RoundTable Healthcare Partners Announces Sale of American Medical Instruments Holdings, Inc. to Angiotech Pharmaceuticals, Inc.
01 Februar 2006 - 3:37PM
PR Newswire (US)
LAKE FOREST, Ill., Feb. 1 /PRNewswire/ -- RoundTable Healthcare
Partners, an operating-oriented private equity firm focused
exclusively on the healthcare industry, announced today that it has
entered into a definitive agreement to sell one of its portfolio
companies, American Medical Instruments Holdings, Inc. ("AMIH"), to
Angiotech Pharmaceuticals, Inc. ("Angiotech") for $785 million in
cash. Vancouver-based Angiotech (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP)
is a specialty pharmaceutical company pioneering the combination of
pharmaceutical compounds with medical devices and biomaterials to
create innovative treatments for diseases or to dramatically
improve surgical outcomes. Today, AMIH is a leading specialty
medical device manufacturer focused on three distinct medical
device markets: interventional diagnostics, ophthalmology, and
wound closure. It is comprised of seven businesses previously owned
and independently operated by The Marmon Group, a privately owned
international association of more than one hundred companies.
RoundTable acquired a majority interest in these seven businesses
in April 2003. The Marmon Group retained a minority interest. After
a joint strategic review, RoundTable and The Marmon Group
transformed the seven businesses into the new AMIH. Joseph F.
Damico, a Founding Partner of RoundTable and the Chairman of the
Board of AMIH said, "AMIH is another excellent example of
RoundTable's model at work. While partnering with The Marmon Group,
RoundTable focused on adding value to these businesses through the
combination of our operational orientation, healthcare
relationships, transaction expertise, and access to senior
executive management talent. In the last three years, the AMIH
team, led by CEO, Michael Hudson and CFO, Richard Adloff, has
driven compounded annual sales and earnings growth of 10% and 20%,
respectively. The result has been the creation of a leading
manufacturer of specialty, single-use medical devices that delivers
consistent revenue and quality earnings growth." Henry J. West,
Senior Vice-President of Marmon Medical Companies LLC commented,
"We kept a minority equity position in AMIH because we believed
that RoundTable would be an exceptional partner. They were
instrumental in accelerating AMIH's profitable growth and cash
generation. Additionally, their transactional expertise was key to
consummating a deal that is good for investors, AMIH employees, and
ultimately the customer." The sale of AMIH marks the second major
portfolio realization for RoundTable's $400 million Fund I which
closed in March 2002. Sabex Holdings Ltd., RoundTable's second
platform investment, was sold in August 2004 to Sandoz for $565
million. Sabex is a leading Canadian manufacturer and distributor
of generic injectable pharmaceuticals. Sandoz is the global
generics business of Novartis AG. Additional realizations for Fund
I investors have come from three portfolio company
recapitalizations, including AMIH in December 2004, Excelsior
Medical Corporation in July 2005, and MedAssist, Inc. in September
2005. "The sale of AMIH captures tremendous value for all
stakeholders," said Lester B. Knight, Managing Partner of
RoundTable. "Angiotech is an excellent strategic fit with AMIH
providing new opportunities for its employees and its businesses.
The transaction represents a return in excess of seven times
RoundTable's invested equity capital." About RoundTable Healthcare
Partners RoundTable Healthcare Partners, Lake Forest, IL, is an
operating-oriented private equity firm focused exclusively on the
healthcare industry. RoundTable partners with companies that can
benefit from its extensive industry relationships and proven
operating and transaction expertise. RoundTable currently manages
two equity funds totaling $900 million in capital. More information
about RoundTable Healthcare Partners can be found at
http://www.roundtablehp.com/ . About American Medical Instruments
Holdings, Inc. American Medical Instruments Holdings, Inc. (AMIH)
is a specialty medical device manufacturer focused on three medical
device markets: interventional diagnostics, ophthalmology, and
wound closure. AMIH operates in eleven locations and employs over
1300 people. Seven of the manufacturing companies that comprise
AMIH were formerly owned and independently operated by The Marmon
Group. About The Marmon Group The Marmon Group is an international
association of more than 100 companies that operate independently
within diverse business sectors. With collective revenues in excess
of $5 billion, Marmon Group member companies operate more than 300
production facilities in 40 countries and employ about 28,000
people. More information about The Marmon Group can be found at
http://www.marmon.com/ . About Angiotech Pharmaceuticals, Inc.
Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPINASDAQ:TSX:NASDAQ:ANP),
is a specialty pharmaceutical company pioneering the combination of
pharmaceutical compounds with medical devices and biomaterials to
both create novel solutions for poorly addressed disease states and
improve surgical outcomes. More about Angiotech Pharmaceuticals,
Inc. can be found at http://www.angiotech.com/ . First Call
Analyst: FCMN Contact: DATASOURCE: RoundTable Healthcare Partners
CONTACT: Betty Rasbid of RoundTable Healthcare Partners,
+1-847-739-3200 Web site: http://www.roundtablehp.com/
http://www.marmon.com/ http://www.angiotech.com/
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