DUBLIN, Ohio, Sept. 2 /PRNewswire-FirstCall/ -- Cardinal Health, a
global provider of products and services that improve the safety and
productivity of health care, today announced the completion of the sale of
its MedSystems business to Linden LLC, a healthcare and life sciences
private equity firm.
Under the terms of the agreement, Linden acquired MedSystems, a maker
of enteral devices and surgical protection products, which joined Cardinal
Health through the acquisition of VIASYS Healthcare in 2007. The company
has been renamed Corpak MedSystems Inc. under Linden's ownership. Terms of
the agreement were not disclosed.
"Corpak MedSystems is an innovative and growing business, but it does
not fit into the core focus of our clinical and medical products
businesses," said Dave Schlotterbeck, vice chairman and chief executive
officer of Clinical and Medical Products for Cardinal Health. "Linden has
the expertise and experience to maximize value in mature health care
businesses, and we believe MedSystems will have great opportunities to grow
outside of the Cardinal Health portfolio."
Corpak MedSystems manufactures and globally markets a complete range of
value-added single use feeding delivery devices and systems primarily
serving the hospital ICU, NICU and PICU markets. Its products include
CORFLO(R) enteral feeding tubes, the CORTRAK(TM) feeding tube placement
system, Farrell Valve, and CORFLO(R) ANTI-IV Enteral Feeding safety
connection products. In addition, the company currently produces and
markets smoke evacuation and surgical protection products through its
Stackhouse Division.
"Corpak MedSystems is an ideal investment for Linden because it is the
culmination of a long relationship with the business and Cardinal Health.
It exemplifies Linden's focus on partnering with corporations to provide
growth for their non-core divisions. It is a solid business that has
historically delivered consistent revenue and earnings growth and still has
much more potential for growth," said Eric C. Larson, Founder and Managing
Partner of Linden. "There are a number of opportunities to further
strengthen the Corpak MedSystems business by expanding the sales of the
company's unique products both in the U.S. and internationally. We will
also pursue strategic acquisitions and we are pleased that Tom Kuhn will
once again lead the business and drive its growth going forward."
Thomas I. Kuhn, a Linden Executive in Residence, previously served as
president of the Corpak MedSystems business for 15 years and has been
appointed CEO of the business under Linden's ownership.
"Linden's health care expertise and understanding of the business will
help us apply a much greater focus on Corpak MedSystems to grow the
company," Kuhn said. "Corpak MedSystems has a strong and experienced
management team and we are delighted to be partnered with Linden to
implement long-term strategic growth initiatives as we remain dedicated to
serving the needs of critically ill patients."
Harris Williams & Co. acted as the exclusive adviser to Cardinal Health
on the transaction.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a
$91 billion, global company serving the health care industry with products
and services that help hospitals, physician offices and pharmacies reduce
costs, improve safety, productivity and profitability, and deliver better
care to patients. With a focus on making supply chains more efficient,
reducing hospital-acquired infections and breaking the cycle of harmful
medication errors, Cardinal Health develops market-leading technologies,
including Alaris(R) IV pumps, Pyxis(R) automated dispensing systems,
MedMined(TM) electronic infection surveillance service, VIASYS(R)
respiratory care products and the CareFusion(TM) patient identification
system. The company also manufactures medical and surgical products and is
one of the largest distributors of pharmaceuticals and medical supplies
worldwide. Ranked No. 19 on the Fortune 500, Cardinal Health employs more
than 40,000 people on five continents. More information about the company
may be found at http://www.cardinalhealth.com.
About Linden LLC
Linden is a Chicago-based private equity firm focused exclusively on
leveraged buyouts in the healthcare and life science industries. Linden's
strategy is based upon three key elements: i) healthcare and life science
industry specialization, ii) integration of transaction and operating
expertise, and iii) building strategic relationships with large
corporations. Linden's portfolio includes Drayer Physical Therapy
Institute, BarrierSafe Solutions International, Behavioral Centers of
America, Focused Health Solutions, Ranir, and Suture Express. For
additional information, please visit http://www.lindenllc.com
SOURCE Cardinal Health; Linden LLC
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Related links:
http://www.cardinalhealth.com
http://www.lindenllc.com
CONTACT:
Media, Troy Kirkpatrick, +1-614-757-6225,
troy.kirkpatrick@cardinalhealth.com, or Investors, Jon Lyons,
+1-614-757-3996, jon.lyons@cardinalhealth.com, both of Cardinal
Health; or Chris Tofalli of Linden, +1-914-834-4334,
chris@tofallipr.com
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