Management and Vestar Capital Partners Purchase Interest from American
Securities Capital Partners
SOUTH BEND, Ind. and NEW YORK, Jan. 30 /PRNewswire/ -- Press Ganey Associates, Inc., the leading provider of health care performance improvement solutions, announced today that Vestar Capital Partners (Vestar) has agreed to purchase a majority interest in the Company from long-time investor American Securities Capital Partners, LLC (ASCP). The Press Ganey management team, who invested alongside American Securities, will remain in place and will continue to be substantial investors in the business.
Press Ganey provides quality improvement solutions to more than 40 percent of all U.S. hospitals and more than 7,000 health care facilities nationwide. The Company helps hospitals, medical practices, home care agencies, and other health care providers enhance organizational outcomes including patient perceptions, patient safety, employee engagement, physician relations, clinical outcomes, and financial results.
Melvin F. Hall, Ph. D., President & CEO of Press Ganey, said, "The fundamental challenge of America's health care system is to provide the highest quality of care with the best possible patient outcomes at the lowest cost. Press Ganey helps accomplish these goals by providing health care providers with comprehensive services to measure, benchmark, and improve upon the delivery of health care. Vestar is firmly committed to the company's mission and culture, and their investment is a validation of our efforts to improve the quality of health care and recognizes the strong growth and loyalty we have built with our clients."
"Press Ganey sits squarely at the intersection of two of the most important trends in health care for the next decade: consumerism and health care quality. We are pleased to partner with an organization and management team who are shaping tomorrow's health care landscape," said Roger C. Holstein, Vestar Managing Director. "Our long-term investment will provide Press Ganey with substantial capital resources to enhance their award-winning IT capabilities, deploy innovative solutions, extend its best-in-class customer service, and ultimately meet the changing and growing needs of health care."
Commenting on their work with Press Ganey, Glenn Kaufman, Managing Director of American Securities said, "Over the last five years we have worked in true partnership with a world-class team, introducing into health care the science of predictive analysis to drive improvement in quality and the overall delivery of care. We are delighted that our efforts, resources and investment to support Press Ganey's expansion of capabilities have positioned it at the epicenter of both the consumerism and transparency movements in health care. It has been tremendous to impact health care in such a powerful way while also supporting the growth of what we believe is now one of the best-positioned businesses in the industry. To have accomplished all that while building the quality long-term relationships and friendships we deeply value meets every one of our investment goals."
"We are proud of our achievements and appreciate the support of American Securities over the past several years," added Dr. Hall. "They have been outstanding partners who have helped us transition from an independent, entrepreneurial business to a company with best-in-class infrastructure, technology, and operations while maintaining our entrepreneurial edge."
Press Ganey joins Vestar's growing portfolio of health care services companies. The portfolio of 7 companies includes the pending Radiation Therapy Services acquisition as well as National Mentor Holdings, DynaVox Systems, Essent Health care, Joerns Health care, Sunrise Medical, and MediMedia USA.
"Vestar's investment in Press Ganey reflects the national priority of better quality health care in America, and with this important investment Vestar intends to remain at the center of opportunities in this critical area," Holstein concluded.
The transaction, which is subject to customary closing conditions, is expected to close during the first quarter of 2008. Terms were not disclosed.
Press Ganey Associates, Inc.
For more than twenty years, Press Ganey has been committed to providing
insight that allows health care organizations to improve the quality of
care they provide. The company offers the largest comparative customer
feedback databases, actionable data, solution resources, and unparalleled
customer service. Press Ganey currently partners with more than 7,000
health care facilities -- including over 40% of U.S. hospitals -- to
measure and improve the quality of their care. http://www.pressganey.com
Vestar Capital Partners
Vestar Capital Partners is a leading international private equity firm.
The firm's investment strategy is targeted towards companies in the U.S.,
Europe and Asia with valuations in the $100 million to $5 billion range.
Since the firm's founding in 1988, the Vestar funds have completed over 60
investments in companies with a total value of over $20 billion. These
companies have varied in size and geography and span a broad range of
industries. The firm's strategy is to invest behind incumbent management
teams, family owners, or corporations in a creative, flexible and
entrepreneurial way with the overriding goal to build long-term franchise
value. Vestar currently manages funds with committed capital totaling
approximately $7 billion and has offices or affiliates operating in New
York, Denver, Boston, Tokyo, Paris, Milan, and Munich.
American Securities Capital Partners, LLC
American Securities Capital Partners (ASCP) is a New York based private equity firm that invests in market-leading companies in North America with annual revenues generally ranging between $100 million and $500 million. Investments are funded from $4 billion of committed capital that American Securities manages on a discretionary basis for its investors. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of his family's Sears, Roebuck & Co. fortune and today continues to invest largely on behalf of wealthy families and individuals. American Securities has offices in New York and Shanghai. http://www.american-securities.com.
|SOURCE Press Ganey Associates, Inc.|
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