US investor backs APM

Perth-based human services firm APM Group has attracted a new majority shareholder after three years of strong growth that has seen it nearly triple staff numbers to 6,500 across 10 countries.

US investment group Madison Dearborn Partners has struck a deal to acquire a 55 per cent shareholding in APM, replacing Sydney-based Quadrant Private Equity.

As part of the transaction, APM’s management team, led by chief executive Michael Anghie, will increase its stake in the business.

Founder Megan Wynne, who retains a large shareholding, will continue to lead the business along with Mr Anghie and existing management.

Mr Anghie said Quadrant has been a supportive partner over the past three years, when APM has achieved significant organic growth and completed at least three acquisitions, most recently of ASX-listed Konekt.

“We have expanded from 2,500 team members across three countries to 6,500 team members across 10 countries,” Mr Anghie said.

“We have opened 130 new offices and doubled our workforce within Australia to more than 2,000 team members and entered new markets such as Ontario, Canada.”

Mr Anghie said APM is now assisting more than 550,000 people across its diverse operations, which deliver a wide range of services, including assessment, vocational rehabilitation, allied health and psychological intervention.

Ms Wynne said MDP was the ideal partner for future growth.

“MDP has a long track record of success across their portfolio and extensive industry experience in the human services and health sectors,” she said.

“With their support, we will be able to further extend our reach to the benefit of our employees, partners and clients across the globe.”

MDP managing director and head of its health care team Tim Sullivan said APM has a strong and enviable position as a leader in providing services to help solve complex employment challenges.

“We are delighted to partner with the APM team and we will seek to leverage our industry expertise and experience working with companies at similar stages of growth to help APM bring its leading services to more clients and employers worldwide,” he said in a statement.

Terms of the investment were not disclosed.