Jacksonville, FL -(BusinessWire)- Funds advised by Apax Partners, a global private equity firm, recently announced that they have entered into a definitive agreement to acquire One Call Care Management, the nation’s leading provider of specialized cost containment services to the workers’ compensation industry, from Odyssey Investment Partners, its controlling stockholder. The transaction is expected to close in the fourth quarter of 2013. Terms of the transaction were not disclosed.
“We believe this transaction is in the best interests of One Call’s customers, providers, employees and other stakeholders and we are excited about our future with Apax Partners,” said Joe Delaney, President & CEO of One Call Care Management. “We look forward to deepening the value and resources that we bring to our customers. I would also like to thank the team at Odyssey for their partnership and support as we worked together to transform One Call into an industry leader.”
Apax has also entered into a definitive agreement to acquire Align Networks (“Align”), a leading workers’ compensation physical medicine network, from General Atlantic and The Riverside Company. Align is recognized for its best-in-class service model, expert team and well-regarded brand.
Butch Hofstetter, President of Align Networks, stated, “Align has earned the trust and loyalty of our customers by providing value to the workers’ compensation industry through best practices-driven physical therapy care. We would like to thank our investor partners, General Atlantic and Riverside, for their active support of Align’s growth. We look forward to partnering with Apax to build upon our leadership position and enhance the value we deliver to our customers.”
It is expected that following the completion of each transaction, One Call and Align will merge to strengthen the value proposition to customers, injured workers and providers through faster, more efficient and cost-effective resolution of claims.
Buddy Gumina, Partner at Apax Partners, said, “We are delighted to be bringing together two premier assets in an industry with excellent secular tailwinds to create a best-in-class provider of workers’ compensation services. One Call is an extraordinary company with an industry leading suite of service lines. Adding Align’s strong singular expertise in physical medicine will be transformational and allow One Call to provide an even higher level of service to the patient, payer and provider communities. We look forward to partnering with the management team to further accelerate the growth of the business.”
The best-in-class specialized services delivered by One Call’s teams of experts include high-end diagnostics, post-discharge and in-home and complex care management, transportation, language services, dental and other medical specialties. Align’s best-in-class physical therapy services will provide an important addition to One Call’s panoply of services.
It is anticipated that upon completion of One Call’s sale to Apax and the subsequent merger, Mr. Delaney will be president and CEO of the combined organization. Each transaction is conditional upon customary terms and conditions and regulatory approvals.
Latham & Watkins LLP served as legal advisor to One Call Care Management, Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Align and General Atlantic, Jones Day represented The Riverside Company, and Kirkland & Ellis LLP served as legal advisor to Apax Partners.
Source: BusinessWire