Chicago-based private equity firm Water Street Healthcare Partners said it has acquired a company that works with insurers and employers to manage heart and cancer care benefits for an undisclosed amount.

Water Street said the Brea, Calif.-based company’s revenues have risen over 200 percent in the past three years to $50 million this year. Under Water Street, which has more access to capital, the companies said they hope to expand “the company’s services to a broader base of payers, providers and patients across the United States.”

New Century Health, founded in 2002, said it “connects health plans, physicians and patients to coordinate care and improve quality in a cost-effective fashion.”

bjapsen@tribune.com