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Heritage Capital Group acts as intermediary and financial advisor in sale of MSC-Medical Services Company, Inc. and Associated Medical Products, Inc.
Acquisition by HIG Capital expands the private equity fund’s healthcare sector portfolio
JACKSONVILLE, FLORIDA, Jun. 18, 2002 – HIG Capital, a leading private equity firm, has acquired a majority interest in MSC-Medical Services Company and Associated Medical Products, Inc. A Heritage Capital Group team, including Don Wiggins, Howard Serkin, Don Wolfson, Susie Phelan, and Doug Kravet, initiated the transaction and negotiated the sale of the companies.
MSC and AMP, which began operations during 1984 and 1986, respectively, distribute medicines, pain control units and supplies, durable medical equipment, medical supplies, and nursing services to injured workers that are covered by workers’ compensation insurance. The two companies, known collectively as MSC to their customers, were merged in the transaction and will operate as a single entity in the future.
The company’s primary customers are national and regional insurance carriers, state insurance funds, and third party administrators. These customers use MSC’s services to provide quality medical products and services to injured patients while containing costs.
The company provides medicines to injured workers by two methods. It uses its Jacksonville, Florida based mail order pharmacy to distribute medicines to injured workers throughout the United States. MSC has also developed a prescription drug card program, through which an injured patient can pick up a prescription at over 50,000 affiliated pharmacies nationwide.
MSC’s other products and services are supplied through a national network of more than 5,000 providers. By using this network, MSC is able to effectively provide products and services to injured workers while containing costs for insurance carriers.
The company currently employs over 200 people at its sole location in Jacksonville and has experienced substantial growth during the last five years. Revenue growth was achieved by aggressively pursuing new customers and introducing new products and services.
HIG Capital is a leading private equity firm with offices in Miami, Atlanta, and Boston. The firm has over $1 billion of equity capital under management, and focuses on venture capital and management buyout investments. The acquisition expands HIG’s portfolio to include a market leader in a specialized niche of the healthcare industry.