Fowler: Deal creates company unlike any other
US-based medical reports giant ExamWorks – which owns leading UK provider Premex – has bought a personal injury firm as part of its acquisition of leading accident management group Kindertons.
Jigsaw Law was originally a claims management company but was granted an alternative business structure licence in late 2012.
Though the price is undisclosed, Kindertons’ most recent accounts, for the year to 28 February 2017, put its turnover at £133m.
Donald Fowler, chief executive of ExamWorks UK, told Legal Futures that the acquisition would create a company unlike any other in the range and scale of the services it provided.
He said Jigsaw Law would be the first law firm owned by Examworks UK and it was not part of the strategy to acquire more.
Jigsaw Law has two offices, in Ellesmere Port and Crewe, and employs five solicitors among 52 staff in total. One of them, Paul Hurst, is head of legal practice and of finance and administration.
Its most recent accounts put turnover at £5.1m, with a gross profit of £3.2m and net profit after tax of £654,000.
Mr Fowler said the presence of a law firm and a legal expenses insurance company in the Kindertons group meant that approval for the purchase was required from both the Solicitors Regulation Authority and Financial Conduct Authority.
Kindertons is one of the largest, independent specialist credit hire providers in the UK, managing the full claims-handling process on behalf of insurers, insurance brokers, motor dealers, garages and bodyshops, as well as providing replacement vehicles and managing the recovery, repair and storage of damaged vehicles.
Mr Fowler said the client base of Examworks UK was “remarkably similar” to Kindertons, which was owned by private equity house Sovereign Capital.
Along with Premex and Premex+, Examworks UK owns 3d Rehabilitation, UK Independent Medical and Examworks Investigation Services among others.
Mr Fowler went on: “Independently, both ExamWorks and Kindertons have worked hard to provide industry leading services to the insurance and legal sectors.
“There is clear synergy and shared vision between our two businesses and the transaction will allow us to diversify our service offering to both existing and new clients.
“The two companies have evolved and grown over the past 20 years with amazing parallels, and combining the two groups creates a truly unique and market-leading business with huge opportunities for both our group and our customers.”
Internationally ExamWorks is the leading provider of independent medical examinations and related services in the USA, Canada, the UK and Australia, with global revenues of $1.2bn and 4,800 employees.