CVC Capital Partners announced today that it has signed a definitive agreement to acquire a majority interest in ExamWorks. The Company’s current owners, Leonard Green & Partners, L.P. and GIC, will retain significant equity stakes in the business alongside CVC and the ExamWorks senior management team, co-founders Richard Perlman and Jim Price and co-CEOs Wes Campbell and Miguel Fernandez de Castro.
Headquartered in Atlanta, GA, ExamWorks provides independent medical examinations (IMEs), peer reviews, bill reviews, Medicare compliance, record retrieval, document management and related services. These offerings play a key role in determining cause of injury, level of seriousness, and underlying liability in order to facilitate the delivery of cost-effective care under various forms of insurance coverage. The Company serves a global customer base of property and casualty insurers, law firms, third-party claim administrators and government agencies across the United States, United Kingdom, Australia and Canada.
“We are pleased to join LGP and GIC in supporting the exceptional team at ExamWorks, a market leader in the provision of key services that provide independent medical oversight and help the healthcare system manage costs of care and ensure compliance,” said Fazle Husain, Partner and Head of U.S. Healthcare at CVC. “We are excited to partner with Richard, Jim, Wes, Miguel and their team to continue ExamWorks’ impressive trajectory.”
Christopher Baldwin, a Managing Partner at CVC, remarked, “The ExamWorks team has built a leading enterprise from the ground up over the last 13 years; we are delighted to have the opportunity to back a team that was already well-known to us and to further build upon our partnership from an existing strong foundation.”
“We are excited about the opportunity to tap into CVC’s investment resources and deep expertise in the healthcare space as we enter into the next chapter of our growth,” said Wes Campbell and Miguel Fernandez de Castro, Co-CEOs of ExamWorks. “This transaction represents the next step in our global journey to partner with our clients to meet their ongoing and growing service requirements.”
John Baumer, Senior Partner at LGP, remarked, “CVC’s investment is a testament to the extraordinary platform that has been built by the ExamWorks team. We would like to thank Richard, Jim, Wes, and Miguel for their leadership and look forward to continuing our partnership during the Company’s next chapter.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC said, “We are pleased to continue our long term partnership with the ExamWorks team. Since our investment in 2016, the Company has continued to grow and broaden its offerings to its customer base. We look forward to working closely with CVC and Leonard Green to support management in driving the Company’s next leg of growth.”
The transaction is expected to close in 2021, subject to customary closing conditions and receipt of required regulatory approvals. Truist Securities acted as lead financial advisor for ExamWorks, LGP and GIC, with BofA Securities also serving as a financial advisor on the transaction. Latham & Watkins LLP acted as legal advisor for ExamWorks, LGP and GIC. Goldman Sachs & Co. LLC served as financial advisor to CVC, with White & Case LLP providing the firm’s legal counsel.
About CVC
CVC is a leading private equity and investment advisory firm with a network of 24 offices throughout Europe, Asia and the US, with approximately US$115 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$163 billion from some of the world’s leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately US$100 billion and employ more than 450,000 people. For further information about CVC please visit: www.cvc.com.
About ExamWorks
ExamWorks is a leading provider of independent medical examination, peer review, document management, Medicare compliance, case management, record retrieval, bill review and other related services. We provide services through our medical panel of credentialed physicians and other medical providers. Our clients include property and casualty insurance carriers, law firms, third- party claim administrators and government agencies that use independent services to confirm the veracity of claims by sick or injured individuals and to facilitate the delivery and quality of cost–effective care for workers’ compensation, automotive, personal injury liability and disability insurance coverage. We help our clients manage costs and enhance their risk management and compliance processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality services. For more information, please visit: www.examworks.com.
About LGP
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $50 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business and healthcare services, as well as retail, distribution and industrials.
About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg or LinkedIn.
