Norwest Mezzanine Partners Invests in One Call Medical
May 24, 2010
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP), a leading middle market mezzanine investor, today announced that it has invested $20.0 million in subordinated debt and equity to support the refinancing of a portion of the debt that Odyssey Investment Partners used to fund the acquisition of One Call Medical, Inc. (“OCM” or the “Company”), a New Jersey-based provider of radiology benefit management services to the worker’s compensation industry. The remaining portion of NMP’s investment helped support OCM’s recent acquisition of STOPS, a Florida-based provider of transportation and translation services to the worker’s compensation industry.
Established in 1993, OCM offers a nationwide network, including coverage in all major metropolitan areas across all 50 states, of fully credentialed high quality facilities and reduced cost for radiology and neurodiagnostic services. OCM customers realize significant cost savings, receive exceptional scheduling and medical report turnaround services and are confident in knowing that their patients obtain the best quality diagnostic testing in credentialed facilities. The Company’s customers include the nation’s leading workers’ compensation and group health insurers, third-party administrators, as well as self-insured employers.
“NMP is extremely pleased to have the opportunity to establish this investment relationship and partner with the Odyssey team on this transaction. We look forward to supporting Odyssey’s investment and the continued growth of OCM as a leader of benefit management services,” stated John Hogan, a partner at NMP.
About Odyssey Investment Partners
With more than $2 billion in capital under management and offices in New York and Los Angeles, Odyssey Investment Partners is a leading middle-market private equity firm primarily focused on making control investments typically in established companies in a variety of industries. For further information please visit www.odysseyinvestment.com.