H.I.G. Capital, LLC
Rick Rosen, CFA
H.I.G. Capital, LLC
H.I.G. Capital Acquires Medical Services Company and Associated Medical Products
Miami - June 17, 2002 - H.I.G. Capital, a Miami based private equity firm, announced that it acquired Medical Services Company ("MSC") and Associated Medical Products ("AMP"). Headquartered in Jacksonville, Florida, MSC and AMP create the second-largest provider in the U.S. of medical products and services to workers' compensation patients on behalf of private insurance carriers, third party administrators, and government agencies.
Over the last 15 years, MSC and AMP have developed an integrated healthcare distribution system to serve their customers on a nationwide basis. Today, MSC and AMP have a diversified customer base that includes eighteen of the twenty largest workers' compensation insurance carriers in the United States. In 2002, MSC and AMP will generate approximately $150 million in revenue and employ more than 300 people.
John Bolduc, Managing Director of H.I.G. Capital, stated, "MSC and AMP are exactly the type of opportunity in which we like to invest -- rapidly-growing, strong market position, and a desire to utilize HIG strategic, operational, and financial resources to grow the company to the next level."
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 Billion of equity capital under management. With offices in Miami and Atlanta, the firm specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts or recapitalizations of well established, profitable, and well managed manufacturing or service businesses and in promising early stage technology companies. H.I.G. Capital is an active investor, having recently made more than forty highly successful investments and acquiring companies with combined revenues in excess of $4.0 billion.