Odyssey Investment Partners has agreed to buy One Call Medical from TA Associates for an undisclosed amount. One Call is a Parsippany, N.J.-based provider of medical cost containment solutions.
Odyssey Investment Partners, LLC today announced that it has entered into a definitive agreement to acquire One Call Medical, Inc., a market-leading medical cost containment company, from TA Associates. Financial terms of the transaction were not disclosed.
One Call Medical, founded in 1993 and headquartered in Parsippany, New Jersey, is the nation’s largest provider of diagnostic imaging scheduling and radiology network management to the workers’ compensation industry with a growing presence in the self-funded group health marketplace. The combination of One Call’s systems and advanced process management capabilities and its proprietary contracted and credentialed network of over 3,000 diagnostic imaging centers puts the company at the forefront of delivering significant savings and value-added solutions on diagnostic imaging costs to workers’ compensation carriers and third party administrators, a large and growing spending category.
One Call’s senior management team is also investing in the transaction and will continue to lead the company under Odyssey’s ownership. Led by Kent Spafford, Chairman and Chief Executive Officer, the team includes Don Duford, President and Chief Operating Officer, and Warren Green, Chief Financial Officer. The One Call management team has delivered a strong value proposition to its customers resulting in growth rates averaging in excess of 15% annually since 2000.
Jeffrey McKibben, a Managing Principal of Odyssey Investment Partners, said: “We are delighted to partner with Kent Spafford and the One Call team. Based on our experience in the workers’ compensation industry with our portfolio company York Insurance Services, we recognize the unique and valuable offering that One Call has pioneered. We are excited to actively support the company as it continues to build a premier medical cost containment franchise.”
“Odyssey’s investment is a validation of our company’s achievements to date and represents a considerable endorsement of our future growth prospects,” said Mr. Spafford. “Odyssey has a long track record of providing its portfolio companies the resources and support they need to broaden their capabilities. As such, we will continue to invest in the people, infrastructure and systems required to provide differentiated value to our payer and imaging provider partners.”
Completion of the transaction, which is expected before the end of the year, is subject to customary closing conditions.
Bank of Ireland and General Electric Capital Corporation are providing financing in support of this transaction.
About One Call Medical
One Call Medical, Inc. (OCM) offers a nationwide network of fully credentialed high quality facilities and reduced cost for radiology and neurodiagnostic services. One Call Medical’s network includes coverage in all major metropolitan areas across all 50 states. OCM customers realize significant cost savings, receive exceptional scheduling and medical report turnaround services, and are confident in knowing that their patients obtain the best quality diagnostic testing in credentialed facilities. OCM’s customers include the nation’s leading Workers’ Compensation and Group Health insurers, third-party administrators, as well as self-insured employers. For further information about One Call Medical, please visit www.onecallmedical.com.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with more than $2 billion under management. Odyssey Investment Partners, LLC primarily makes majority, controlled investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, LLC, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.