OMERS Private Equity has wrapped up its acquisition of Premise Health Inc, a Brentwood, Tennessee-based direct healthcare access company.
No financial terms were disclosed for the deal, which saw OMERS buy Premise from U.S. private equity firm Water Street Healthcare Partners and Walgreens Boots Alliance.
Established in 2014 through a Water Street-led merger, Premise serves more than 275 clients via a network of 600-plus employer-sponsored health and wellness centres in the United States.
OMERS Private Equity Completes Acquisition of Premise Health
TORONTO, July 11, 2018 (GLOBE NEWSWIRE) — OMERS Private Equity, the private equity arm of OMERS, the defined benefit pension plan for municipal employees in Ontario, today announced the completion of its acquisition of Premise Health (“Premise” or the “Company”) from Water Street Healthcare Partners (“Water Street”) and Walgreens Boots Alliance (“Walgreens”).
Based in Brentwood, Tennessee, Premise is a leading direct healthcare company in the United States. The Company contracts with organizations, including many larger employers, to provide health and wellness solutions to member and dependent populations. Through onsite, nearsite and virtual health access, Premise offers a comprehensive range of services including primary care, pharmacy, occupational health, physical therapy, fitness and other related services. The Company serves over 275 clients, via more than 600 health and wellness centers. Premise provides a compelling value proposition, offering the industry’s widest range of customizable services. Its success has been demonstrated through high customer retention and tenure of clients.
“We are thrilled to partner with Stu Clark, CEO of Premise, and his management team for the Company’s next phase of growth,” said Tim Patterson, Managing Director, OMERS Private Equity. “Premise is a clear leader in the worksite healthcare space, and we are eager to work with Stu and his team to pursue the exciting growth opportunities ahead,” he added.
“The investment in Premise is consistent with OMERS Private Equity’s strategy of acquiring industry leading companies with world class management teams. Premise is a very strong addition to our growing healthcare services portfolio,” said Michael Graham, OMERS Head of North American Private Equity. Other examples of OMERS Private Equity’s healthcare investments include dermatology provider Forefront Dermatology, dental services provider Great Expressions, outpatient physical therapy and home health provider CBI Health Group, and outpatient rehabilitation services provider Accelerated Rehabilitation Centers.
Stu Clark, CEO of Premise said, “We are proud to be working with OMERS, an organization which is focused on long-term value creation and shares both our cultural values and our vision of how to grow a business. With their successful track record of healthcare investments, this new partnership positions Premise for the next phase of its evolution. We look forward to working with OMERS as we invest in our future – and the future of healthcare.”
Weil Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity. McDermott Will & Emery LLP acted as healthcare regulatory counsel for OMERS Private Equity. Ares Capital Management served as lead arranger for the credit facilities in support of the transaction.
For Further Information:
Neil Hrab Manager, Communications – Investments
Premise Health PR CONTACT:
Lacey Hunter, Director, Communications
About OMERS and OMERS Private Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than $95 billion in net assets, as at December 31, 2017. OMERS invests and administers pensions for more than 482,000 members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS had $10.8 billion of capital invested in private equity assets as at December 31, 2017. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in Toronto, London, New York and Singapore, seeks to use its permanent and agile capital base to partner with management teams of industry leading businesses. For more information, please visit www.omersprivatemarkets.com.
About Premise Health:
Premise Health is a leading direct healthcare company pioneering new models to deliver powerfully effortless healthcare. With more than 50 years of experience, Premise Health delivers unmatched quality, access and value through more than 600 health and wellness centers in 44 states, Guam and Puerto Rico. The company serves more than 275 of the nation’s most innovative organizations, including a significant number of Fortune 1000 companies.
Premise Health believes that the future of healthcare is unrivaled access to phenomenal care that costs less for clients, members and their dependents. It delivers that future today through three access points – onsite health, nearsite health, and 24/7 virtual health. It also serves as the healthcare gateway for members and dependents, connecting them not only to its own robust and comprehensive provider network but also to the broader healthcare ecosystem. The result is a member experience that makes it easy to be seen anytime and anywhere.
For more information on Premise Health, visit www.premisehealth.com.