A private equity fund managed by Stone Point Capital L.L.C. has acquired GENEX Services Inc.
Unum Group, Chattanooga, Tenn., which recently changed its name from UnumProvident Corp., is not saying how much the private equity fund, Trident IV L.P., paid for GENEX, Wayne, Pa., but it says it plans to continue to have a close relationship with GENEX.
GENEX helps employers control the cost of workers' compensation and health insurance programs.
Provident Companies, a UnumProvident predecessor company, acquired GENEX in 1997. GENEX has 120 offices in the United States, Puerto Rico and Canada.
GENEX has been employing 1,600 of Unum's 11,100 full-time employees, and it earned $7.4 million in income in 2006 on $183 million in revenue, according to an annual report Unum filed with the U.S. Securities and Exchange Commission.
Stone Point has offices in Greenwich, Conn.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
