October 14, 2003
Press Ganey Announces Strategy to Position Company for Long Term Growth
Irwin Press, Ph.D. and Rodney F.Ganey, Ph.D., founders of Press Ganey Associates Inc., announced today that company management together with American Securities Capital Partners (ASCP) had made a substantial equity investment in the firm. Terms of the transaction were not disclosed.
Press Ganey, headquartered in South Bend, Indiana, is the largest provider of ongoing patient satisfaction surveys and related services to provide performance measurement and solutions for improvement to acute care hospitals and other health care providers. Serving more than 3,300 clients, Press Ganey holds a market share of approximately 30% among all domestic hospitals and in excess of 40% of hospitals with more than 100 beds. Dr. Press commented, "since Rod and I founded the company in 1985, it has experienced dramatic growth each year allowing our services and associates to play an important role in improving the quality of health care. It has also been a very successful business venture."
Glenn Kaufman, managing director of ASCP, commented that Press Ganey "completely fits our model for investment - a market dominant company with a strong core business, meaningful opportunities to grow and a talented management team that wants to partner with us. We look forward to a long future working with Press Ganey leadership to continue building on what they have done to date."
Dr. Ganey echoed some of those thoughts saying, " this development will allow us to maintain our culture, expand on how we serve our clients and provide additional solutions for quality improvement to them." He went on to say, " Dr. Press and I will retain a significant investment in the company and remain on the Board of Directors as we have been since the company began. Melvin Hall, Ph.D., will continue as CEO and will join the board. Mel will lead the company as he has for the past several years, and the current management team will continue to execute our strategy."
Dr. Hall said, "we have put together a great team of associates to partner with our clients, and that will continue. Our products, customer service and technology work together to uniquely provide the information and solutions our clients use to improve the quality of care they provide their customers."
He went on to say that "it is exciting to welcome our new partners to the Press Ganey family as it allows us to build on and extend our leadership position by providing substantial financial and other resources that will enable us to structure for growth, and be a launching pad for the future. Our corporate offices will remain in South Bend and expand as we continue to grow."