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RecoverCare and MedaSTAT USA to Merge, Creating Leading Provider of Wound Care and Bariatric Treatment Solutions for Acute and Post-Acute Care Markets
Date:7/13/2009

RADNOR, Pa. and LOUISVILLE, Ky., July 13 /PRNewswire-FirstCall/ -- RecoverCare, LLC, and MedaSTAT USA, LLC, both privately held companies, today announced the signing of definitive agreements under which the two companies will combine in a merger-of-equals transaction led by private equity firm Aurora Capital Group (Los Angeles, CA) in partnership with Mark Bidner, Chairman of Hollywood Capital, Inc. and Moelis Capital Partners. The terms of the transaction were not disclosed.

The combined company will be known as RecoverCare, LLC and led by Mark Bidner as Chief Executive Officer. The senior management teams of each company will remain with the combined company and will retain significant equity. Joining Mr. Bidner are Tom Smith as President and Kevin McKim Chief Operating Officer. The transaction is expected to close by July 31, 2009. MedaSTAT and RecoverCare will continue to operate separately until the completion of the transaction.

Mark Bidner, Chief Executive Officer of the new combined entity, stated, "It is our strong belief that the combination of RecoverCare and MedaSTAT creates an industry leading distributor in the wound-care industry that is well-positioned to provide better solutions and services focused on superior customer performance and improved clinical outcomes for patients. In addition, the combined company will have an expanded network infrastructure and technology to meet the needs of our customers in ways not possible in the past."

Kevin McKim, President of MedaSTAT, added, "MedaSTAT/RecoverCare is a compelling combination that brings together talented people and industry-leading technology. Both teams are equally passionate about providing solutions that enhance and exceed our customers' expectations. We look forward to growing our loyal customer bases by continuing to deliver the advanced technology and enhanced services that make our cus
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SOURCE Aurora Capital Group
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