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Premex sold to private equity firm

Fowler: management to stay in place

Fowler: management to stay in place

The American company that owns leading medical reporting organisation (MRO) Premex is to be bought by a private equity business for $2.2bn (£1.5bn).

ExamWorks Group, a provider of independent medical examinations and other ancillary medical services listed on the New York Stock Exchange, has recommended the offer by an affiliate of Leonard Green & Partners that also includes its UK operations.

A statement from Richard Perlman and James Price, ExamWorks’ executive chairman and CEO, said: “ExamWorks started a little over eight years ago from a concept and with the hard work and commitment of each and every one of our 3,600 employees, has grown to be the industry leader servicing over 6,000 clients on a global basis generating almost $1 billion of annual revenues.

“We are immensely proud of this accomplishment, which delivers significant value to our shareholders.”

In a message yesterday, Premex CEO Donald Fowler said the deal should make no difference to customers: “Assuming the transaction receives shareholder approval, it will be very much business as usual here in the UK, with both the US and UK senior management teams remaining in place post acquisition.”

Meanwhile, FL360 – the holding company that owns, among others, fellow MRO Speed Medical – has acquired rehabilitation and injury management business Corpore TTN.

Graham Pulford, managing director of FL360, said: “Corpore TTN will remain an entirely independent business but will benefit from enhanced investment into its products and services to support its growing customer base – investment which will enable the business to grow, diversify and underline its credentials as one the largest rehabilitation and injury management companies in the UK.

“Corpore TTN will continue to operate out of Bristol, under its own branding and all usual points of contact will remain unchanged.”

FL360 also owns Motorplus – an independent provider of claims management services and add-on products to insurance brokers – Aim Legal Expense Insurance Services, and Medical Legal Appointments.

Mr Pulford said the deal was part of the group’s decision “to strategically address the growing medical assessment, case management and treatment sector”.