MONTREAL, Jan. 10, 2012 /CNW Telbec/ - Persistence Capital Partners LP ("PCP"), a private equity fund exclusively focused on high-growth opportunities in the healthcare field, is pleased to announce that it has sold the Independent Medical Assessment division ("Medisys IMA") of its portfolio company, Medisys Corporate Health LP ("Medisys") to SCM Insurance Services, a leading provider of claims management, risk management, and related services to Canada's insurance and corporate industries. SCM Insurance Services is a portfolio company of TorQuest Partners.
Medisys IMA is a leading Canadian provider of independent medical examinations to the automotive, disability, liability and workers' compensation markets. PCP acquired Medisys IMA in March, 2008. Since that time, Medisys IMA has achieved significant organic revenue and EBITDA growth with compound annual growth rates in excess of 19% and 33%, respectively. PCP achieved a return of 3.6x on invested capital and a gross IRR of 42%.
Commenting on the transaction, Stuart M. Elman, Managing Partner at PCP, said, "Medisys IMA has been an outstanding investment for PCP, but more than achieving an excellent result for our investors, we have been privileged to work with Medisys IMA's management team to build a great business, and we wish them continued success as they now become a part of SCM Insurance Services to capitalize on a new set of opportunities."
Medisys is a leading Canadian provider of healthcare services to corporations. Through its national network of facilities, including offices in Montreal, Toronto, Ottawa, Calgary, Vancouver and Quebec City, it delivers preventive, diagnostic and consultative healthcare services to more than 4,000 corporations, including 320 companies of the Financial Post 500. Following the sale of Medisys IMA, Medisys will focus exclusively on its executive and occupational health clinic businesses.
About Persistence Capital Partners
Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long term capital appreciation for its investors by identifying and developing attractive investment opportunities in the healthcare market, with a focus on healthcare services businesses across a broad spectrum of the healthcare sector.
For further information:
Persistence Capital Partners
Stuart M. Elman