Northbrook, IL – Sterling Partners, a Chicago-based private equity firm with approximately $5 billion in assets under management and more than 25 years of experience partnering with entrepreneurs and management teams to grow best-in-class businesses, today announced the sale of Paradigm Management Services (“Paradigm”). The terms of the transaction were not disclosed.
Jim Hudak, CEO and President of Paradigm, said, “Since joining forces with Sterling Partners, our team expanded our customer base and grew EBITDA significantly over the investment period. We appreciate the partnership with Sterling, who guided and supported the management team during this period of growth and catalyzed changes that created cost efficiencies and drove better business outcomes.” Hudak will continue in his current role and will retain his position on the Board of Directors.
Garrick Rice, Managing Director at Sterling Partners and Paradigm director, said, “Our successful investment in Paradigm demonstrates Sterling’s approach in action. By collaborating closely with Paradigm’s exceptional management team, which Sterling helped form, and introducing a world-class Board of Directors, we built upon the company’s unique expertise and grew it. Working together, we executed Paradigm’s channel expansion strategy, taking the company beyond its core insurance carrier clients into state fund and self-insured clients, and expanding Paradigm’s expertise in catastrophic case management into new pain management services.”
Paradigm is a leading provider of complex and catastrophic medical management services in the workers’ compensation industry, focusing on complex case management of acute and ongoing catastrophic and traumatic brain injuries, spinal cord injuries, amputations, burns, wounds and chronic pain. Paradigm’s services are designed to dramatically improve clinical outcomes for injured workers and significantly reduce costs for workers’ compensation insurance providers. Headquartered in Walnut Creek, CA, Paradigm brings together nationally recognized doctors and specialists, the best network of care facilities in the country, and 20 years of clinical data to guide decisions.
Harris Williams & Co., a member of The PNC Financial Services Group, Inc. (NYSE: PNC) acted as lead advisor with JMP Securities as a co-advisor.
Source: Sterling Partners