Acquisition Provides RoundTable a Platform Investment in Cardiovascular Products
LAKE FOREST, IL, November 10, 2003 — RoundTable Healthcare Partners (“RoundTable”), an operating-oriented private equity firm focused exclusively on the health-care industry, announced today that it has closed on the acquisition of Argon Medical Devices Inc. (“Argon”), the vascular products business of Maxxim Medical, Inc.
Argon, based in Athens, Texas, manufactures, assembles and markets specialty vascular access and pressure-monitoring devices utilized in the cardiology, radiology and critical care market segments. The Argon™ brand of advanced single-use components includes guidewires, needles, sheath introducers, catheters, manifold kits, transducers and control syringes.
“We are very excited about Argon as a new platform investment within the attractive cardiovascular product industry,” said Joseph F. Damico, Founding Partner of RoundTable and new Chairman of Argon. “Argon has established a recognized and valued brand name in the marketplace, and a track record of solid and consistent financial performance. We intend to devote greater resources to the business and to increase focus on our customers.”
One of the first actions taken by RoundTable was to bring in an experienced health-care executive to provide the leadership for Argon’s growth. Paul L. Mooney has been named the new President and Chief Executive Officer for Argon. Mr. Mooney has more than twenty (20) years of operating and marketing experience with some of the nation’s leading healthcare companies, namely Cardinal Health, Allegiance Healthcare, Baxter International, and American Hospital Supply. “Argon will benefit from the increased resources of RoundTable,” said Mr. Mooney. “RoundTable’s industry contacts and relationships, their operating expertise, and their access to capital for additional investments will significantly enhance the growth prospects we have for Argon overall.”
RoundTable’s investment strategy targets companies in the healthcare industry that fall within the expertise and experience of the firm’s operating principals. Argon marks RoundTable’s fifth platform investment since the firm’s formation in 2001. Other companies in the RoundTable portfolio include:
- MedAssist Holding, Inc., a leading outsourced provider of patient eligibility, accounts receivable management and collections services to acute care hospitals throughout the United States
- American Medical Instruments Holdings, Inc., a specialty medical device company
- Sabex, Inc., a leading manufacturer and distributor of generic injectable pharmaceuticals
- Vanguard Medical Concepts, Inc., the nation’s leading medical device reprocessor
The Argon acquisition is an excellent example of our strategy in action,” said Lester B. Knight Founding Partner of RoundTable. “We continue to utilize our knowledge, experience and relationships to successfully identify and invest in our targeted healthcare market segments. By capitalizing on our strong operating expertise, we then partner with our companies’ management teams to maximize their growth and profitability.”
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the health-care industry. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified health-care companies. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.