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SOURCE Progressive Medical
MEMPHIS, Tenn., Oct. 22, 2013 /PRNewswire/ -- Progressive Medical and PMSI announced today the successful completion of their merger.
Led by Executive Chairman Eileen Auen from PMSI and Co-CEOs Emry Sisson and Tommy Young from Progressive Medical, the combined company will provide best in class pharmacy benefit management, durable medical equipment, home health care, transportation, translation and Medicare compliance solutions for workers' compensation and auto no-fault payors.
"Our merger is truly one of equals," Young said. "Individually each organization is strong, but collectively we are stronger. We look forward to combining the best of both companies to create a uniquely integrated organization committed to the delivery of effective, customized solutions for our clients."
According to Auen, the merged entity will maintain a strong commitment to operational and service excellence and stated, "A major emphasis of our transition planning will focus on ensuring continued delivery of industry leading program results along with the high levels of service our clients have come to expect from us."
Funds managed by Kelso & Company will have a majority ownership stake in the newly combined company while StoneRiver Group, the controlling shareholder of Progressive Medical, will continue to be a significant shareholder in the combined entity. H.I.G. Capital, which acquired PMSI five years ago in partnership with the current management team, has sold its stake in the company. Terms of the deal were not disclosed.
About Progressive Medical
Progressive Medical is a leading workers' compensation pharmacy benefit and ancillary services provider. The company's primary responsibility is to make a difference by accelerating change that gives clients more control and better financial outcomes through its unique third-party billing capabilities, utilization management, evidence-based clinical programs, advanced clinical analytics, proactive government affairs and commitment to operational excellence. Visit www.progressive-medical.com to learn more.
Founded in 1976, PMSI is a leader in developing solutions to control the growth of medical costs in workers' compensation. As one of the nation's largest and most experienced companies focused solely on workers' compensation, PMSI delivers proven solutions for cost containment across the claims lifecycle. PMSI's solutions for Pharmacy, Critical Care and Settlement Solutions deliver quantifiable results and improve the quality of care for injured workers. PMSI provides customers with innovation, focus, expertise, analytics and technology needed to successfully deliver workers' compensation benefits. For more information, visit www.pmsionline.com or call 877.ASK.PMSI.
About Kelso & Company
Kelso & Company is one of the oldest and most established firms specializing in private equity. Since 1980, Kelso has invested in over 110 companies in a broad range of industry sectors with aggregate initial capitalization at closing of over $45 billion. Kelso is currently investing in its eighth investment partnership, Kelso Investment Associates VIII L.P., with $5.1 billion of committed capital. The firm's Principals and employees are collectively the single largest investor in each of Kelso's four most recent funds. For more information, please visit http://www.kelso.com
About StoneRiver Group
StoneRiver Group, L.P. is a leading provider of outsourcing solutions to the insurance industry. StoneRiver Group owns Progressive Medical as well as several other companies operating in the insurance outsourcing industry. StoneRiver Group is owned by funds managed by StonePoint Capital and Fiserv, Inc.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $13 billion of equity capital under management. H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com or contact Rick Rosen at 305-379-2322.
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