H.I.G. Capital News
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H.I.G. Capital Has Acquired PMSI from Amerisourcebergen Corporation
MIAMI - October 31, 2008 - H.I.G. Capital, L.L.C. ("H.I.G.") a leading global private equity firm, announced today that it has completed the previously announced acquisition of PMSI, Inc. ("PMSI" or the "Company") from AmerisourceBergen Corporation. Terms were not disclosed.
"H.I.G. is going to invest significantly in PMSI's people and infrastructure to ensure PMSI delivers industry leading products and services to existing and future customers" said Rob Wolfson, Managing Director of H.I.G. Capital. Rick Rosen, Managing Director of H.I.G. Capital, added, "We are excited to begin our partnership with PMSI and help build on its highly successful heritage to become the pre-eminent specialty services provider for the workers compensation industry." H.I.G. will also selectively pursue add-on acquisitions in the workers compensation industry.
Based in Tampa, Florida, PMSI is one of the nation's largest providers of specialty managed care services and products for workers compensation and catastrophically injured claimants. PMSI provides an integrated portfolio of services in Pharmacy (PBM), Medicare Set-Asides, Medical Services and Equipment, and Clinical Services that promote quality care for injured workers while helping contain costs and control utilization for its clients, which include workers' compensation insurance companies, self-insured corporations, third-party administrators (TPAs) and government insurance entities.
An industry leader for over 30 years, PMSI's mission is to be the most trusted, best-of-breed, specialty services provider - offering optimal cost containment and clinically driven services across the injured worker lifecycle. H.I.G., which has made numerous successful investments in the industry, is fully committed to supporting PMSI's long term growth. H.I.G. supports PMSI's committed endeavor to continue providing a technology-based product and service solution to deliver unmatched savings, service and outcomes for customers.
About H.I.G. Capital:
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.