CVC Capital Partners ("CVC") announced today that it has signed a definitive agreement to acquire a majority interest in ExamWorks ("the Company"). The Company's current owners, Leonard Green & Partners, L.P. ("LGP") and GIC, will retain significant equity stakes in the business alongside CVC and the ExamWorks senior management team, co-founders Richard Perlman and Jim Price and co-CEOs Wes Campbell and Miguel Fernandez de Castro.

Headquartered in Atlanta, GA, ExamWorks provides independent medical examinations (IMEs), peer reviews, bill reviews, Medicare compliance, record retrieval, document management and related services. These offerings play a key role in determining cause of injury, level of seriousness, and underlying liability in order to facilitate the delivery of cost-effective care under various forms of insurance coverage. The Company serves a global customer base of property and casualty insurers, law firms, third-party claim administrators and government agencies across the United States, United Kingdom, Australia and Canada.

"We are pleased to join LGP and GIC in supporting the exceptional team at ExamWorks, a market leader in the provision of key services that provide independent medical oversight and help the healthcare system manage costs of care and ensure compliance," said Fazle Husain, Partner and Head of U.S. Healthcare at CVC. "We are excited to partner with Richard, Jim, Wes, Miguel and their team to continue ExamWorks' impressive trajectory."

Christopher Baldwin, a Managing Partner at CVC, remarked, "The ExamWorks team has built a leading enterprise from the ground up over the last 13 years; we are delighted to have the opportunity to back a team that was already well-known to us and to further build upon our partnership from an existing strong foundation."

"We are excited about the opportunity to tap into CVC's investment resources and deep expertise in the healthcare space as we enter into the next chapter of our growth," said Wes Campbell and Miguel Fernandez de Castro, Co-CEOs of ExamWorks. "This transaction represents the next step in our global journey to partner with our clients to meet their ongoing and growing service requirements."

John Baumer, Senior Partner at LGP, remarked, "CVC's investment is a testament to the extraordinary platform that has been built by the ExamWorks team. We would like to thank Richard, Jim, Wes, and Miguel for their leadership and look forward to continuing our partnership during the Company's next chapter."

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC said, "We are pleased to continue our long term partnership with the ExamWorks team. Since our investment in 2016, the Company has continued to grow and broaden its offerings to its customer base. We look forward to working closely with CVC and Leonard Green to support management in driving the Company's next leg of growth."

The transaction is expected to close in 2021, subject to customary closing conditions and receipt of required regulatory approvals. Truist Securities acted as lead financial advisor for ExamWorks, LGP and GIC, with BofA Securities also serving as a financial advisor on the transaction. Latham & Watkins LLP acted as legal advisor for ExamWorks, LGP and GIC. Goldman Sachs & Co. LLC served as financial advisor to CVC, with White & Case LLP providing the firm's legal counsel.