RoundTable Healthcare Partners and Marmon Medical Companies Partner in New Healthcare Company
American Medical Instruments Holdings, Inc. Comprised of Seven Marmon Healthcare Businesses
LAKE FOREST, IL, (and Chicago, IL,) April 30, 2003 — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, and Marmon Medical Companies LLC (“Marmon”) jointly announced today a partnership whereby RoundTable has become the majority shareholder of American Medical Instruments Holdings, Inc. (“AMI”). AMI is the parent company for Marmon’s seven independently operated healthcare businesses. The transaction marks the culmination of a joint strategic review by RoundTable and Marmon. Terms of the transaction were not disclosed.
The following companies are wholly-owned subsidiaries of AMI and will be organized into operating units focused on three distinct medical device markets – interventional diagnostics, ophthalmology, and wound closure:
- American Medical Instruments, Inc., based in Dartmouth, Massachusetts, is a manufacturer of custom needles, needle assemblies and components. www.amiinc.com
- B.G. Sulzle, Inc., based in Syracuse, New York, manufactures drilled-end surgical needles for the OEM market. www.bgsulzle.com
- Manan Medical Products, Inc., based in Wheeling, Illinois, is an OEM manufacturer of specialty medical needle products, biopsy needles and biopsy devices. www.manan.com
- Medical Device Technologies, Inc., based in Gainesville, Florida, produces and distributes breast localization needles, automated biopsy instruments and biopsy needles, catheters for drainage procedures and specialty needles and guidewires for catheter placement. www.mdtech.com
- PBN Medicals Denmark A/S, based in Stenlose, Denmark, manufactures and distributes a variety of single-use medical devices primarily used by physicians specializing in radiology, urology and gastroenterology. www.pbn-medicals.dk
- Pearsalls Limited, based in Taunton, United Kingdom, manufactures surgical suture material and neurological swabs and develops and manufactures textile implants to help repair torn muscles, arteries and spinal discs. www.pearsalls.co.uk
- Surgical Specialties Corporation, based in Reading, Pennsylvania, manufactures surgical needles, sutures, knives and other incision and wound closure products used in ophthalmology, orthopedics, plastic surgery and veterinary surgery. www.surgicalspecialties.com
“ Our new partnership with RoundTable presents very exciting opportunities for Marmon and the management and employees of these seven healthcare companies,” said Henry J. West, President of Marmon Medical Companies LLC, Senior Vice President of The Marmon Group, Inc. and a member of AMI’s Board of Directors. “We have spent several months developing a unified strategic plan for the future. RoundTable’s proven healthcare operational expertise will help AMI realize that strategic plan.”
“ We are very excited about this platform investment,” said Joseph F. Damico, Founding Partner of RoundTable, who will serve as Chairman of the Board of AMI. “Since first approaching Marmon, we have grown increasingly optimistic that AMI is well positioned in several growing and attractive markets. We are also pleased that Marmon will retain a significant minority stake in AMI, as we believe they will be a valuable strategic and financial partner.”
As part of the strategic review process, RoundTable and Marmon formed an Advisory Board that jointly retained an experienced healthcare industry executive to evaluate the merits of a partnership between RoundTable and Marmon. The executive, Michael J. Hudson, has more than twenty-five (25) years experience in a variety of operating roles at some of the nation’s leading healthcare companies, namely, Cardinal Health, Allegiance Healthcare, Baxter International and American Hospital Supply. Hudson, in conjunction with the joint Advisory Board, evaluated AMI’s operations and growth opportunities.
“ AMI has a unique opportunity to become a world-class medical device company and achieve the growth opportunities we have identified through the strategic coordination of its resources,” said Hudson, who has been appointed to serve as the Chief Executive Officer of AMI. “While these companies have historically operated independently, we intend to identify and communicate best demonstrated practices across a new consolidated organization with the intent of accelerating growth and driving operational efficiencies.”
As part of the transaction, AMI successfully completed new senior credit facilities and a private placement of subordinated notes. The senior credit facilities were led by GE Healthcare Financial Services, and included LaSalle Bank, National City Bank, Antares Capital and Wachovia Bank. AMI’s subordinated notes were issued to investors including Wachovia Capital Partners, National City Equity Partners and Antares Capital.
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified healthcare companies. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
Marmon Medical Companies LLC is a member of The Marmon Group, an international association of manufacturing and service companies with collective sales of about $6 billion. Marmon Group member companies operate about 500 facilities in more than 40 countries, and employ more than 30,000 people. More information about The Marmon Group can be found at www.marmon.com.