May 12, 2006
American Securities Completes Sale of Miltex Holdings, Inc.
American Securities Capital Partners, LLC (American Securities), today announced that it has completed the sale of Miltex Holdings, Inc. (Miltex), the leading supplier of hand-held surgical and dental instruments for medical and dental offices and alternate site surgical centers. The buyer is Integra LifeSciences Holdings Corporation (Integra) (Nasdaq:IART). Headquartered in York, Pennsylvania, Miltex had estimated 2005 revenues of $62 million and has been part of American Securities' private equity portfolio since January 2000.
"Among the most rewarding aspects of our six-year partnership with Miltex has been helping the company grow into a professionally-managed market leader," reflected David L. Horing, a Managing Director of American Securities.
Several major milestones illustrate his point, including the hiring of current President and CEO T. Robert (Bob) Perrett, the development of a strong, cohesive, senior management team, the completion of a number of strategic acquisitions and the consolidation of the Company's facilities. These actions have successfully positioned the Company for its next stage of growth.
"Together with American Securities, Miltex embarked on a mission to redefine excellence and provide the ultimate level of service to the healthcare providers who utilize our products," explained Miltex President and CEO Bob Perrett. "At every stage of this journey, our partners at American Securities added value through their analytical expertise, their experience and their perspective. The strategic sale of our company to our new owner, Integra, is a fitting, final testament to their stewardship."
"American Securities' patient approach to investing leads us to partner with our portfolio companies in a way that achieves strong, sound and sustainable growth," concluded Mr. Horing. "This has been the case during our investment in Miltex. The time is now right for Miltex to begin its next stage of growth. Integra will be a strong, strategic fit because of its excellent surgical instrument business and its knowledge of the hospital market."
Miltex sells the Miltex(R), Meisterhand, Vantage, Moyco, Union Broach, and Thompson products in over 65 countries, using a network of independent distributors. Miltex's manufacturing and distribution facility in York, Pennsylvania, employs approximately 200 employees. Miltex also operates a leased facility in Tuttlingen, Germany, where Miltex's staff coordinates design, production and delivery of instruments.
Legal counsel to Miltex in this transaction was Kaye Scholer.