Leonard Green & Partners has entered into an agreement to acquire publicly-traded ExamWorks Group, a provider of independent medical examinations, for $2.2 billion. The transaction is expected to close in the third quarter of 2016.
ExamWorks provides independent medical examinations, peer reviews, bill reviews, Medicare compliance services, case management services, record retrieval services, and document management services to property and casualty insurance carriers, law firms, third-party claim administrators and government agencies. ExamWorks’ customers use these services to confirm the accuracy of claims made by sick or injured individuals under workers’ compensation, automotive, personal injury liability and disability insurance coverage. ExamWorks is headquartered in Atlanta (www.examworks.com).
“We are excited to partner with ExamWorks’ management team and organization,” said John Baumer, Senior Partner of Leonard Green. “We fully support the company’s commitment to its clients and look forward to the next phase of the company’s growth.”
Leonard Green invests in middle-market companies in the retail, distribution, healthcare, aerospace/defense, and consumer/business services sectors. The firm was founded in 1989 and manages approximately $15 billion of equity capital. Leonard Green is headquartered in Los Angeles (www.leonardgreen.com).
Fully committed debt financing is being provided by BofA Merrill Lynch (www.bofaml.com), Barclays (www.barclays.co.uk) and Deutsche Bank (www.db.com).
Goldman, Sachs & Co. (www.gs.com) and Evercore Group (www.evercore.com) are serving as financial advisors to ExamWorks. Paul Hastings (www.paulhastings.com) is serving as legal advisor to ExamWorks. Latham & Watkins (www.lw.com) is serving as legal advisor to Leonard Green.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-29-16