Horizon Occupational Health Solutions Inc, a company newly formed by Canadian healthcare private equity firm Persistence Capital Partners (PCP) has bought the occupational health clinical services business of Morneau Shepell Inc (TSX: MSI). The financial terms of the deal were not disclosed. The new company, which offers an array of occupational and emergency services through its network of clinics and onsite and remote staff, aims to lead its industry in Canada, said Stuart Elman, a managing partner at PCP. PCP made the investment from its second fund, Persistence Capital Partners II LP, which raised $90 million in an initial close in May 2013.
Horizon Occupational Health Solutions Acquires Morneau Shepell’s Occupational Health Clinics Business
October 14th, 2014 (Montreal) – Horizon Occupational Health Solutions Inc. (“Horizon OHS”), a newly formed portfolio company of Persistence Capital Partners (“PCP”), is pleased to announce the acquisition of Morneau Shepell Inc.’s occupational health clinical services business. With over 20 years’ experience, Horizon OHS offers its clients a comprehensive array of occupational and emergency services and solutions through its strategically located clinics and onsite and remote staff. With operations in eastern and central Canada, Horizon OHS works closely with its mining, construction, oil & gas, and industrial clients to create high quality programs that ensure the health and safety of their workforces.
Stuart M. Elman, Managing Partner at PCP, a private equity fund exclusively focused on growth and buyout opportunities in Canadian healthcare, said, “With this transaction, we believe that we can build Canada’s leading occupational health solutions provider. We are delighted to be working with the outstanding and dedicated team of physicians, nurses, healthcare professionals and staff at Horizon OHS. Our plan is to invest in this business and its people. We believe that Horizon OHS is an ideal platform that will allow us to expand our services, grow our customer base and increase our geographic footprint into Quebec and Western Canada.”
Jean-Marc Mackenzie, Senior Vice President at Morneau Shepell, added, “We believe this transaction has the potential to be an extremely exciting time for the occupational health clinics, with new owners that are willing to invest more time and resources into the business.”
“On behalf on the team at Horizon OHS, we are excited by the opportunity to be our own company; to be able to focus on what we do best, which is providing our clients and their teams with uncompromising health solutions. PCP recognized our years of accomplishments and our mutual belief in providing unparalleled preventative services to each and every one of our clients,” said Dr. Sue Rideout-Vivian, Horizon OHS’ Regional Medical Director. “During this time of transition, we are focused on making sure that our clients continue to receive the high standard of care and service they have grown accustomed to. All of our staff across the entire network is staying in place.”
About Horizon Occupational Health Solutions Inc.
Horizon Occupational Health Solutions Inc. is a leading Canadian provider of occupational health and emergency services and solutions to industrial clients. With operations in eastern and central Canada and over 20 years’ experience, Horizon OHS works with its clients to provide an integrated healthcare and prevention solution that meets their ever-evolving needs. Horizon OHS provides health management solutions to clients in remote areas, off-site projects and strategically located locations, providing a range of services including full service health solutions such as annual medicals, on-call physicians, hearing tests, respiratory tests, surveillance programs and pre-employment health screening, as well as onsite solutions such as first responder emergency services, primary care and MEDEVAC.
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 Canadian healthcare market.
Horizon Occupational Health Solutions Inc. John Trang, Vice President T: (514) 499-2787 E: info@horizonOHS.com
Persistence Capital Partners Stuart M. Elman, Managing Partner T: (514) 499-2778
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