New York, NY and Wayne, PA – Funds advised by Apax Partners (Apax), a global private equity firm, today announced they have acquired GENEX Services (GENEX), a leading provider of integrated managed care services focused on controlling health care costs and reducing disability expenses throughout the injury recovery process. Terms of the transaction were not disclosed.
Buddy Gumina, Partner at Apax Partners, said, “We are delighted about the Apax Fund’s new partnership with GENEX Services, which is an extraordinary company with tremendous growth potential within the workers’ compensation space. Over many years, GENEX has built market leading managed care solutions for the workers’ compensation industry. We look forward to working with Peter Madeja and the GENEX management team to further expand the company’s managed care solution portfolio through both organic investment and future acquisitions.”
“We are excited about the opportunity to partner with a leading healthcare investor in Apax and look forward to enhancing the value proposition we offer clients and increasing the resources and capabilities we bring to the market,” said Peter Madeja, President and CEO of GENEX. “GENEX has enjoyed our working relationship with Stone Point Capital – they have been excellent partners in the support and development of the company.”
Chuck Davis, CEO of Stone Point Capital said, “We want to thank Peter Madeja and his management team for their outstanding performance throughout our seven-year partnership. GENEX has been an industry leader for decades and we wish the company much continued success.”
GENEX is a leading provider of clinical case management, medical cost containment, and return-to-work solutions across a continuum of services. The firm facilitates quality care for injured workers, concurrently controlling medical and indemnity costs for employers, insurers, and third party administrators. GENEX’s broad array of innovative managed care solutions and analytic capabilities include extensive clinical and vocational case management and medical bill review services. The company has an extensive presence in North America with over 2,700 employees and more than 60 locations throughout the United States, in addition to providing services in Canada and Puerto Rico.
In a separate transaction, GENEX has sold its smaller specialty network businesses to One Call Care Management (One Call), a leading workers’ compensation specialty network business. The integration of GENEX’s network units into One Call will expand One Call’s existing network and strengthen its value to customers, injured workers and providers.
Source: Apax Partners