H.I.G. Capital News


Rick Rosen
Managing Director
H.I.G. Capital
1001 Brickell Bay Drive, 27th Floor
Miami, FL 33131
(305) 379-2322

H.I.G. Capital Announces Sale of Medical Services Company


March 31, 2005 - H.I.G. Capital of Miami, Florida announced today that it has completed the sale of Medical Services Company, Inc (“MSC”) to an investor group led by Monitor Clipper Partners (“MCP”), a private equity firm based in Cambridge, MA. Terms of the transaction were not disclosed.

MSC, based in Jacksonville, Florida, is the largest independent provider of ancillary healthcare products and services for the workers’ compensation industry in the United States. By combining quality assurance, cost savings, product breadth and expertise, claims management support, and nationwide coverage, MSC’s “one-stop shop” offers a significant outsourcing value proposition to its clients, which include workers’ compensation insurance companies, self-insured corporations, third-party administrators (TPAs), and government insurance entities. Robert Bunker, CEO of MSC, commenting on the sale, said “We look forward to our partnership with Monitor Clipper Partners and would like to thank H.I.G. for their support.”

H.I.G. recapitalized MSC in 2002 in partnership with the company’s founders. Rick Rosen, Managing Director of H.I.G. remarked, “Our partnership with MSC was a classic H.I.G. investment: an entrepreneurially-run organization whose owners wanted a partner with the strategic, operational, and financial experience to help take their company to the next level. We are very proud of what the MSC team has accomplished over the past few years. Driven by exceptional growth, MSC has been one of our most successful investments, generating an outstanding return for H.I.G. investors.”

About H.I.G. Capital:
H.I.G. Capital LLC (“H.I.G.”) is a leading private equity and venture capital investment firm with more than $2.0 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, 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 in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.