OMERS Private Equity has agreed to acquire a majority stake in Walnut Creek, California-based Paradigm Outcomes, which manages catastrophic and complex cases for the workers’ compensation industry. No financial terms were disclosed.
WALNUT CREEK, Calif., Sept. 20, 2018 /PRNewswire/ — Paradigm Outcomes, the market leader in managing catastrophic and complex cases for the workers’ compensation industry, today announced that OMERS Private Equity has agreed to acquire a majority stake in the company. OMERS Private Equity is the private equity arm of OMERS, the defined benefit pension plan for municipal employees in Ontario, Canada.
This recapitalization by OMERS represents a validation of Paradigm’s vision and a strong vote of confidence in the company’s ability to deliver value to injured workers and clients. As part of the transaction, existing investor Summit Partners will remain a significant shareholder in the business. Summit’s continued backing reflects continued conviction in both the market opportunity and in Paradigm’s ability to grow, evolve and execute on this opportunity.
“We are proud to partner with OMERS, whose cultural values and vision for the future of healthcare align with our own,” said John Watts, CEO, Paradigm. “OMERS’s investment in our future, together with Summit’s continued support, will enable us to accomplish our mission to improve more lives and set a new standard for managing complex healthcare needs.”
“We are excited about our new relationship with Paradigm,” said Geoff Bird, Managing Director, OMERS Private Equity. “Our investment in Paradigm is consistent with OMERS Private Equity’s strategy of acquiring industry leading companies with world class management teams. We are eager to support the Paradigm team while they take on the tremendous growth opportunities that lie ahead.”
“Paradigm Outcomes is a very strong addition to our growing healthcare services portfolio,” Bird continued. OMERS healthcare portfolio includes Premise Health, Forefront Dermatology, Great Expressions, CBI Health Group, and Accelerated Rehabilitation Centers.
About Paradigm Outcomes
Paradigm is the market leader in managing catastrophic and complex cases for the workers’ compensation industry. For more than 25 years, Paradigm has provided management services to improve health outcomes and lower medical spend for high-cost, complex cases. The Paradigm Outcomes business provides clinically-driven comprehensive care management programs for people with catastrophic injuries, achieving 5x better medical outcomes and lowering total costs by 40% compared to industry benchmarks. Together with its wholly owned subsidiaries ALARIS Encore, ForeSight Medical and Adva-Net, Paradigm works to improve health outcomes and lower medical spend for high-cost, complex cases.