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 customers competitive."
Tom Smith, President of RecoverCare, stated, "This combination will improve our customers' ability to deliver enhanced service as well as positive patient experiences and clinical outcomes. As we realize our potential during this exciting period of change, one thing will always remain constant: customers are our number one priority. Clients can expect the same high level of quality and service that they are accustomed to receiving from both companies, and we are steadfastly committed to providing uninterrupted service and support.
About RecoverCare, LLC.
RecoverCare delivers wound care, bariatric care and safe patient-handling solutions to healthcare facilities nationwide via 100-plus service centers. The company serves acute care and long-term acute care hospitals, skilled nursing facilities, rehabilitation hospitals, hospice, and home care patients. RecoverCare's product lines include therapeutic mattresses for wound care, bariatric equipment for care of obese patients and specialty beds and patient transfer equipment for safe patient handling. In addition to providing just-in-time equipment rental programs, RecoverCare supplies clinical expertise and procurement flexibility to deliver cost efficient, clinically effective patient outcomes. The company also manufactures Bariatric beds and safe enclosure bed systems under its Camtec division.
RecoverCare is nationally headquartered in Radnor, PA, and has regional operations centers in Bensalem, PA, Tampa, FL, Olathe, KS, and Houston, TX. For more information, log on to www.recovercare.com.
About MedaSTAT USA
MedaSTAT USA, LLC is a national provider of high-quality, state-of-the-art wound care support surfaces and related products for those in long term, acute care, and home care environments. MedaSTAT operates in 47 states, utilizing 85-plus facilities throughout the country and the corporate offices located in Louisville, Kentucky. In operation since 1998, MedaSTAT is privately owned and operated, and has been, consistently providing innovative therapeutic support surfaces, bariatric products, and negative pressure wound therapy to its clients. MedaSTAT's consistency and commitment to patient care have led to extraordinary and rapid growth across the United States. MedaSTAT's conscientious focus on building and maintaining relationships with clients has focused the company towards providing exceptional and affordable products that are second to none. Whether a small facility or a large long-term care conglomerate, our clientele is provided with the care and attention to detail that they deserve. MedaSTAT's commitment to technology innovation has enabled us to provide our clients with unique software tracking tools, and to offer top-notch products. We are committed to consistency, service, and most importantly, providing effective solutions for patients who are most in need of compassionate and exceptional care. For more information, log on to www.medastat.com.
Media Contacts: Matthew Sherman / Sharon Stern Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
|SOURCE Aurora Capital Group|
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