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.
