H.I.G. Capital Announces Sale of Gould & Lamb, LLC
MIAMI – November 30, 2007 – H.I.G. Capital, a leading global private equity firm, announced today that it has completed the sale of Gould & Lamb, LLC (“G&L”) to ABRY Partners (“ABRY”), a private equity firm based in Boston, MA. Terms of the transaction were not disclosed.
G&L, headquartered in Bradenton, Florida, is a leading insurance services firm that helps its clients settle complex medical claims and ensure proper regulatory compliance. Serving 20 of the top 25 Workers’ Compensation insurance carriers, as well as many self-insured employers and third-party administrators, the Company’s products and services include Medicare set-aside arrangements, life-care plans and medical/legal expert opinions. During the last 5 years, the company has grown rapidly and is now the largest provider of these specialized services nationwide.
H.I.G. partnered with the Company’s founders and the management team to help them expand its infrastructure and service offering. Rick Rosen, Managing Director of H.I.G. remarked, “The Company has made tremendous progress since our recapitalization. We are very proud of what the team has accomplished in a short period of time. As a result of G&L’s market success and growth, this has been an outstanding investment for H.I.G. and I am confident that G&L’s success will continue.”
John Williams, CEO of G&L, commented, “We thank H.I.G. for their valuable support in our continued effort to be the leading cost containment player in insurance services.” Mr. Williams will continue in his role as CEO.
About H.I.G. Capital, L.L.C.
H.I.G. Capital L.L.C. (“H.I.G.”) is a leading global private equity investment firm with more than $4 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. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.