WALNUT CREEK, CA--(Marketwire - Feb 1, 2012) - Paradigm Management Services, LLC, the nation's leading provider of catastrophic and pain care management services, today announced that Sterling Partners (Sterling) has sold the portfolio company to Lightyear Capital (Lightyear). The transaction closed on February 1, 2012.
Paradigm will continue to operate independently under the leadership of President and Chief Executive Officer Jim Hudak. Mr. Hudak remains responsible for the organization's strategic direction and retains his position on the Paradigm Board of Directors.
"Lightyear has a distinguished record helping companies like ours accelerate growth and realize their full potential," said Hudak. "Not only do they recognize the value of consistently achieving better medical and financial outcomes for severely injured workers, but they understand our innovative model and the measurable benefits it offers clients. This insight will allow us to collaborate on increasing market share and scaling our business."
Sterling is a leading private equity firm with over 25 years of experience partnering with entrepreneurs to build market-leading businesses. With approximately $5 billion of assets under management, Sterling invests growth capital in industries with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals.
Lightyear is a leading private equity firm making primarily control investments in North America-based, middle-market financial services companies. Based in New York, Lightyear, through its affiliated funds, has managed approximately $3 billion of committed capital with investments across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance and specialty finance.
About Paradigm Management Services, LLC
Paradigm Management Services provides acute and ongoing catastrophic and complex case management services for traumatic brain injuries, spinal cord injuries, amputations, burns, wounds and chronic pain. As the nation's leading provider of complex and catastrophic medical management in the workers' compensation industry, Paradigm achieves 5x better medical outcomes and lowers total costs by 36%. Paradigm accomplishes this by bringing together nationally recognized doctors and specialists, the best network of care facilities in the country, and 20 years of clinical data to guide decisions. For the second consecutive year, Case In Point magazine presented Paradigm with the organization's highest honor, a 2011 Platinum Award for the nation's best workers' compensation case management program. For more information, visit www.paradigmcorp.com.
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