Align Networks, Inc. (“Align Networks” or “Align”), a leading provider of workers' compensation physical medicine programs, and Universal SmartComp (“USC”), a nationwide provider of physical medicine services, today announced that they have closed their previously announced merger. The combined company will operate under the Align Networks brand name and will be led by Butch Hofstetter, President and CEO of Align.
“The combination of Align and Universal SmartComp creates a best-in-class service provider with a broader network that delivers greater choice and cost effectiveness while providing a more complete physical therapy solution for patients,” said Hofstetter. “We are pleased to complete this transaction and look forward to a smooth integration for all of our clients.”
USC’s complementary solutions, provider network, and strong clinical foundation will enable Align to have an even more comprehensive workflow and better manage the entire referral and treatment cycle for its constituents. The Company will offer providers, carriers, employers and patients the most complete set of tools and geographic coverage for the workers' compensation industry in the United States.
In July 2011, Align Networks announced an investment from global growth equity firm General Atlantic. In 2008, USC announced an investment from global private equity firm The Riverside Company. Both General Atlantic and The Riverside Company will remain investors in the expanded Align Networks. Jefferies & Co. advised Align and General Atlantic on the transaction. Edgeview Partners advised USC and The Riverside Company.
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