H.I.G. Capital Completes Sale of Its Investment in Align Networks
MIAMI – July 18, 2011 – H.I.G. Capital, L.L.C., a leading global private equity investment firm, today announced the successful sale of its investment in Align Networks, Inc. (“Align”). The transaction adds to H.I.G.’s longstanding track record of successful investments in the workers’ compensation and healthcare services industries.
Based in Jacksonville, FL, Align is the leading provider of outpatient physical therapy (“PT”) services to the workers’ compensation industry in the United States. The Company coordinates patient care and actively manages the PT claims process on behalf of its clients, which include insurance carriers, self-insured corporations, third-party administrators and government insurance entities. Through its national network of third-party PT providers, Align delivers a compelling value proposition consisting of industry-leading cost savings, clinically-driven superior patient outcomes, and streamlined administrative processes. Founded in 2005, Align has an exceptional track record of growth and profitability that has made it an undisputed leader in the workers’ compensation industry.
“Since our early days, H.I.G. has been a value-added partner providing not only capital to build our team and infrastructure, but also the strategic insight and support to help develop our unique model and set Align on a path of growth and success,” said Butch Hofstetter, Chief Executive Officer of Align.
“Align marks the second highly successful partnership with Butch and members of the Align founding team. We were thrilled to support them and their vision to create a unique solution to manage the complex PT needs of the workers’ compensation industry,” commented Rick Rosen, Executive Managing Director of H.I.G. Capital. “The Align team flawlessly executed its long-term strategic plan and retained its singular focus on delivering value-added solutions and exceptional customer service to its clients. Align’s phenomenal growth and value creation have resulted in an outstanding investment outcome for H.I.G. and its investors.”
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York 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 service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.