RecoverCare and MedaSTAT USA to Merge, Creating Leading Provider of Wound Care and...
RecoverCare and MedaSTAT USA to Merge, Creating Leading Provider of Wound Care
and Bariatric Treatment Solutions for Acute and Post-Acute Care Markets
Combined Company to Enhance Value for Customers through Increased Service
Levels, Enhanced Product and Therapy Offerings, Greater Nationwide Service
Coverage and Enhanced Product and Technology Solutions
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
Matthew Sherman or Sharon Stern, both of Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449, for Aurora Capital Group
© Thomson Reuters 2009 All rights reserved



