Key Takeaways
- • CVC Capital Partners VIII signed a definitive agreement to acquire a majority interest in ExamWorks, an Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, and related healthcare services serving insurers, law firms, and government agencies across the U.S., U.K., Australia, and Canada.
- • Existing investors Leonard Green & Partners (LGP) and GIC retain significant equity stakes alongside CVC and ExamWorks' senior management team, including co-founders Richard Perlman and Jim Price and co-CEOs Wes Campbell and Miguel Fernandez de Castro.
- • ExamWorks operates in a market-critical function within the insurance and healthcare ecosystem, providing independent medical oversight and cost-containment services that determine injury causation, severity assessment, and liability determination across multiple insurance coverage types.
- • CVC's investment builds on an existing partnership relationship; Christopher Baldwin, Managing Partner at CVC, noted the firm was "already well-known" to ExamWorks' team, indicating prior institutional familiarity that informed the acquisition decision.
- • The transaction reflects CVC Capital Partners Fund VIII's healthcare sector focus, with Fazle Husain, Partner and Head of U.S. Healthcare at CVC, leading the investment thesis around independent medical oversight and healthcare cost management.
Summary
CVC Capital Partners announced on June 22, 2021, that it has signed a definitive agreement to acquire a majority interest in ExamWorks, an independent medical examination and healthcare services provider headquartered in Atlanta, Georgia. The transaction maintains continuity of ownership, with existing shareholders Leonard Green & Partners and GIC retaining significant equity stakes alongside CVC and the company's senior leadership, establishing a multi-stakeholder capital structure.
ExamWorks operates across a critical function within the insurance value chain, providing independent medical examinations (IMEs), peer reviews, bill reviews, Medicare compliance services, record retrieval, and document management solutions. The company serves a diversified customer base including property and casualty insurers, law firms, third-party claim administrators, and government agencies across four countries: the United States, United Kingdom, Australia, and Canada. These services are integral to determining injury causation, assessing severity levels, and establishing underlying liability—functions that directly influence cost-effective care delivery across various insurance coverage mechanisms.
The investment by CVC Capital Partners Fund VIII represents an expansion of the firm's healthcare sector allocations. Fazle Husain, Partner and Head of U.S. Healthcare at CVC, characterized the investment as an opportunity to support a "market leader" in providing independent medical oversight and healthcare cost management services. Christopher Baldwin, a Managing Partner at CVC, emphasized the firm's existing familiarity with ExamWorks' management, noting that CVC had been "well-known" to the company prior to the transaction and that the partnership builds "from an existing strong foundation." This commentary suggests CVC conducted extensive prior due diligence and relationship-building before formalizing the acquisition agreement.
ExamWorks' leadership team—comprising co-founders Richard Perlman and Jim Price alongside co-CEOs Wes Campbell and Miguel Fernandez de Castro—will continue to operate the business alongside CVC's capital and strategic partnership. The transaction structure preserves founder and management equity ownership, a characteristic often associated with acquisitions where seller teams remain engaged in value creation post-close. The deal reflects broader private equity interest in healthcare services businesses that provide back-office, compliance, and cost-containment functions within the insurance ecosystem.
ExamWorks operates across a critical function within the insurance value chain, providing independent medical examinations (IMEs), peer reviews, bill reviews, Medicare compliance services, record retrieval, and document management solutions. The company serves a diversified customer base including property and casualty insurers, law firms, third-party claim administrators, and government agencies across four countries: the United States, United Kingdom, Australia, and Canada. These services are integral to determining injury causation, assessing severity levels, and establishing underlying liability—functions that directly influence cost-effective care delivery across various insurance coverage mechanisms.
The investment by CVC Capital Partners Fund VIII represents an expansion of the firm's healthcare sector allocations. Fazle Husain, Partner and Head of U.S. Healthcare at CVC, characterized the investment as an opportunity to support a "market leader" in providing independent medical oversight and healthcare cost management services. Christopher Baldwin, a Managing Partner at CVC, emphasized the firm's existing familiarity with ExamWorks' management, noting that CVC had been "well-known" to the company prior to the transaction and that the partnership builds "from an existing strong foundation." This commentary suggests CVC conducted extensive prior due diligence and relationship-building before formalizing the acquisition agreement.
ExamWorks' leadership team—comprising co-founders Richard Perlman and Jim Price alongside co-CEOs Wes Campbell and Miguel Fernandez de Castro—will continue to operate the business alongside CVC's capital and strategic partnership. The transaction structure preserves founder and management equity ownership, a characteristic often associated with acquisitions where seller teams remain engaged in value creation post-close. The deal reflects broader private equity interest in healthcare services businesses that provide back-office, compliance, and cost-containment functions within the insurance ecosystem.
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