Audax Group announced it has completed the acquisition,together with management, of a controlling interest in Reed Group, Ltd. (“Reed”). Headquartered in Westminster, Colorado, Reed is a provider of proprietary, evidence-based return-to-work guidelines and outsourced absence and clinical case management services that assist in the reduction of disability and absence costs for employers. Reed’s Chairman and Chief Medical Officer Dr. Presley Reed, and President Stacey Grace continue to lead the company’s management team and serve on the company’s Board of Directors. The Reed family trust maintains a significant ownership interest in the company.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Reed is a leading provider of case management services and industry information in the fragmented and growing absence management industry. We look forward to working with management to grow the business by implementing sales initiatives, penetrating new end-markets, and making strategic add-on acquisitions.”
Presley Reed, M.D., Chairman and Chief Medical Officer of Reed, said “This transaction is a very positive development for the company and our customers. We will now have additional capital and resources for the next stage of our growth. We are confident Audax Group’s extensive experience working with middle market companies will be a valuable asset as we continue to build our company. We look forward to partnering with Audax in advancing the company’s growth while maintaining Reed’s culture and values.”
Ropes & Gray LLP advised Audax Group. Houlihan Lokey and Greenberg Traurig, LLP advised Reed. Allied Capital Corporation provided one-stop debt financing to support the transaction.
About Reed Group
Reed Group was founded by Dr. Presley Reed in 1981 to address workplace productivity and employee absenteeism in the corporate environment. Reed Group maintains four key lines of business Guidelines, Service, Research and Data Analytics, and Software. Since 1991, Reed Group has published The Medical Disability Advisor guidelines used by more than 28,000customers and considered to be the industry-standard reference for periods of recovery from illness or injury (textbooks, Windows software, Internet and data integration formats). Reed Group also provides self-insured employers with absence and disability case management services that assist in reducing costs associated with employee absence from work. For more information, visit www.reedgroup.com.
