New York, NY -(BusinessWire)- Lightyear Capital LLC, a financial services private equity firm, recently announced that it has completed the sale of Paradigm Acquisition Corp., the largest nationwide provider of outsourced catastrophic workers’ compensation case management services for insurance companies and self-insured employers, to affiliates of Summit Partners. Lightyear’s affiliated investment funds acquired Paradigm in February, 2012. Terms of the transaction were not disclosed.
Founded in 1991 and headquartered in Walnut Creek, California, Paradigm has more than 270 employees and case managers and has created a highly differentiated business model which is designed to dramatically improve clinical outcomes for injured workers and significantly reduce claims costs for workers’ compensation insurance providers.
“We are very pleased with the outcome of this investment in Paradigm,” said Donald B. Marron, Chairman and Founder of Lightyear. “Under Lightyear’s ownership, Paradigm’s management successfully positioned the firm for the future with strong revenue and EBITDA growth in the three years we have owned the business.”
Mark F. Vassallo, Managing Partner of Lightyear, said, “Our investment in Paradigm is a great case study of how we work with companies to develop and grow them. Paradigm is well positioned to continue its growth trajectory and market leadership under new ownership.”
Source: BusinessWire