US firm pays £66m for Premex
PREMEX, the Bolton-based provider of medical legal reports, has been sold to US company ExamWorks in a deal worth nearly £66m.
ExamWorks, which is listed on the New York Stock Exchange, is paying £40.6m in cash, £8.9m in shares and paying off Premex’s borrowings of £16.4m.
Premex was founded in 1996. Revenues and adjusted ebitda for the year to the end of March were approximately £55.8m and £8.7m.
Richard Perlman, executive chairman of ExamWorks, said: “We identified Premex, a market leader in the UK, as a perfect fit for ExamWorks’ continued growth strategy; its customer first ethos, innovative IT platform and knowledgeable workforce make Premex an ideal partner for us
Simon Margolis, chief executive of Premex, which has around 300 staff and is
based at Middlebrook, said: “We are delighted to be part of the ExamWorks family; a specialist organisation which really understands the nature of medical reporting and shares our passion for driving up service standards through IT
innovation.
“Becoming part of the ExamWorks Family is brilliant news for both our customers and our staff. We have a solid commitment to continue the great work we’ve started. It’s an exciting time to be joining such a dynamic organisation.”
The acquisition sees all of the directors and management remaining with the business.
Premex was recently a finalist in TheBusinessDesk.com’s North West Masters awards in the innovator category.
Advisers included Manchester-based corporate partner Gregg Davison at law firm Pinsent Masons and Byron Griffin of Deloitte’s London office.
