LOS ANGELES and RADNOR, Pa. and LOUISVILLE, Ky., Aug. 4 /PRNewswire/ -- Aurora Capital Group ("Aurora"), a Los Angeles-based private equity firm managing more than $2.0 billion in assets, today announced that it has completed the purchase and merger-of-equals transactions to combine RecoverCare, LLC, and MedaSTAT USA, LLC, both privately held companies. The terms of the transaction were not disclosed.
The combined company, to be called RecoverCare, LLC, is a leading distributor of wound care and bariatric equipment and solutions to the acute and long term healthcare markets. RecoverCare offers a national service infrastructure, with 158 service centers and over 750 employees and a fixed asset inventory approaching 100,000 units. RecoverCare also has durable, quality customer relationships with leading acute and long term healthcare facility chains, innovative technology solutions, sophisticated asset management practices and growth capital to expand organically and through acquisitions within the rapidly growing healthcare markets of wound care and bariatrics.
"With strong and supportive capital partners, I am excited to have completed this compelling and industry transforming transaction," said Mark Bidner, Chief Executive Officer of RecoverCare. "By combining RecoverCare and MedaSTAT -- two outstanding organizations -- we have created an industry leader to better service the needs of our customers who are under increasing pressure to achieve new levels of efficiency, improve clinical outcomes and continually require new and enhanced products, services and solutions."
Mr. Bidner continued, "By bringing together two talented teams and consolidated capabilities, RecoverCare will be better able to more quickly and cost effectively meet these needs, while creating value for our customers, employees and business partners. These benefits are a direct consequence of RecoverCare's newly acquired consolidation benefits including but not limited to, significantly expanded national coverage, an enhanced network infrastructure, innovative technologies and an expanded set of products and skills with increased resource capabilities that will enhance our service levels and simplify the lives of our customers in ways not possible in the past."
"Both RecoverCare and MedaSTAT share a long-standing history of establishing their businesses upon the primary foundation of relentless focus on servicing their respective customers," added Mr. Bidner. "This will not change, as customers remain RecoverCare's number one priority, and we are committed to providing outstanding customer service and support."
Mark Bidner will serve as RecoverCare's Chief Executive Officer and the senior management teams of RecoverCare and MedaSTAT have agreed to remain with the combined company. Tom Smith, former President of RecoverCare, will serve as President of the combined company. Kevin McKim, former President of MedaSTAT, will serve as the company's Chief Operating Officer and Robert Owen will serve as the company's Chief Financial Officer.
In addition to Aurora, Moelis Capital Partners, the private equity business of Moelis & Company, Mark Bidner and management are significant co-investors in the combined enterprise.
RecoverCare distributes wound care, bariatric and safe patient-handling equipment and solutions to healthcare facilities nationwide via 158-plus service centers. The company, which is privately owned, serves acute care hospitals, long term acute care hospitals, skilled nursing facilities, rehabilitation facilities, hospice centers and home care patients. RecoverCare's primary product lines include therapeutic mattresses for wound care, bariatric equipment for care of obese patients, specialty beds and patient transfer equipment for safe patient handling and negative pressure wound therapy equipment. In addition to the use of state of the art technology to ensure just-in-time equipment delivery programs, RecoverCare also provides added value to its customers by supplying extensive clinical support, continuing education programs, real time web based equipment management, tracking and billing solutions, compliance documentation support and equipment procurement flexibility to deliver cost efficient, clinically effective patient outcomes. The company also manufactures bariatric and "high-low" bed frames, safe enclosure bed systems and various other safe patient handling and bariatric equipment under its wholly owned Camtec division. RecoverCare's consistent focus upon customer service and commitment to patient care has led to extraordinary and rapid growth throughout the United States. RecoverCare's conscientious focus on building and maintaining long term relationships with its customers has and will continue to drive the company's mission to provide exceptional service and affordable products to its customers that are second to none. For more information, log on to www.recovercare.com.
Media Contacts: Matthew Sherman / Sharon Stern Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
|SOURCE Aurora Capital Group|
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