follow NMS Capital on www.linkedin.com/company/nms-capital.
For Further Information:
David M. Peterson
Partner
(212) 422-7099
dpeterson@nms-capital.com