Audax Is New Majority Owner at ATG
ROCKY HILL, Conn. — ATG Rehab has announced a majority
investment by Boston-based Audax Private Equity. With 26 offices
serving 19 states, the complex rehab provider said in a Jan. 18
release that company founders Chuck Wallace, Mike Freedman, Tim
Burfield and Bryan Cressey would remain "significant minority
investors."
"We are excited to be investing in an industry leader that holds
key process and strategic advantages in an industry poised for
continued growth," said Geoffrey Rehnert, group co-CEO of Audax,
said in a release. Audax invests in middle-market companies and has
"a reputation for spurring growth and creating value," the release
stated.
As part of the change, Paul Bergantino, who has served as ATG
Rehab's president for the past five years, will succeed Burfield as
CEO. Burfield will continue as chairman and be involved in the
company's strategic development.
"Audax Group shares ATG Rehab's vision of transforming the
complex rehab industry," Bergantino said. "Our plan is to continue
to lead consolidation efforts within the industry, expanding both
our physical presence and focus on providing excellent service and
support to our customers."
Founded in 1999, the company recently added locations in
Oklahoma City; Chattanooga, Tenn.; and in Lynnwood and Tacoma,
Wash.
CareCentrix Adds Sleep Management
HARTFORD, Conn. — Health benefits manager CareCentrix
announced Jan. 10 it has expanded its services to include sleep
management with the acquisition of Sleep Management Solutions
(SMS). With offices in Suffield, Conn.; Charleston, W.V.; East
Longmeadow, Mass.; and Greensboro, N.C., SMS provides home sleep
testing technology to qualifying patients and also follows up with
people who are approved for sleep therapy devices to ensure they
are using the equipment properly and following their prescribed
treatment. CareCentrix manages home nursing, infusion and medical
equipment services for more than 20 million people across the
country through a network of 5,000 credentialed home care
providers.
Gottfried Celebrates 30th in New Facility
TOLEDO, Ohio — Compression garment manufacturer Gottfried
Medical settled into a new facility at the end of 2010. At almost
12,000 square feet, the company's new digs nearly double its
previous space, allowing the manufacturer to add technology and
streamline operations. Because virtually everything the company
produces is one of a kind, according to President Brent Gottfried,
"the time an order is placed, engineered, manufactured and finally
delivered, is counted in days." Founded in 1981 with three
employees, the company now employs 30 and this year
celebrates 30 years in business.
Invacare Signs on at Medical Mart
ELYRIA, Ohio — Invacare has signed a letter of intent to
join the Cleveland Medical Mart & Convention Center. The
partnership was formally announced during groundbreaking for the
project Jan. 14. Slated to open in 2013, the $465-million facility
will house 120,000 square feet of permanent showrooms for medical
manufacturers and service providers. The new mart, which so far has
signed up 57 tenants, is part of a larger downtown Cleveland
development plan that also includes a new tradeshow facility and
conference center. Invacare will use the Medical Mart "to highlight
the value of home health care," according to a release. "We are
proud to be a health care company based in Cleveland, Ohio, and
there is no better way to show our dedication to the city and the
health care industry than to give our support to the Medical Mart,"
said Mal Mixon, Invacare chairman.
KCI Acquires TechniMotion
SAN ANTONIO — Last week Kinetic Concepts Inc. announced
its acquisition of "substantially all of the assets and
intellectual property" of Austin, Texas-based TechniMotion Medical,
which develops patient handling systems for acute and post-acute
patient care. TechniMotion's products include patient lifts that
enable out-of-bed transfers, seated transfers and basic
sit-to-stand maneuvers, and a reclining bedside chair that allows
bed transfers to be performed over the patient's mattress. With
initial launch expected this summer, the products will be marketed
through KCI's Therapeutic Support Systems (TSS) division. A release
from KCI estimated the U.S. medical lift market at $220 million
annually "with significant future growth opportunity."
Philips Continues 'Biggest Loser' Sleep Tests
MURRYSVILLE, Pa. — Philips Respironics is into its fifth
season of providing NBC's "Biggest Loser" contestants with sleep
testing and CPAP equipment. "The NBC TV show 'Biggest Loser' does
so much to focus on good overall health and well-being," Eoghan
O'Lionaird, general manager of sleep therapy for Philips
Respironics North America, said in a release. "Sleep plays an
important role in facilitating general wellness. By providing our
equipment for testing and treatment of these sleep-apnea sufferers,
we're able to have a direct impact on their well-being and to help
educate undiagnosed people who might be watching the program."
Season 11 of the show premiered Jan. 4.
