U.S.-based Audax Private Equity has closed its buy of Lifemark Health and Viewpoint Medical Assessments, previously units of Centric Health Corp. The acquisition was valued at up to $250 million at the time of its announcement last November. Toronto-based Lifemark, which oversees Viewpoint, provides physiotherapy and rehabilitation treatment services, as well as medical assessment services, in Canada. Audax said it will partner with Lifemark CEO Peter Stymiest to help grow the business organically and through acquisitions.
Audax Group Announces Acquisition of Lifemark Health and Viewpoint Medical Assessments
January 13, 2016
BOSTON–(BUSINESS WIRE)–Audax Group recently acquired Lifemark Health and Viewpoint Medical Assessments, the physiotherapy, rehabilitation and medical assessments divisions of Centric Health Corporation (“Centric Health”).
Lifemark Health, headquartered in Toronto, Ontario, is a leading provider of physiotherapy and rehabilitation treatment to patients in over 100 clinics as well as long-term care centers, retirement homes, and communities across Canada. In addition, the business includes the provision of independent medical assessments and examinations across Canada.
Geoffrey S. Rehnert, Co-CEO of Audax Group said, “Lifemark Health is a recognized market leader in the Canadian medical assessments and physiotherapy treatment markets. We look forward to partnering with Peter Stymiest and the entire Lifemark team to continue growing the business organically and through acquisitions.”
“We are excited by this announcement and what it means for the Physiotherapy, Rehabilitation and Assessments operations and its dedicated professionals going forward,” said Peter Stymiest, CEO of Lifemark Health and Viewpoint Medical Assessments. “Audax has long-standing and significant experience investing in the healthcare space. The expertise and strong brands of the Physiotherapy, Rehabilitation and Assessments operations, joined with Audax’ acquisition expertise, represents a powerful combination.”
Centric Health received financial advice from National Bank Financial Inc. and Canaccord Genuity Corp., and legal advice from Stikeman Elliott LLP. Audax received legal advice from Blake, Cassels & Graydon LLP. Debt financing for Audax is provided by Antares LP and Sankaty Advisors.
About Audax Group
Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax has over USD $9 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.
About Centric Health
Centric Health provides expert solutions and trusted care through a national community of experts who can be accessed quickly and have a track record of achieving superior patient outcomes and providing outstanding client satisfaction. Centric Health’s vision is to be Canada’s most respected brand in the independent healthcare sector and world renowned for quality, innovation, and for delivering sustainable value to patients, clients and stakeholders. With national networks of facilities in each of its core businesses of Specialty Pharmacy and Surgical Centres, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry continues to evolve over the long term.
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