Funds advised by Apax Partners to acquire One Call Care Management and Align Networks
25 October 2013
JACKSONVILLE, FL (25 October 2013) - Funds advised by Apax Partners ("Apax"), a global private equity firm, announced today that they have entered into a definitive agreement to acquire One Call Care Management ("One Call"), the nation's leading provider of specialised 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 recognised 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 specialised 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 organisation. 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.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Funds advised by Apax Partners total more than $40 billion around the world and invest in companies across four global sectors of Healthcare, Consumer, Services, and Tech and Telecom. These funds provide long-term equity financing to build and strengthen world-class companies. Apax has a successful track record of investing in the Healthcare sector including KCI, Trizetto, and Magnacare in the US, Capio, Unilabs, and Mölnlycke in Europe and Apollo Hospitals in India. Funds advised by Apax have invested approximately $4.2 billion in healthcare Buy-outs since 2001. For further information about Apax, please visit www.apax.com.
About One Call Care Management
One Call Care Management (One Call) is the nation's leading provider of specialized services to the workers' compensation industry that lead to faster, more efficient and more cost effective claims resolution. From high-end diagnostics and physical therapy services, to post-discharge and in home and complex care management, to transportation and language services, to superior dental programs and other medical specialties, One Call provides reliable, consistent connections to care that enable maximum medical improvement and superior outcomes. For more information, visit www.onecallcm.com.
About Align Networks
Align Networks manages a specialised workers' compensation provider network of outpatient rehabilitation facilities throughout the United States. The company partners with its customers to expedite scheduling and treatment of injured workers, while providing significant cost savings relative to direct-to-provider contracting and ensuring appropriate usage through its proprietary utilisation management system. For more information, visit www.alignnetworks.com.
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