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News Releases
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Health Benefit Manager ESI Canada Closes on CAPSS Acquisition
ESI Canada Gains Significant Market Share in Quebec
MISSISSAUGA, ON, and MONTREAL, March 2 /CNW/ - ESI Canada and five large
insurance companies jointly announced that ESI Canada has completed
the
acquisition of Centre d'autorisation et de paiement des services
de santé
(CAPSS) Inc. The transaction brings together the second and third
largest
Canadian health benefit management companies. The transaction is
valued at
approximately $25 million (CAD).
ESI
Canada, a subsidiary of Express Scripts, Inc. (NASD: ESRX), has
gained an additional 1.5 million lives and its first Quebec operation.
There
are plans to create new jobs by opening a call centre in Montreal
to service
CAPSS' Quebec customers, and ESI Canada has stated its intent to
continue the
superior service enjoyed by plan members, unions, associations and
employers
under CAPSS.
CAPSS,
based in Montreal, Quebec, was owned by six shareholders,
including five major insurance carriers: Desjardins-Laurentian Life
Assurance
Inc., La Survivance, SSQ Vie, La Capitale Assurances MFQ Inc., and
Industrielle-Alliance Insurance and Financial Services. Since 1998,
CAPSS has
been using ESI Canada services to process prescription drug claims
outside
Quebec.
"The
CAPSS shareholders are very pleased with the closing of this
transaction," noted Camille Fortier, executive senior vice
president of the
Desjardins Network in the Desjardins-Laurentian Life Assurance Company,
the
majority shareholder of CAPSS. "ESI Canada has already developed
a partnership
with Quebec insurers. The company has a great understanding of how
to respond
to our needs and the needs of plan members."
"Growing
by acquisition and expanding service offerings are key
components of ESI Canada's strategic plan," said Jean Joubert,
president of
ESI Canada and vice president for international operations, Express
Scripts.
"The CAPSS purchase will deliver strong customer value by expanding
the
company's pharmacy benefit management business."
Setting
the pace in the Canadian pharmacy benefit market with world class
technology and innovative products, ESI Canada has experienced major
growth in
membership and claims volume over the past five years. ESI Canada
acts as an
intermediary among insurance companies, third-party administrators,
pharmaceutical companies, pharmacies, physicians and patients, and
provides a
total health benefit management solution to its clients.
Express
Scripts, a Fortune 500 and Forbes Platinum 400 company, is one of
the largest independent pharmacy benefit managers in North America,
providing
pharmacy services and pharmacy benefit plan design consultation
for more than
10,000 clients and covering 43.5 million lives.
For further information:
Contacts:
Jean Joubert, ESI Canada,
(905) 712-6330,
jjoubert@express-scripts.com
Danny Faria, ESI Canada,
(905) 712-8615, ext. 2313,
dfaria@express-scripts.com
Jocelyne Douville, Desjardins-Laurentian Life Assurance Inc.,
(418) 838-7800, ext.7797,
jdouville@avdl.com
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