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FOR IMMEDIATE RELEASE: August 1, 2007 Managed
Health Care Associates and Diamond Castle Announce Acquisition of
MHA FLORHAM PARK, N.J., August 1, 2007/PRNewswire/ - Managed Health Care Associates, Inc. (MHA), the nation's largest alternate site GPO, and Diamond Castle Holdings LLC, a leading private equity firm based in New York City, announced today that Diamond Castle has partnered with the MHA management team to acquire MHA. The entire MHA executive management team will continue on in their current roles with the company. "This is a very exciting development in our company's history" commented Doug Present, MHA Chief Executive Officer. "We have enjoyed a great relationship with our former investor group. We are now moving into the next phase of growth for our company through a new partnership with Diamond Castle. All of our employees will be continuing on with the company. We will also continue to look at additional investments and opportunities to grow our company to better service our members. The loyalty of our members and our strong relationships with manufacturers, wholesalers and Prescription Drug Plans has created this successful outcome, as well as a clear path to accelerated growth in the future. We are extremely grateful to all of them." "MHA is a leading participant in the Long Term Care, Home Infusion and other alternate site markets," commented George Fotiades, Chairman of Diamond Castle's Healthcare investment practice. "They have demonstrated an amazing track record of growth in their core markets as well as an ability to develop new markets within the Alternate Site space." Ari Benacerraf, a Senior Managing Director at Diamond Castle, added, "Through a single-minded focus of providing the highest level of member service, MHA has developed a health services platform that is very unique in today's environment. This has lead to the innovation of many new products and services that give MHA considerable advantages in their markets. We are very pleased to partner with the entire management team at MHA and we look forward to a long and successful partnership." Diamond Castle acquired MHA from its current investors, GTCR Golder Rauner LLC and Advent International Corporation. Bear, Stearns & Co., Inc. and Credit Suisse Securities (USA) LLC provided the debt financing for the transaction. Credit Suisse served as financial advisor to Diamond Castle. Harris Williams & Co. served as financial advisor to MHA. Pepper Hamilton LLP provided legal counsel to MHA and its principal equity holders, GTCR and Advent. Ropes & Gray LLP served as counsel to Diamond Castle. About MHA Managed Health Care Associates, Inc. (MHA) is the largest Alternate Site GPO in the country servicing the Long Term Care, Home Infusion, Combo Pharmacy and Specialty Pharmacy industries. MHA is also the leading Long Term Care Pharmacy Network Manager with focus on serving the Medicare D patient population. MHA success is driven by unparalleled member support, competitive contracts, and the ability to create sophisticated, customized, web tools and reports, designed to increase savings and promote profitability. Members utilize MHA services to assist in the purchasing of a complete line of pharmaceuticals, medical supplies, capital equipment, and nutritional food, as well as, network access to the majority of the largest national and regional prescription drug plans managing the newly created Medicare Part D drug benefit. MHA also offers a variety of services to medical supply, pharmaceutical manufacturers and prescription drug plan organizations, including contract administration, marketing, and continuing education. For more information, visit http://www.mhainc.com. About Diamond Castle Diamond Castle Holdings, LLC is a private equity firm with over $1.85 billion of committed capital under management. Founded in 2004 by five senior investment professionals from DLJ Merchant Banking Partners, Diamond Castle specializes in leveraged buyouts, growth capital and equity-like investments in both public and private companies. Diamond Castle targets investments in the following industry sectors: media and communications, energy and power, financial services, healthcare and diversified industries. Diamond Castle has 23 employees located in New York, New York. For more information on Diamond Castle, please visit our website at http://www.dchold.com. About GTCR Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at http://www.gtcr.com. About Advent International Founded in 1984, Advent International is one of the world's leading global buyout firms, with offices in 14 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 100 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on cross-border, strategic restructuring and growth opportunities in five core sectors, employing a highly active ownership approach to drive earnings improvements in portfolio companies. Since inception, Advent has raised $10 billion in private equity capital and completed more than 200 buyout and private equity transactions valued at over $30 billion in 35 countries. For more MHA information please contact: Angela Elsier |
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