LAKE FOREST, Ill., March 23 /PRNewswire-FirstCall/ -- RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that it has completed the sale of American Medical Instruments Holdings, Inc. (“AMIH”), to Angiotech Pharmaceuticals, Inc. (“Angiotech”) for $785 million in cash. Vancouver-based Angiotech 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.
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 April 2003. The Marmon Group retained a minority interest.
Lester B. Knight, Founding and Managing Partner of RoundTable, said, “Our investment and subsequent sale of AMIH exemplifies RoundTable’s strategy of adding value to our portfolio companies through our healthcare relationships, operational orientation, transaction expertise, and access to senior management talent. The AMIH operating team, led by Joe Damico, Founding Partner and Chairman of the Board of AMIH, Michael Hudson, CEO and Richard Adloff, CFO, did an outstanding job driving significant sales and earnings growth, enhancing AMIH’s position in the specialty medical device market. Our transaction team, led by Todd Warnock, Founding and Transaction Partner, and Craig Collister, Principal, was instrumental in creating significant value and bringing this opportunity for AMIH and RoundTable to a successful completion.”
Mr. Knight added, “Angiotech has been an outstanding partner to work with on this transaction. They are an excellent strategic fit with AMIH providing new opportunities for its employees and its businesses. Together with Angiotech, AMIH is very well positioned to be successful in the future.”
“With the sale of AMIH,” Mr. Knight commented, “RoundTable has succeeded in creating tremendous value for our investors. 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’s investment strategy targets companies in the healthcare industry that fall within the expertise and experience of the firm’s operating principals. RoundTable partners with companies that can benefit from its extensive industry relationships, and proven operating and transaction expertise. RoundTable currently manages $900 million of equity capital, and has seven other platform portfolio companies. More information about RoundTable Healthcare Partners and its investments can be found at http://www.roundtablehp.com .
About American Medical Instruments
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. The seven manufacturing companies which comprise AMIH were formerly owned and independently operated by The Marmon Group.
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
Angiotech Pharmaceuticals, Inc. , is a specialty pharmaceutical company that discovers and develops innovative treatment solutions for diseases or complications associated with medical device implants, surgical interventions and acute injury or trauma. More about Angiotech Pharmaceuticals, Inc. can be found at http://www.angiotech.com .
RoundTable Healthcare Partners
CONTACT: Betty Rasbid of RoundTable Healthcare Partners, +1-847-739-3200
