May 24, 2011
American Securities Makes Investment in SpecialtyCare, Leading Provider of Specialized Clinical Services to Hospitals
American Securities, a New York-based private equity firm, today announced that it has completed a majority investment in SpecialtyCare, the largest and most experienced provider of outsourced perfusion, clinical technician, minimally invasive surgical support services, and other specialty clinical services in the United States. Terms of the transaction were not disclosed. Equity was provided by American Securities Partners V, L.P., a $2.3 billion private equity partnership.
Headquartered in Nashville, Tennessee, SpecialtyCare was founded five years ago and today serves more than 525 hospitals, including more than 170 cardiac surgery programs at hospitals in 40 states, the District of Columbia, Puerto Rico, and Germany. In addition to perfusion, autotransfusion, minimally invasive surgical support services and anesthesia technician services, SpecialtyCare’s clinicians provide surgical assist, intraoperative neurological monitoring, and sterile processing department services. The company employs more than 900 clinicians who support more than 280,000 surgical procedures annually.
In commenting on the transaction, Marc Saiontz, a managing director of American Securities, said, “We are delighted to have the opportunity to partner with Gary Brukardt and the SpecialtyCare management team. The team's deep experience in healthcare, and commitment to providing quality-driven outsourced clinical services, has made SpecialtyCare the leader in its market. We are looking forward to working with Gary and his team to continue building their business.”
Gary Brukardt, SpecialtyCare’s Chairman and Chief Executive Officer, said, “We are very pleased to have completed this transaction with American Securities. This will support the next stage of SpecialtyCare’s growth as we continue to provide a comprehensive suite of high quality, outsourced clinical services to hospitals and other healthcare providers. We are excited to continue to grow and improve our company with American Securities’ support.”
American Securities has extensive investment experience in the healthcare industry, including such companies as Press Ganey, the largest provider of patient satisfaction and performance measurement solutions; Dr. Leonard’s, a leading U.S. direct retailer of home healthcare and convenience products for the “over 55” market; Miltex, a supplier of hand-held surgical and dental instruments; and Healthy Directions, a direct marketer of branded nutritional supplements and health newsletters.