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Los Angeles, CA – June 25, 2007 – Bison
Capital has announced that it has sold its security holdings
in Twin Med, LLC, a leading provider of non-pharmaceutical
medical supplies to the long-term care industry. Steve
and Shlomo Rechnitz, founders of the Company, and TA Associates
led a $102.5 million recapitalization of the company, which
included Bison’s sale of its holdings.
Twin Med offers a broad range of disposable
medical supplies such as incontinence products, nursing,
diabetic and respiratory supplies, non-prescription medicines,
linens, enterals, durable medical equipment and janitorial
supplies to skilled nursing facility operators throughout
the United States. Founded in 1998, Twin Med has since
grown to become one of the largest distributors of medical
supplies to long term care in the United States. A
key to Twin Med's success is the partnership it has developed
with its customers through its revolutionary Per Patient
Day ("PPD") pricing strategy. Twin Med's
PPD program aligns a nursing home operator's medical supply
costs with the Federal Government's per diem reimbursement
policy, allowing them to better manage their businesses. Headquartered
in Santa Fe Springs, California, Twin Med also maintains
operations in Texas, New York, Illinois, and Florida.
“We are very pleased with the achievements
made by Twin Med since our partnering with them over three
and a half years ago”, said Ping Chu, partner at Bison
Capital. “Steve and Shlomo, and the entire team
at TwinMed have done an excellent job of executing their
strategic plan to further entrench the company as a premier
provider to long-term care facilities throughout the country. This
transaction is a testament to that success and the hard work
they have put into building this outstanding organization.”
Bison Capital makes growth equity investments
in middle-market companies, public or private, for expansion,
acquisitions or balance sheet restructuring. The firm’s
primary investment focus is partnering with entrepreneurs
and management teams seeking capital to grow their businesses. |
