March 12, 2008
American Securities Capital Partners Completes the Sale of Press Ganey Associates
American Securities Capital Partners (ASCP) completed the sale of its interest in Press Ganey Associates after almost five years of partnership with the Company. The exit occurs after significant accomplishments by Press Ganey over this period.
For more than 20 years, Press Ganey has been the leader in providing insight that allows health care organizations to improve the quality of care. The company offers the largest comparative feedback databases, actionable data and solution resources. Press Ganey partners with more than 7,000 health care facilities to measure and improve the quality of care.
ASCP initially invested in Press Ganey alongside the Company's founders and the senior management team led by CEO Mel Hall. Financial details of the transaction are not being released but the Company grew several-fold during the time of ASCP's investment, both operationally and financially.
Glenn Kaufman, Managing Director of ASCP and former Chairman of Press Ganey, commented that the investment experience was "a success in every sense we think about." Elaborating on that, he said, "We earned very strong returns for both our investors and management partners, we helped a team turn a very successful entrepreneurial business into a world-class company and we built relationships with the management team that we expect will last a lifetime."
Press Ganey represents ASCP's third investment in the health care area, with two others including Miltex, the leading supplier of hand-held dental and surgical instruments to the alternate site market, and Healthy Directions, a leading direct marketer of nutritional supplements and health newsletters.
Mr. Kaufman noted, "Our experience with Press Ganey reaffirmed and deepened our commitment to investing further in the health care sector - particularly in market-leading businesses that have the potential to drive improved quality or increased efficiency in the health care system." He added "We see an enormous opportunity to leverage American Securities' resources and understanding to help great management teams grow their businesses and to continue to improve their competitive position. I believe that is what we accomplished with Press Ganey and we look forward to undertaking it with a number of other health care businesses." ASCP is continuing to commit additional resources to the health care sector.