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Workers compensation pharmacy benefit managers PMSI Inc. and Progressive Medical Inc., announced Friday that they have entered into a definitive agreement to merge.
The transaction is expected to close in the fourth quarter subject to regulatory clearance, the firms said in a joint statement.
The combined company will be led by Eileen Auen, Tampa, Fla.-based PMSI's CEO and executive chairman; and Emry Sisson and Tommy Young, Westerville, Ohio-based Progressive Medical's co-CEOs, according to the statement.
Funds managed by private equity firm New York-based Kelso & Co. will acquire a significant ownership stake in the combined company, while StoneRiver Group L.P., a controlling shareholder of Progressive Medical based in Oakland, Calif., also will remain a significant shareholder in the combined business, according to the statement.
“The PMSI leadership team is delighted to partner with Progressive Medical,” Ms. Auen said in the statement. “We will continue to deliver customized solutions to our clients, and I am personally excited about working closely with the combined team to bring unique solutions to our customers.”
“Bringing together the resources and deep industry expertise of these two companies will enable the combined organization to continue to drive product innovation in the workers' compensation marketplace while delivering operational and service excellence and ever improving clinical and cost containment services to our clients,” Mr. Young, said in the statement.