H.I.G. Capital Announces Agreement to Acquire PMSI
MIAMI – July 24, 2008 – H.I.G. Capital, L.L.C., a leading global private equity investment firm announced today that it entered into a definitive agreement to acquire PMSI from AmerisourceBergen Corporation. The closing of this transaction is expected to occur during the third quarter of 2008.
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 populations. 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. Rick Rosen, Managing Director of H.I.G. Capital, added, “We are extremely excited to partner 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. supports PMSI’s committed endeavor to continue providing a technology-based product and service solution to deliver unmatched savings, service and outcomes for customers. “We are delighted to have a new partner in H.I.G. that is experienced and committed to the workers’ compensation industry. H.I.G. appreciates our differentiated offering and is eager to assist us in our transformation to an independent company, focused exclusively on the workers’ compensation market. We have much work to do but the opportunity is tremendous.” said Mark Hollifield, PMSI President.
Rob Wolfson of H.I.G. Capital, added, “We are committed to providing significant operational, strategic and financial support to PMSI. Through our partnership, we are confident that PMSI will be able to deliver on its mission to be the best of breed service provider to the workers’ compensation community.”
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.