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Progressive Medical and PMSI Complete Merger
Date:10/22/2013

MEMPHIS, Tenn., Oct. 22, 2013 /PRNewswire/ -- Progressive Medical and PMSI announced today the successful completion of their merger.

Led by Executive Chairman Eileen Auen from PMSI and Co-CEOs Emry Sisson and Tommy Young from Progressive Medical, the combined company will provide best in class pharmacy benefit management, durable medical equipment, home health care, transportation, translation and Medicare compliance solutions for workers' compensation and auto no-fault payors.

"Our merger is truly one of equals," Young said. "Individually each organization is strong, but collectively we are stronger. We look forward to combining the best of both companies to create a uniquely integrated organization committed to the delivery of effective, customized solutions for our clients."

According to Auen, the merged entity will maintain a strong commitment to operational and service excellence and stated, "A major emphasis of our transition planning will focus on ensuring continued delivery of industry leading program results along with the high levels of service our clients have come to expect from us."

Funds managed by Kelso & Company will have a majority ownership stake in the newly combined company while StoneRiver Group, the controlling shareholder of Progressive Medical, will continue to be a significant shareholder in the combined entity. H.I.G. Capital, which acquired PMSI five years ago in partnership with the current management team, has sold its stake in the company. Terms of the deal were not disclosed.

About Progressive Medical
Progressive Medical is a leading workers' compensation pharmacy benefit and ancillary services provider. The company's primary responsibility is to make a difference by accelerating change that gives clients more control and better financial outcomes through its unique third
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SOURCE Progressive Medical
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