Vestar Capital Partners / Actu
Management and Vestar Capital Partners Acquire MediMedia
September 10, 2006 – New York, NY, London, England and Paris, France - Vestar Capital Partners together with members of MediMedia management announced today that they will acquire MediMedia, an innovative specialty healthcare communications, publishing and patient education company, from Cinven, The Carlyle Group and Apax Partners.
As a nationwide leader in healthcare communications, MediMedia offers some of the best-known brands in healthcare communications to both healthcare professionals and consumers. With customers in every part of the USA that manufactures, markets, and sells healthcare products and services, including hospitals, health plans and employers, MediMedia provides unparalleled resources and an unmatched breadth of service, presence and content to its customers.
“We are delighted to be partnering with Vestar,” said Steve Simcox, CEO of MediMedia. ”With their backing, we can be even more aggressive in expanding our business, both organically and through acquisitions, while continuing to provide quality products and services to our customers.”
“We are pleased to be backing such an outstanding organization and management team,” said Norm Alpert, a founding partner of Vestar and Head of Vestar’s Media and Communication Group. “Vestar’s long term investment will provide MediMedia with substantial capital resources to back the company's growth plans. MediMedia’s impressive business portfolio, the depth of their management team and the inherent opportunity that exists in the healthcare industry, ensures that this will be a great partnership for both Vestar and MediMedia.”
“During our ownership, MediMedia has developed into a prominent, fast growing and impressive organization,” said Simon Rowlands, Partner at Cinven. “We are confident that MediMedia will continue to prosper under its new ownership.”
“We have been delighted with our investment in MediMedia over the past four years,” said Franck Falezan, Managing Director at The Carlyle Group. “Management has transformed the company and it is now very solid and uniquely positioned to capitalize on favorable industry trends.”
“Vestar is acquiring a very attractive business and a first class management team,” said Monique Cohen, Partner at Apax Partners. “It is a transaction that has all the ingredients for continued success.”
The terms of the transaction were not disclosed. The transaction is subject to regulatory clearances and is expected to close in early October.
DeSilva & Phillips initiated the transaction and, together with Credit Suisse, served as an advisor to Vestar. Goldman, Sachs & Co. advised MediMedia. Goldman and Credit Suisse will lead the debt financing. Kirkland & Ellis LLP served as legal counsel to Vestar, while Latham & Watkins represented MediMedia.
About MediMedia
Headquartered in Chatham, NJ, with 1,400 employees in offices throughout the U.S, MediMedia’s products and services include integrated and comprehensive health management programs, patient education content, and applications purchased by healthcare stakeholders: physicians, patients, employers, hospitals, health plans and pharmaceutical companies. MediMedia’s pharmaceutical marketing group provides solutions for pharmaceutical companies along their entire marketing continuum, targeting physicians and patients with superior content and applications. MediMedia’s experience in delivering specialized information to targeted audiences, has earned MediMedia unparalleled trust and respect throughout the industry.
About Vestar Capital Partners
Vestar Capital Partners is a leading international private equity firm specializing in management buyouts and growth capital investments. The firm's investment strategy is targeted towards companies in the U.S., Europe, and Japan with valuations in the $100 million to $5 billion range. Since the firm's founding in 1988, the Vestar funds have completed over 55 investments in the U.S. and Europe in companies with a total value of over $20 billion. These companies have varied in size and geography and span a broad range of industries. The firm's strategy is to invest behind incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way with the overriding goal to build long-term franchise value. Vestar currently manages funds with committed capital totaling approximately $7 billion and has offices or affiliates operating in New York, Denver, Boston, Paris, Milan, and Tokyo. More information about Vestar is available at http://www.vestarcapital.com
About Apax Partners
Apax Partners is one of the world’s leading private equity investment groups. It operates across Europe, Israel, the United States and Asia, and has more than 30 years of investing experience. Funds under the advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. For more information visit: www.apax.com
About The Carlyle Group
The Carlyle Group is a global private equity firm with $44.3 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on telecommunications & media, aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, and technology & business services. Since 1987, the firm has invested $22.4 billion of equity in 528 transactions for a total purchase price of $94.6 billion. The Carlyle Group employs more than 680 people in 16 countries. See www.carlyle.com.