04/07/2026
Citizens Advises WorkCare on its Acquisition by APM, a Portfolio Company of Madison Dearborn Partners
PROVIDENCE, RI – Citizens Capital Markets & Advisory announced today that it served as exclusive financial advisor to WorkCare on its acquisition by Advanced Personnel Management, a portfolio company of Madison Dearborn Partners.
WorkCare is a founder-owned, AI-enabled services company delivering modular, end-to-end occupational health, wellness and absence management solutions to protect and promote employee health.
"Chris and his team possess subject matter expertise that added value with respect to the competitive positioning of my life's work," said Peter P. Greaney, M.D., founder, executive chairman and chief medical officer of WorkCare. "Additionally, their ability to see around corners and anticipate what was next in this transaction was invaluable in assessing our overall strategy."
The combination with APM positions WorkCare to expand the breadth and depth of its offerings, while accelerating its growth through access to APM's global platform and resources.
"We partnered closely with Dr. Greaney and his team to drive this transaction to a successful outcome," said Chris Grunewald, director at Citizens. "WorkCare's combination with APM creates a compelling combined company and cements Dr. Greaney's legacy as an industry innovator."
Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
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