LOS ANGELES, Sept. 21 /PRNewswire/ -- Aurora Capital Group ("Aurora"), a Los Angeles-based private equity firm with over $2.0 billion of assets under management, today announced that it has signed a definitive agreement with HLTH Corporation (Nasdaq: HLTH) to acquire its wholly owned subsidiary, Porex Corporation ("Porex" or the "Company"). The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the fourth quarter of this year.
Founded in 1961 and based in Fairburn, GA, Porex is the leading global developer, manufacturer and distributor of porous plastic products. The Company primarily serves the healthcare and surgical end markets, and also supports high-performance applications in the consumer and industrial sectors. Porex products serve filtration, venting, wicking, and diffusing functions in applications such as blood filters, catheter vents, fuel filters, writing instrument tips and consumable diagnostic tests. In addition, through its MEDPOR brand, Porex's surgical products are the first FDA-cleared porous plastic implants for use in craniofacial and orbital reconstructive surgery. Porex, which pioneered porous plastic technology over 40 years ago, is today widely recognized for its materials science expertise and proprietary designs which serve over 1,250 customers across more than 75 countries via operations in North America, Europe and Asia.
Gerald L. Parsky, Chairman of Aurora Capital Group, said, "We are delighted to partner with Porex, the leader in porous plastics. Aurora prides itself on its targeted approach to investing and Porex, with its strong market position, attractive growth opportunities and sustainable profitability, is an excellent fit with our acquisition criteria. I am confident that together we will be able to further strengthen Porex's leading market position and generate continued success for our customers, employees and investors."
John Mapes, Managing Partner of Aurora Capital Group, said, "Porex's unique, proprietary materials expertise supports remarkable product solutions for its customers. We are impressed by the accomplishments of Porex's team and the performance of the company, particularly its resilience during the recent downturn, and look forward to working with management to help the Company continue its commitment to innovation in partnership with its global customer base."
William Midgette, President and Chief Executive Officer of Porex, said, "We are excited to be partnering with Aurora Capital. Aurora's expertise in investing in and guiding market-leading companies, like Porex, will enable us to take our company to the next level of growth and innovation. I am also proud of our 600 plus employees and their dedication to our customers and the Porex mission. I am confident they share my enthusiasm for the significant opportunities that lie ahead for our customers, our company and this partnership."
ABOUT AURORA CAPITAL GROUP
Aurora is a Los Angeles-based private equity firm managing over $2.0 billion that utilizes two distinct investment strategies. Aurora Equity focuses principally on control-investments in middle-market industrial, manufacturing and selected service oriented businesses, each with a leading position in sustainable niches, a strong cash flow profile, and actionable opportunities for both operational and strategic enhancement. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations that are created by operational or financial challenges either within a company or a broader industry. For more information about Aurora Capital Group, visit www.auroracap.com or www.aurorares.com.
HLTH Corporation (Nasdaq: HLTH) owns approximately 83% of WebMD Health Corp. (Nasdaq: WBMD). WebMD is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers and health plans through its public and private online portals and health-focused publications. HLTH also owns Porex, a developer, manufacturer and distributor of porous plastic products and components used in healthcare, industrial and consumer applications.
For Aurora Capital Group:
Matthew Sherman / Jaime Wert Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
|SOURCE Aurora Capital Group|
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