YOKNEAM, Israel, Dec. 5 /PRNewswire/ -- Lumenis(R) Ltd., a global leader in the development, manufacture and sale of laser, light and radiofrequency- based devices for medical, aesthetic, ophthalmic, dental and veterinary applications, announced that it has completed the previously announced Purchase Agreement with LM Partners L.P. and Ofer Hi-Tech Group for an investment of $120 million in exchange for newly issued common shares and the previously announced Bank Debt Restructuring Agreement with Bank Hapoalim B.M. to restructure the Company's approximately $214 million of outstanding debt. LM Partners L.P., led by Mr. Harel Beit-On, and Ofer Hi-Tech, led by Mr. Ehud Angel, are leading private equity firms based in Israel with several successful private equity investments in global companies
Mr. Harel Beit-On was elected Lumenis' Chairman of the Board of Directors. Additionally, Mr. Yoav Doppelt, Ms. Talia Livni, and Mr. Yitzhak Peterburg were elected Directors of the Company. The previous Board resigned effective with the closing. Mr. Avner Raz, President and CEO, resigned effective immediately. The Company intends to announce a new CEO in the near future.
Mr. Beit-On commented, 'We are very excited about the opportunity to invest in a company with Lumenis' position in the industry. This new infusion of capital will allow us to aggressively build on Lumenis' already strong portfolio of products and unsurpassed patent position to bring new innovative products to the market. We believe that the investment will result in significantly improved value for all shareholders. On behalf of both the previous Board and the new investors, I would like to express our appreciation for Avner's efforts in leading Lumenis through a difficult period."
The Company also announced that Zivi R. Nedivi was appointed Chief Operating Officer, effective immediately. Mr Nedivi was founder, President and Chief Executive Officer of Kellstrom Industries, a leading provider of aftermarket services for the commercial and defense aerospace industries. During his tenure, Kellstrom's revenues grew from $15 million to $320 million with significant profitability.
About Lumenis
Lumenis is a global developer, manufacturer and seller of laser, light- and radiofrequency-based devices for medical, aesthetic, ophthalmic, dental and veterinary applications. The Company offers a wide range of products along with extensive product support systems including training, education and service. Lumenis invests heavily in research and development to maintain and enhance its leading industry position. The Company holds numerous patents worldwide on its technologies. For more information about Lumenis and its products, log onto www.lumenis.com.
About the Investors
LM Partners L.P. is a limited partnership formed in connection with the private placement by the general partner, a newly formed partnership affiliated with a Private Equity Group led by Mr. Aharon Dovrat, his son Shlomo Dovrat, Harel Beit-On and Avi Zeevi Beit-On. The group, formed in 1999, is an exclusive private investment group operating from Israel. The group is focused on the initiation and management of specialized private equity and venture capital funds investing mainly in Israeli or Israeli- related companies. The group members have years of experience in the initiation, growth, operations, management and exits of medium-to large-scale international businesses in a variety of industries. The group currently oversees the management of approximately $900 million in private equity investments, including several private equity funds, each with its own specialized investment focus. The group's investors include a range of renowned "blue chip" institutional and corporate investors from all over the world.
Ofer Hi-Tech Group. The Ofer Hi-Tech group (controlled by Ofer (Ships Holding) Ltd.) was established in 1997 as a subsidiary of the Ofer Brothers Group, one of Israel's leading industrial and commercial conglomerates with a strong international presence. The team was assembled to support private equity investments in the pioneering and rapidly expanding healthcare and information technology industries. Ofer Hi-Tech, managed by Yoav Doppelt, is recognized within the Israeli community as the country's leading partner for healthcare companies. As a result of its intense activities in the field, the Ofer Hi Tech's management team has acquired a wealth of experience dealing with the unique challenges and hurdles faced by life science companies such as milestone driven research and development plans, sales and distribution in the field, partnering with large corporate entities, regulatory and reimbursement strategies and recruitment of specialized personnel.
For further information: Investors: Lauri Hanover Chief Financial Officer 1-866-232-6803 972 -4-959-9122 Media: Michelle Maydan Director of Corporate Communications 1-866-569-0597 +972-4-959-9004
Lumenis Ltd.CONTACT: Investor, Lauri Hanover, Chief Financial Officer,+1-866-232-6803, +972-4-959-9122, or Media, Michelle Maydan, Director ofCorporate Communications, +1-866-569-0597, +972-4-959-9004, both forLumenis Ltd.
Web site: http://www.lumenis.com/
