Genex Services (Genex), a Wayne, Penn.-based provider of cost containment services to the workers’ compensation, disability and auto industries, announced that funds managed by private equity firm Stone Point Capital LLC (Stone Point) have acquired a majority interest in Genex from funds advised by Apax Partners, a global private equity firm. Financial terms of the transaction were not disclosed.
This acquisition renews a partnership that will support the continued enhancement and expansion of Genex’s services, according to Genex President and CEO Peter Madeja in a company press release.
SunTrust Robinson Humphrey served as the exclusive strategic and financial advisor to Genex.
Founded in 1978, Genex helped introduce the medical management concept and has continued to serve as a cost containment and disability management provider. It has more than 2,900 employees and 41 service locations throughout North America. The company serves underwriters in workers’ compensation, automobile, disability insurance and third-party administrators.
Stone Point is a financial services-focused private equity firm based in Greenwich, Conn. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.
Apax Partners is a global private equity advisory firm. Apax Partners’ Main Buyout Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen companies.
Source: Genex Services