NEW YORK, Aug. 21 Culbro, LLC., a U.S. based, familycontrolled private equity firm, announced today its investment in OSi LLC, amid-sized medical transcription service organization ("MTSO"), headquarteredin Jupiter, Florida. During its six year history, OSi has grown to become oneof the top ten MTSOs in the US with 2007 sales of approximately $18 million.OSi clients include a number of prestigious acute care hospitals and clinics,including, among others, the Mayo Clinic, IASIS Healthcare, Ochsner HealthSystem and the Mount Kisco Medical Group.
OSi was founded in 2001 by Andy Renfroe, Rowland Milam, Teresa Shadrix,and Peggy Doyle, all of whom are veterans of the medical transcriptionindustry. The founders will continue in their present executive roles withCulbro representatives joining in a board capacity.
"As we got to know the OSi team," said Edgar Cullman, Sr., managing memberof Culbro, "we saw the tremendous value they bring to their customers and webecame enthusiastic to provide the capital and strategic advice to help themgrow. We are also delighted to be working with a management team that bringsintegrity to everything they do."
Culbro, LLC is presently managed by members of three generations of theCullman family and its partners have over 100 years of combined experience.Culbro provides advice and growth capital to its partner companies and investsin both the US and India. Culbro has previously invested in GoodlifeIntegrated Fitness Solutions, an India-based healthy prepared food deliverycompany doing business as Calorie Care. Culbro Corporation, which was managedby the Culbro members, had interests in a range of consumer and industrialcompanies. See http://www.culbro.com.
Culbro's investment in OSi will result in what the managing partnersforesee as a strong future for OSi. According to Andy Renfroe, CEO andmanaging partner of OSi, "Although Culbro will not be involved in our dailyoperations, having Culbro on our team will open the doors to new opportunitiesthat would have otherwise not been available to us. It's definitely anexciting time for OSi and our entire team."
Teresa Shadrix, COO and managing partner of OSi added, "We are thrilledabout Culbro's investment in OSi. Organic growth will continue to be ourprimary focus, but our partnership with Culbro allows for new strategicacquisitions and tremendous growth."
SOURCE Culbro, LLC.