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“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.
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