Who Owns One Call Company?

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Who Really Calls the Shots at One Call Company?

Understanding a company's ownership is crucial for grasping its strategic direction and future prospects. One Call, a major player in specialized solutions for workers' compensation and insurance providers, has a fascinating ownership history that has significantly shaped its trajectory. This deep dive explores the evolution of One Call's ownership, from its inception to its current status, providing essential context for investors and industry watchers alike.

One Call, originally known as One Call Medical, was founded in 1993 with a vision to streamline healthcare for injured workers. Its acquisition by Apax Partners in 2013, following the merger of One Call Medical and MSC Care Management, marked a pivotal shift. Today, as a leader in the workers' compensation ancillary services sector, coordinating care for approximately one million workers annually, understanding its ownership structure is key. For a detailed look at the company's strengths and weaknesses, consider exploring the One Call SWOT Analysis.

The origins of the One Call Company trace back to 1993 with the founding of One Call Medical. This entity played a key role in the formation of what is known today as One Call Care Management. Liz Griggs is recognized as one of the founders, setting the stage for the company's initial focus on the workers' compensation industry.

Early on, One Call Medical concentrated on providing diagnostic imaging scheduling and radiology network management services. This strategic direction helped establish a foundation for the company's future growth and expansion within the healthcare sector. The company's evolution reflects its commitment to adapting and meeting the changing needs of its target market.

In its early stages, One Call secured angel funding and a small Series A investment from EGS Securities Inc. In December 1998, One Call underwent a recapitalization. This included funding from Brown Brothers Harriman and company management, who rolled up their existing shares. This financial restructuring was a key step in the company's development.

Key Ownership and Leadership Changes

In 2003, TA Associates led a $$115 million buyout of One Call Medical Inc. TA Associates provided cash for the equity tranche and the subordinated debt portion. Senior debt came from Madison Capital and Healthcare Business Credit Corp.

• Kent Spafford served as President and Chief Executive during this period.
• The management team, including Don Duford (President and Chief Operating Officer) and Warren Green (Chief Financial Officer), continued to lead the company under TA Associates' ownership.
• Their vision was to aggressively pursue growth, including through acquisitions, in the fragmented medical diagnostics outsourcing sector.

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The ownership of the One Call Company has seen significant shifts, mainly due to private equity involvement. In December 2009, Odyssey Investment Partners took over One Call Medical from TA Associates. Later, in August 2012, Odyssey merged One Call Medical with MSC Care Management, forming One Call Care Management. This merger was a crucial step in building the company as it is known today.

A key change happened in the fourth quarter of 2013 when Odyssey Investment Partners sold One Call Care Management to funds managed by Apax Partners for roughly $2.2 billion. Apax Partners also acquired Align Networks, with plans to merge them with One Call. In October 2019, One Call completed a recapitalization, boosting its financial position with a $375 million investment led by KKR and GSO Capital Partners, the credit-focused investment arm of Blackstone, who became shareholders. This reduced One Call's debt by nearly $1 billion and decreased annual interest expenses by about $90 million, enhancing its financial flexibility. As of December 2020, KKR, Blackstone Credit, and Chatham Asset Management owned One Call Corporation. These changes reflect the ongoing influence of private equity on One Call's strategy, aiming to improve its financial performance and market standing. To learn more about how One Call operates, check out this article on the Growth Strategy of One Call.

The evolution of One Call's ownership demonstrates how private equity firms have shaped its strategic direction. These firms often aim to optimize financial performance and market position through acquisitions, mergers, and recapitalizations. This dynamic landscape underscores the importance of understanding the key stakeholders and their roles in driving the company's growth and operational strategies, particularly in the context of the 811 process and underground utility locating services. The continuous financial restructuring and strategic partnerships highlight the company's focus on damage prevention and enhancing its service offerings.

Key Takeaways on One Call's Ownership

One Call's ownership has been heavily influenced by private equity firms like Odyssey Investment Partners, Apax Partners, KKR, and Blackstone.

• The company has undergone significant financial restructuring, including mergers and recapitalizations.
• These changes have aimed to improve financial performance and market position.
• The 811 process and underground utility locating services are central to One Call's operations.
• Understanding the ownership structure is crucial for grasping the company's strategic direction.

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As of June 2025, the leadership structure of One Call Company includes Nicholas Mendez as Chief Executive Officer, who also serves on the Board of Directors. Other key executives include Terri Lewis (Chief People Officer), Steven Davis (Chief Legal Officer), Steve Schultz (Chief Growth Officer), Michele Haas (Chief Financial Officer), and Matt Jenkins (Chief Operating Officer). The ownership structure, primarily held by private equity firms, suggests that the board's composition and strategic direction are heavily influenced by these major stakeholders, ensuring their investment interests are prioritized.

Given the ownership by firms such as KKR, Blackstone Credit, and Chatham Asset Management, it's highly probable that these entities have significant control over the board's composition and strategic decisions. While specific details about individual shareholdings of board members or the exact voting structure are not publicly available, the influence of these major stakeholders is a key factor in understanding the company's governance.

The dominant ownership by large investment firms typically leads to board appointments that align with their strategic vision. This ensures the implementation of their investment strategies and the protection of their financial interests. Understanding the influence of these firms is crucial when assessing the company's direction and its approach to damage prevention and the 811 process.

Understanding One Call's Governance

The Board of Directors at One Call Company is significantly influenced by its private equity owners, including KKR, Blackstone Credit, and Chatham Asset Management. These firms likely shape the board's composition and strategic decisions to protect their investments. The company's leadership team, including Nicholas Mendez as CEO, works under the direction of the board, ensuring alignment with the owners' objectives.

• The current board structure reflects the influence of major stakeholders.
• The board's decisions are geared towards strategic goals set by the owners.
• The leadership team implements the board's strategic vision.
• The company's governance ensures effective damage prevention practices.

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Over the past few years, One Call Company has seen significant shifts in its ownership and operational strategies. A major move was the recapitalization completed in October 2019, backed by a $375 million investment led by KKR and GSO Capital Partners (Blackstone's credit arm). This restructuring significantly reduced One Call's debt, cutting it by nearly $1 billion and decreasing annual interest expenses by around $90 million. This improved its financial stability and liquidity.

As of December 2020, key investors included KKR, Blackstone Credit, and Chatham Asset Management. Recent leadership changes reflect ongoing strategic adjustments. For instance, Nicholas Mendez was appointed Chief Executive Officer in January 2025, effective February 2025. He followed Jay, who joined as President in 2021 and as a Board member in 2019.

The industry trend shows increasing institutional ownership in healthcare services, which often occurs as companies mature. This shift is common in the One Call Company, moving from founder and early investor stakes to control by private equity and credit firms. This is often done to boost financial performance, improve operational efficiency, and prepare for potential future transactions. The goal is to enhance customer service and solidify market position, supported by the financial resources of its institutional owners. To learn more about the target market, check out this article: Target Market of One Call.

Ownership Evolution

One Call has transitioned from initial founder investments to being controlled by private equity firms like KKR and Blackstone Credit. This shift is a common trend in the healthcare services sector.

Financial Restructuring

The 2019 recapitalization substantially reduced debt by nearly $1 billion and cut annual interest expenses by roughly $90 million. This significantly improved the company's financial footing.

Leadership Changes

Nicholas Mendez was appointed as CEO in January 2025, reflecting ongoing strategic adjustments. This signals a focus on adapting to market dynamics.

Industry Trends

The healthcare services sector often sees increased institutional ownership to optimize financial performance and prepare for potential exits. This is seen in the One Call Concepts company.

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