RoundTable Healthcare Partners Acquires Excelsior Medical Corporation
Acquisition Provides RoundTable a Platform Investment in Pre-Filled Flush Syringes and Syringe Pump Systems
LAKE FOREST, IL, June 28, 2004 — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has acquired a majority interest in Excelsior Medical Corporation (“Excelsior”). Excelsior, based in Neptune, New Jersey, is a leading manufacturer of pre-filled flush syringes and syringe pump systems. Syringe pump systems include syringe infusion pumps, dispensing pumps, tubing, thermal label printers, labels, and accessories. The Excelsior management team will retain a substantial ownership stake in the company and will continue to lead the organization. Financial terms of the transaction were not disclosed.
“ We are extremely excited about partnering with Excelsior,” said Jack L. McGinley, a Founding Partner of RoundTable and new Chairman of Excelsior. “Excelsior has developed a leading market position, has an impressive array of products and a strong pipeline, and is undergoing tremendous growth. We believe that RoundTable will be able to help accelerate this growth through our relationships with key players in the healthcare industry. We have been impressed with Excelsior’s management team and employees; they have a fantastic track record of innovation and customer service. We look forward to working with them.”
“ RoundTable is an ideal partner for Excelsior,” said David Lumia, founder and Chief Executive Officer of Excelsior. “RoundTable’s extensive background in the pharmaceuticals and medical device industry will be invaluable to Excelsior as we continue to execute our growth strategy. We will benefit significantly from their guidance and operational and industry expertise.”
As part of the transaction, and to finance further growth opportunities for Excelsior, RoundTable facilitated the successful completion of new senior credit facilities and a private placement of subordinated notes. The senior credit facilities were led by GE Healthcare Financial Services, and included National City Bank and LaSalle Bank. Excelsior’s subordinated notes were issued to Massachusetts Mutual Life Insurance Company and National City Equity Partners.
RoundTable’s investment strategy targets companies in the healthcare industry that fall within the expertise and experience of the firm’s operating and transaction principals. Excelsior marks RoundTable’s sixth platform investment since the firm’s formation in 2001, and follows the recent announcement of the definitive agreement to sell Sabex Holdings Ltd. to Sandoz, the global generics business of Novartis AG, for $565 million. Sabex is a leading Canadian manufacturer and distributor of generic injectable pharmaceuticals and was RoundTable’s second investment. Other companies in the RoundTable portfolio include:
- Argon Medical Devices, Inc., a leading manufacturer and supplier of vascular products,
- MedAssist, Inc., a leading outsourced provider of patient eligibility, accounts receivable management and collections services to acute care hospitals throughout the United States,
- American Medical Instruments, Inc., a manufacturer and supplier of specialty medical devices,
- Vanguard Medical Concepts, Inc., the nation’s leading medical device reprocessor.
“We are very pleased to have completed another investment commensurate with our core strategy,” said Lester B. Knight, a Founding Partner of RoundTable. “Excelsior is an excellent example of RoundTable successfully employing our experience and knowledge to identify and invest in one of our targeted healthcare market niches. We will now work to leverage our strong operational, transactional, and industry expertise, in partnership with Excelsior’s management, to maximize the company’s growth and profitability.”
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 and its investments can be found at www.roundtablehp.com.