Dallas, TX (Vocus) August 19, 2008
Broadlane announced today that TowerBrook Capital Partners L.P., a private equity firm based in New York and London, has completed the transaction to acquire a majority interest in the company. Under the terms of the agreement, Broadlane's senior management team will continue to retain a significant ownership interest in the company. Complete terms were not disclosed. Debt financing for the transaction was provided by Jefferies Finance LLC. Citi served as exclusive financial advisor to Broadlane.
Ian Sacks, management partner, TowerBrook, said, "We are pleased to move forward with our investment in Broadlane. This company is positioned for growth and diversification, given its unique service offerings and technologies, which provide value for some of the largest and most successful healthcare systems in the United States. Broadlane, with its strong management team and commitment to service, will continue to deliver tremendous results to its clients."
President and new chief executive officer David Ricker added, "This is a new era for Broadlane as a fully independent company. We are excited to continue our growth with TowerBrook providing a strong financial platform for continued innovation and improvement of our technology and services. Broadlane will continue to help improve healthcare by delivering quality services and value to our clients, helping them reduce costs so they can focus on providing patient care."
About TowerBrook Capital Partners
TowerBrook Capital Partners L.P. is a private equity firm with in excess of $3.5 billion of capital under management. The firm has offices in New York and London and focuses on making investments in North American and European companies. TowerBrook primarily pursues control-oriented private equity investments in large and middle market companies, partnering with highly capable management teams, often in situations characterized by complexity. For more information, visit http://www.towerbrook.com.
Broadlane is the leading technology-oriented healthcare services company, reducing costs and creating operational efficiencies for thousands of acute care hospitals, ambulatory care facilities, physician practices and other healthcare providers in the United States. Its core services include supply chain management and clinical workforce management services.
Broadlane's comprehensive supply chain services include:
- Unparalleled national and custom contracting for supplies, pharmaceuticals, equipment and purchased services
- Innovative Procurement Services and purchase transaction management
- Clinical Services for managing clinical preference items and operating room and cath lab spending
- Comprehensive Materials Management Services - including outsourcing
- Informatics - benchmarking, advanced analytics and reporting
- Supply chain technology and e-commerce
Broadlane Workforce Management™ addresses nurses and allied healthcare practitioners and includes:
- External shift and agency management services
- Internal shift management, including electronic shift auctions
- Regional nurse float pool management and internal agency management
- E-commerce workforce exchange linking healthcare providers, clinical staff and agencies, enabling efficient shift management and fulfillment and reconciliation
The Preference Group™, a division of Broadlane, consults with healthcare facilities to help manage the cost of clinical items and processes. The Preference Group's specialized clinical programs include:
- Medication Use Management (MUM)
- Orthopedic Management Program
- Cardiovascular Management Program
- And many others
Broadlane's clients include leading providers such as Advocate Health Care, Ascension Health, Beaumont Hospitals, CHRISTUS Health, Continuum Health Partners, Kaiser Permanente, Kindred Healthcare, MedCath Corporation, New Hanover Regional Medical Center, Sisters of Charity of Leavenworth Health System, St. Luke's Episcopal Health System, Tenet Healthcare, The Health Alliance of Greater Cincinnati, US Oncology and UMass Memorial Health Care.
The company is headquartered in Dallas with offices in Cincinnati, Detroit, Houston, New York City and Oakland. For more information, visit http://www.broadlane.com.
jim.webb @ broadlane.com
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