Odyssey Investment Partners is to sell its portfolio company One Call Care Management to Funds advised by Apax Partners.
Financial terms of the transaction have not been disclosed.
Based in Jacksonville, Florida, One Call is a provider of specialised cost containment services to the workers' compensation industry. In December 2009, Odyssey acquired One Call Medical which was merged with MSC Care Management in August 2012 to form One Call Care Management. Over the last four years, the company has grown both organically and through acquisitions to establish market leadership across multiple segments of the workers' compensation landscape.
"It has been a privilege to work with Joe Delaney and the entire One Call team," says Jeffrey McKibben, a managing principal at Odyssey. "We believe the company has a long runway of future growth and we wish the team continued success."
Delaney says: "We have enjoyed our partnership with Odyssey during which we worked together to transform our company into the industry leader. As a result of our collaborative efforts, we have deepened the value that we bring to our customers, network partners and injured workers through our suite of world-class services that support faster, more efficient and more cost-effective resolution of claims. We have created a new standard of performance in workers' compensation and are excited about the future with Apax Partners."
Completion of the transaction, which is expected to occur in the fourth quarter of 2013, is subject to regulatory approvals and customary closing conditions.
Jefferies served as the exclusive financial advisor and Latham & Watkins served as legal advisor to One Call Care Management in connection with this transaction.
