Private equity firm Riverside has acquired Australian Medico Legal Services, an independent medical evaluation provider, via the Riverside Asia Fund I.
MLCOA is based in Melbourne, Australia and provides independent medical assessments and related medical advisory services for insurance organisations, corporations, and government and legal entities.
Core services involve medical assessments of claimants with symptoms (resulting from particular incidents or diseases) that result in contentious healthcare decisions. MLCOA’s independent assessments serve to determine the most suitable responses to such issues.
This is Riverside’s second Australian acquisition and third investment in the Asia Pacific region in the last month. It is the first healthcare acquisition for Riverside Asia Fund, but the 42nd in Riverside’s 22-year history.
Riverside aims to to improve MLCOA’s infrastructure and operations, allowing the company to add products and services and win more market share.
Simon Feiglin (pictured), Riverside partner, says: “MLCOA is precisely the sort of outstanding company with which Riverside seeks to partner, with its leading market presence and healthcare orientation. The provision of independent medical examinations and affiliated services is quite fragmented within Australia, but MLCOA has been able to carve out a niche as a market leader through its long history, quality offering and acute focus on client service. We are excited about building on MLCOA’s great reputation for quality service and unparalleled assessments.”
Dr. Nathan Orbach, MLCOA’s outgoing chief executive, adds: “It is pleasing to acknowledge Riverside’s commitment to MLCOA, and I am enthusiastic to witness the next chapter of growth and development for the company under Riverside’s stewardship.”
Commonwealth Bank of Australia provided debt financing for the deal, Jones Day provided legal counsel and KPMG and State Equity Group advised.
