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.