LAKE FOREST, Ill., Feb. 28, 2017 /PRNewswire/ -- RoundTable Healthcare Partners ("RoundTable"), an operating-oriented
The acquisition of Posey further advances TIDI's product mix towards differentiated acute care products and fits squarely within TIDI's mission of "Supporting Caregivers and Preventing Infections." Approximately 860 Posey team members will join the TIDI organization, including a 45-person direct sales force that will expand TIDI's direct selling footprint to nearly 70 people across the United States. The Posey selling organization will remain standalone and will continue delivering cost-effective and solutions-oriented falls management and patient safety products.
Kevin McNamara, President and Chief Executive Officer stated, "This acquisition strengthens our focus on strategic growth in the acute care space, while also expanding our mission of supporting caregivers and patients. We are excited to welcome the Posey employees to the TIDI family and we look forward to working with them to better serve our combined customer base."
Ernest Posey, Chief Executive Officer added, "Since John Thornton Posey founded the Posey Company in 1937, the goal remains to provide a safer patient environment, reduce the risk of injuries and minimize providers' costs. I am confident that TIDI provides Posey the ability to continue to build upon my father's legacy and his commitment to protecting patients and serving caregivers."
"We are extremely excited to have closed this transaction and to further invest in TIDI's growth," said Joe Damico, Founding Partner of RoundTable and Chairman of TIDI. "Ernie Posey has built a tremendous company and the Posey brand name is synonymous with patient safety. We look forward to working closely with the TIDI and Posey teams to further grow these two complementary businesses."
To finance the acquisition of Posey and further growth opportunities, RoundTable successfully facilitated an amendment to TIDI's senior credit facilities, as well as a private placement of subordinated notes. The senior credit facilities were led by Capital One Healthcare. TIDI's subordinated notes were purchased by RoundTable Capital Partners III, RoundTable's third captive subordinated debt fund. RoundTable and certain shareholders of TIDI also made an incremental equity investment in TIDI as part of the transaction.
About TIDI Products, LLCTIDI Products, headquartered in Neenah, WI, is a premier designer, developer, and manufacturer of medical devices focused on preventing infections and supporting caregivers across the acute care, alternate site and dental end-markets. The Company offers a broad portfolio of over 4,400 SKUs of Class I and Class II medical devices and serves more than 3,000 customers around the world via a combination of direct and OEM sales and distribution partners. The Company maintains global manufacturing facilities that include two FDA registered U.S. facilities, one FDA registered Chinese facility and one U.S. distribution center. For more information, please visit www.tidiproducts.com.
About the J.T. Posey CompanyFor more than 75 years, Posey, headquartered in Arcadia, CA, has been the industry leader in falls management products, services and patient safety. Posey offers a comprehensive range of technologies and products to help hospitals minimize falls and related injuries. Posey's educational and operational resources help hospitals and clinicians share insights into timely and effective solutions that create a safe patient and caregiver environment. For more information please visit www.posey.com.
About RoundTable Healthcare PartnersRoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable has raised $2.75 billion in committed capital, including four equity funds totaling $2.15 billion and three subordinated debt funds totaling $600 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
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SOURCE RoundTable Healthcare Partners
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