The terms of the transaction were not disclosed.
“We are pleased that our client, ProMedical, will be able to become a part of a firm of the caliber of CBIZ MMP.” said Jackie Fimrite, Managing Director at ClearCap. “The acquisition provides excellent synergies for both parties as it increases their geographic reach and professional depth.” Kaye Knop, President of ProMedical, stated, “In our desire to expand our services and grow nationally we know that CBIZ MMP’s reputation, integrity and capacity in the anesthesia health care industry will be paramount to our success. We are thrilled to join CBIZ MMP and believe this partnership will create additional value for our clients as well as additional opportunity for our employees.”
G. Darrell Hulsey, President of CBIZ Medical Management Professionals, stated, “The addition of ProMedical to the MMP team will further expand MMP’s focus in anesthesia, and will expand the knowledge base and tools we use to deliver our services to our anesthesia clients across the country. In addition, ProMedical will benefit from the depth of resources and national footprint of MMP, which will create opportunities for organic growth across the company. ProMedical’s commitment to world class service mirror those of MMP, and their strengths combined with ours will enhance our ability to deliver services to anesthesia groups across the nation.”
About CBIZ, Inc.
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company’s services are provided through more than 130 Company offices in 37 states. For more information visit CBIZ website at www.cbiz.com.
About ProMedical, Inc.
ProMedical was founded in 1993, and is a full-service provider of medical billing and practice management services exclusively for anesthesiology practices. ProMedical is expected to add 58 employees and approximately $4.9 million to CBIZ annualized revenue. For more information visit ProMedical’s website at www.promedicalinc.com.
About ClearCap Strategic Advisors, LLC
ClearCap Strategic Advisors is a specialized investment bank and strategic advisory firm serving the unique needs of private business owners and middle market companies. ClearCap specializes in mergers, acquisitions, corporate finance, recapitalizations, exit planning and strategic consulting. For more information, visit ClearCap’s website at www.clearcapadvisors.com.
Alan Marrullier, Managing Director
ClearCap Strategic Advisors, LLC