TELUS acquires PCP’s Medisys Health Group for $147M

Persistence Capital Partners (PCP) has announced the sale of Medisys Health Group Inc. to TELUS Corporation (TSX: T). The transaction closed in July 2018. Financial terms were not disclosed by PCP but TELUS reportedly paid approximately $147 million for Medisys.

Founded in 1987 by Dr. Sheldon Elman, Medisys Health Group Inc. is Canada’s leading provider of comprehensive, preventive and corporate health solutions.

In March 2008, Elman family and PCP took Medisys Health Group Income Fund (formerly TSX: MHG.UN) private for $70 million to others shareholders, including debt assumption. PCP’s equity investment #Premium Subscribers ONLY Content – research and intelligence – know others don’t, be informed.#

photo credit: Medisys Health Group

News Release

PCP Announces Sale of Medisys Health Group Inc. to TELUS Corporation

MONTREAL – August 20, 2018 – Persistence Capital Partners (“PCP”), a leading Canadian healthcare-focused private equity fund, is pleased to announce the sale of Medisys Health Group Inc. (“Medisys”) to TELUS Corporation (TSX: T) (“TELUS”), one of Canada’s leading telecommunications and digital health solutions providers.

With this acquisition, two Canadian companies with solid, decades-long track records in technology and clinical services are coming together to help support healthcare transformation in this country.

“This transaction marks an important milestone for Medisys and sets the stage for our evolution,” said Dr. Sheldon Elman, Chairman and Founder of Medisys. “Over the past 30 years, Medisys has grown from a small Montreal-based clinic to Canada’s leading provider of health and wellness services to workplaces across the country. We are honored to join the TELUS Health family and look forward to leveraging their expertise to further enhance how we provide care.”

Close to 24 million Canadians rely heavily on the healthcare benefits and services they have access to through their employer. Notably, a Sun Life study revealed that 84 per cent of Canadians believe employers have a responsibility to support the physical health of their employees, while 86 per cent feel the same about psychological health.

“Medisys has experienced tremendous growth over its history, while always remaining true to its roots and vision of outstanding customer service,” said Josh Blair, Executive Vice-President, TELUS Health and TELUS Business Solutions West and Chair, TELUS International. “With this acquisition, TELUS is charting a new course for workplace health and wellness services. We will accelerate the delivery of employee-centered care, backed by TELUS’ world-leading broadband networks and leveraging our digital tools such as patient portals, virtual care, wellness and mental health applications, electronic prescribing, electronic benefit claims and secure messaging. We look forward to supporting Medisys and its team of 800 health professionals to continue to grow.”

For more information about Persistence Capital Partners, please visit www.persistencecapital.com

Contact information for Persistence Capital Partners:

Stuart M. Elman
Managing Partner, Persistence Capital Partners
(514) 499-2778
info@persistencecapital.com

For more information about TELUS Health, please visit telushealth.com.

Contact information for TELUS Health:

Jill Yetman
TELUS Social and Media Relations
jill.yetman@telus.com
416-992-2639

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.