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Kelly Zitlow, 847-858-5230
kelly.zitlow@waterstreet.com

Water Street Closes $860 Million Private Equity Fund

Water Street announced today the closing of its fourth private equity fund, Water Street Healthcare Partners IV, L.P. (“Fund IV) at more than $860 million of investor commitments.

With Fund IV, Water Street’s total capital under management increases to nearly $3 billion.  Water Street’s team will continue to pursue proprietary investments in four sectors of health care: medical and diagnostic devices, specialty distribution, outsourced health care services, and specialty pharmaceutical products and services.  Water Street’s target investments range in size from $50 million to $500 million in value.

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Water Street Announces New Investment

Water Street announced today that it has partnered with Employee Benefit Management Services, Inc. (EBMS), a leader in innovative health care solutions.  The health care firm will invest its capital and industry expertise to expand EBMS’ services and advance the company’s goal of improving the quality, cost and experience of health care for U.S. employers.

Founded in 1980 as Montana’s first third-party administrator, EBMS has grown to serve more than 275 organizations and nearly 150,000 employees and family members across the U.S.  The company offers a broad range of services to support employers with managing their health care including benefits administration, proprietary onsite/near site health centers, proprietary clinical and specialty pharmacy programs, employer direct network management, captive insurance risk services, and flex, HRA and HSA administration.  As U.S. employers search for new ways to manage their health benefits, Water Street will invest in expanding EBMS’ suite of services, enhancing its technology and extending its national footprint.

“Our partnership with Water Street is the next step in EBMS’ evolution,” said Kevin Larson, president, EBMS.  “We are very proud of our hard work and success in offering out-of-the-box solutions to grow our client base and become one of the nation’s leading third-party administrators.  Now is the time for us to take a significant step toward enhancing and expanding our services to offer employers new and innovative options they can choose from to manage their benefits and costs in today’s increasingly complex and uncertain health care environment.”

In addition to investing in EBMS, Water Street will provide strategic support.  Steve Cosler, a Water Street operating partner and longtime executive in the outsourced health care services industry, will serve on the board of directors along with EBMS’ founder, Rick Larson.  Kevin Larson will continue to lead EBMS and its operations as president.

“EBMS is known for its history of innovation and going above and beyond to serve its clients,” said Max Mishkin, principal, Water Street.  “We are honored that EBMS’ founders chose Water Street as their partner to grow the company and advance its goal of serving clients even better in the future.  We will invest our team’s industry experience to build on EBMS’ core strengths and further expand its portfolio of leading-edge solutions.”

Financial terms of the transaction are not being disclosed.

About EBMS

As a leading third-party administrator for self-funded health care plans, EBMS architects blueprints for employers’ health care management strategies. EBMS’ benefits experts reduce costs, improve care, and make it easy for their customers by simplifying a traditionally complex industry. Founded in 1980, EBMS has 320 employees who serve more than 275 clients throughout the U.S.

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Water Street Joins HIDA Educational Foundation

The Health Industry Distributors Association (HIDA) announced today that Water Street Healthcare Partners has joined its Educational Foundation. The organization also announced Kevin Swan, a partner with Water Street, has been appointed to the HIDA Educational Foundation Board of Directors.

Water Street specializes in investing in and growing companies within key sectors of the healthcare industry, including medical products distribution. Through a combination of strategic initiatives and acquisitions, Water Street has built a leading group of specialty distribution companies, including: Breg, Inc.; Key Surgical, Inc.; MarketLab; Orgentec Diagnostika; RTI Surgical, Inc. (Nasdaq: RTIX); and Sarnova, Inc. All of these companies will become HIDA members or HIDA Educational Foundation associates.

“We are very pleased to welcome Water Street and its family of healthcare companies to HIDA,” said Matthew J. Rowan, HIDA President and CEO. “With the addition of Kevin Swan to the Foundation Board, we look forward to his future contributions resulting from years of extensive healthcare knowledge.”

Swan has more than 30 years of leadership experience in the healthcare industry. Prior to Water Street, he was group president of McKesson’s medical distribution divisions, where he was actively involved with HIDA. Swan also served in executive roles at American Hospital Supply, Baxter, and Sterigenics.

“It is great to return to HIDA and an honor to be appointed to the HIDA Educational Foundation Board,” said Swan. “Becoming a member of HIDA and contributing to the Board is a natural progression as Water Street continues to grow our presence and group of companies in the healthcare industry.”

About HIDA

The Health Industry Distributors Association (HIDA) is the premier trade association representing medical products distribution. HIDA members offer services that increase the efficiency of the nation's hospitals, nursing homes, physician practices, and other healthcare providers. For more information, visit www.HIDA.org. For more information on HIDA’s Streamlining Healthcare initiative, visit www.StreamliningHealthcare.org.

 

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Water Street Partnership Achieves Another FDA Approval

Water Street announced today that its development partnership with a leading medical products company has resulted in the U.S. Food and Drug Administration (FDA) approval and commercial launch of ready-to-use clindamycin injection in dextrose.

Water Street’s company, Celerity Pharmaceuticals, LLC, is funding and leading the development and approval of nine product families using its partner’s proprietary container technology, enhanced packaging platform, and aseptic filling manufacturing process. Following FDA approval of this new product, Celerity transferred ownership of the ANDA to its partner, which recently commercially launched the product in the United States. The approval of clindamycin in dextrose is the fourth drug product developed and approved as part of this joint effort.

“With this newest approval, we have again demonstrated our unique capabilities in developing and gaining FDA approval on medicines that are in high demand for use in hospitals across the country,” said Al Heller, operating partner with Water Street and chairman of Celerity.  “We look forward to continuing to work together to advance our joint goals to develop additional medicines important for patient care.”

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Zenith Continues Expansion with New Acquisition

Zenith American Solutions, Inc. announced today that it has acquired Connecticut-based Insurance Programmers, Inc. (IPI).  It is the third acquisition that Zenith has completed in the past 18 months to expand its national footprint and extend its position as a leading U.S. third-party administrator and solutions provider.

Headquartered in Wallingford, Connecticut, IPI specializes in health, welfare and retirement administration services to union trust organizations located across the East Coast.  Zenith’s acquisition of IPI expands the company’s presence in the greater New England region and extends its client base, which includes Taft-Hartley trust funds, trade associations, government entities and corporate employers across the United States.

“IPI and Zenith share a long and impressive history of serving clients in this industry for more than 100 years combined.  Our companies also share a deep commitment to providing our customers with unmatched expertise and support,” said Art Schultz, chief executive officer, Zenith.  “It’s exciting to be part of Zenith’s growth, and I look forward to continuing to enhance and expand our services to clients.”

Lawrence Bourland, chief executive officer and president, IPI, added: “After more than 50 years as a family-owned business, IPI is taking another major step forward in providing our clients with best-in-class service. By joining the Zenith team, our clients will continue to enjoy our supreme service, powered by Zenith’s unparalleled resources and industry expertise.”

Mr. Bourland will continue to lead IPI and report to Mr. Schultz.  The acquisition is effective immediately.  Financial terms are not being disclosed.

 About Insurance Programmers, Inc.

Insurance Programmers, Inc. (IPI) is a full-service third-party administrator.  Founded in 1966, the company specializes in health and welfare and retirement administration services to union trust organizations.  IPI is headquartered in Wallingford, Connecticut. For more information, visit www.insuranceprogrammers.com.

 About Zenith American Solutions, Inc.

Zenith American Solutions, Inc. (Zenith) has been providing high-quality administrative services since 1944.  With 46 offices across the country, Zenith manages benefit plans as a third-party benefits administrator (TPA) serving over 700,000 health plan members and dependents, and over 800,000 retirement plan participants for Taft-Hartley trust funds, trade associations, government entities and corporate employers.  Zenith is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the healthcare industry.  For more information, visit www.zenith-american.com.

 

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MedPlast Acquires Coastal Life Technologies

MedPlast, Inc., a global services provider to the medical device industry, announced today that it has acquired Coastal Life Technologies, Inc. (Coastal Life). It is MedPlast’s second acquisition in three months to expand the company’s suite of services and network of global manufacturing facilities to the world’s largest original equipment manufacturers.

MedPlast’s acquisition of Coastal Life augments the company’s finished device assembly capabilities. It also extends MedPlast’s manufacturing sites to 23 facilities with the addition of Coastal Life’s new, state-of-the-art 135,000 square-foot facility located in San Antonio, Texas. Founded in 1989, Coastal Life Technologies specializes in designing, engineering, assembling, manufacturing and packaging single-use surgical devices for medical device manufacturers.

“Coastal Life adds another valuable capability to our suite of services that will benefit our customers.  It has strong operational device assembly competencies that will enrich our overall quality and productivity, and bring us another step closer to becoming the first end-to-end contract manufacturing services provider in the medical device industry,” said Bill Flaherty, president, Medical Device Solutions, MedPlast.

David Huff, president, Coastal Life, added, “This is a great opportunity to bring together two highly complementary businesses.  Both of our companies have high-quality standards and practices that, when combined, will make us a stronger organization.  I am excited about the greater impact we can make by becoming part of MedPlast.”

MedPlast’s acquisition of Coastal Life comes three months after the company acquired Vention Medical’s Device Manufacturing Services business and six months after it partnered with two investment firms to expand its offering.  Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, and JLL Partners, a middle-market private equity firm, invested in MedPlast in December 2016.

Mr. Huff will continue to lead Coastal Life’s operations and report to Mr. Flaherty.  Financial terms of the agreement are not being disclosed.

About MedPlast 

MedPlast is a leading global services provider to the medical device industry.  The company offers a range of engineering, manufacturing, assembly and packaging capabilities that support the world’s largest original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products.  Headquartered in Tempe, Ariz., the company operates 23 manufacturing facilities around the world.  For more information about MedPlast, visit medplastgroup.com.

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Premise Health Continues Expansion with New Acquisition

Premise Health, a leading employer-sponsored health center and wellness provider, announced today that it has acquired eHealthScreenings, a national biometric screenings company.  The acquisition marks another advancement in Premise Health’s strategic expansion to deliver a comprehensive primary access solution to the employees and dependents of its employer-clients.

With the addition of this new set of capabilities, Premise Health extends its product offering to fulfill a wide array of health testing options enabled by eHealthScreenings’ network of over 3,000 certified wellness technicians with access to over 1,700 lab locations across the country. eHealthScreenings provides comprehensive screening panels and biometric tests, advanced analytics and reporting, and personalized patient results in as few as one to two days.

“As a leader in employer-sponsored health centers, Premise Health continues to both expand and deepen its delivery models. The acquisition of eHealthScreenings is consistent with our vertical strategy roadmap and creates a fantastic opportunity to apply their service model across our client base,” said Stu Clark, chief executive officer, Premise Health. “We are excited to welcome eHealthScreenings – an organization of similar philosophies and values - to the Premise Health family.”

Founded in 2008 and headquartered in San Antonio, Texas, eHealthScreenings has built a reputation as an industry leader exclusively specializing in onsite biometric screenings supported by award-winning in-house technologies and processes.

“We’ve experienced significant growth in recent years and are confident that our partnership with Premise Health will provide us with the resources and support we need to continue our track record of success,” said Jason Morgese, CEO, eHealthScreenings. “We are looking forward to combining Premise Health’s extensive clinical, operational, and technology-enabled resources with our expertise, processes and systems tailored to employee health screenings.”

Clark added that strategic acquisitions, such as eHealthScreenings, will continue to be a key component of Premise Health’s growth plan aimed at expanding its direct primary care platform.  “We have a very active and exciting M&A pipeline at the moment,” said Clark.

Premise Health has invested significantly in developing new employer-sponsored health solutions since it was formed through the merger of CHS Health Services and Take Care Employer Solutions in 2014. The company is actively engaged in a number of initiatives focused on expanding its direct primary care platform, to include population health, virtual care, and community integration.  Premise recently announced its two-year plan to implement Epic - the nation’s leading integrated electronic medical record provider - across its health centers.

ABOUT PREMISE HEALTH 

Premise Health is a leading employer-sponsored health center and wellness provider dedicated to improving the cost and quality of employee and dependent health care. With more than 50 years of experience, Premise Health manages more than 500 employer-sponsored health and wellness centers across the country. The company serves more than 200 of the nation’s leading companies, including a significant number of the Fortune 1000. Premise Health is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information on Premise Health, visit www.premisehealth.com.

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Water Street’s Partnership with Leading Medical Products Company Leads to FDA Approval

Water Street announced that its development partnership with a leading medical products company has resulted in the U.S. Food and Drug Administration (FDA) approval and commercial launch of ready-to-use clindamycin injection in saline.

Water Street’s company, Celerity Pharmaceuticals, LLC, is funding and leading the development and approval of nine product families using its partner’s proprietary container technology, enhanced packaging platform, and aseptic filling manufacturing process. Following FDA approval of this new product, Celerity transferred ownership of the NDA to its partner, which today announced the commercial launch of the product in the United States. The approval of clindamycin in saline is the third molecule developed and approved as part of this joint effort.

“We are honored to be entrusted by our partner with funding and developing clindamycin and other important drug products,” said Al Heller, operating partner with Water Street and chairman of Celerity.  “Our team’s years of experience operating and growing pharmaceutical businesses along with Dan Robins’ strong leadership of the Celerity development team continues to make this unique collaboration successful. We look forward to continuing to work with our partners to support their goals.”

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Water Street Facilitates Market-Leading Merger

Key Surgical, Inc. and Interlock Medizintechnik GmbH announced today that they have merged to create one of the world’s leading providers of sterile processing and operating room supplies.  Water Street led the merger of the U.S. and European providers and invested in the newly combined company.

“We are tremendously excited about the combination of our companies and the benefits it will bring to our customers,” said Scot Milchman, chief executive officer, Key Surgical. “Key Surgical and Interlock are highly regarded in the U.S. and Europe for our expertise, broad product offering and exceptional customer service. Together, we will offer hospitals and surgical centers a comprehensive portfolio of products and supplies that support the industry’s highest quality standards for patient care and safety in the surgical setting.”

Key Surgical has grown to become a premier U.S. provider of products that clean, protect and identify surgical instruments since it was founded in 1988. Interlock, a leading European provider to central sterile supply departments, recently expanded its portfolio and geographic reach with its acquisition of Clinipak Ltd. in the United Kingdom last year. As one company, Key Surgical and Interlock will offer a broad range of sterile processing and operating room products and supplies to nearly 10,000 hospitals and surgical centers around the world.

Brian O’Connell, president and chief operating officer, Key Surgical, said: “We have the unique opportunity to bring together three highly respected, high-quality brands that are market leaders in their respective countries. As one entity, Key Surgical and Interlock will be the only global organization dedicated to providing hospitals with products and supplies that support their goals for surgical and patient safety. In addition, our partnership with Water Street will allow us to gain access to a highly regarded team with deep medical product and distribution expertise and a network of resources to support our growth.”

Kevin Swan, partner, Water Street, added: “Increasing numbers of hospitals are investing in infection prevention and patient safety initiatives. The combination of Interlock, Clinipak and Key Surgical creates a strong and extensive global platform for us to build on. We plan to work together to invest in the company’s infrastructure and pursue acquisition opportunities that will strategically expand our product portfolio and geographic footprint.”

Mr. Milchman will serve as CEO of the newly combined company, Mr. O’Connell as president and COO, and John Savage as CFO. Mads Fiig, a longtime healthcare executive, will serve as managing director of European operations. Gerhard Baum, one of the founders of Interlock, will remain with the company to focus on customer and supplier relationships. Key Surgical, Interlock and Clinipak will continue to operate and serve customers under their existing names and brands.

Financial terms of the transaction are not being disclosed.

About Key Surgical Key Surgical is a leading U.S. provider of sterile processing and operating room supplies. The company offers a broad suite of more than 3,000 products and supplies that clean, protect and identify surgical instruments to over 5,000 customers in 30 countries. Key Surgical was founded in 1988 by nurses who identified a need for a company specializing in products that serve hospitals’ sterile services and operating room departments. The company is headquartered in Eden Prairie, Minnesota. For more information, visit keysurgical.com.

About Interlock Interlock is a premier provider of products to the central sterile supply department (CSSD) of hospitals throughout Europe. The company provides 4,000 products and support to more than 4,000 hospitals and surgical centers in 70 countries. Interlock acquired Clinipak in 2016 to extend its European presence and expand its product offering. The company is headquartered in Lensahn, Germany. For more information, visit interlockmed.com and clinipak.co.uk.

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MedPlast Announces CEO Appointment

MedPlast, Inc. announced today that it has appointed longtime medical device executive, Brian D. King, as chief executive officer and a member of the board of directors, effective May 1, 2017.

The appointment is part of a planned leadership transition to advance MedPlast’s strategy of becoming a leading global services provider to the medical device industry. Mr. King will assume the CEO position from Harold Faig, who will continue to serve as a board member and support the company’s technology initiatives.

“This is a transition that I have been planning with the Board for some time,” said Mr. Faig. “I am very pleased that we have recruited a leader of Brian’s caliber to lead MedPlast forward. His industry expertise, global operations experience and commitment to quality will be invaluable to completing the next step in our long-term plan of establishing MedPlast as the first end-to-end services provider in the medical device industry.”

Mr. King has more than 25 years of executive operating experience, including ten years with Covidien, a global medical products company now part of Medtronic plc. During his tenure with Covidien, Mr. King was promoted to positions of increasing responsibility, including president of Asia, senior vice president of corporate operations and group president of the company’s $2 billion emerging markets business. Mr. King also served as chief transformation officer for the DePuy Synthes business of Johnson & Johnson. Earlier in his career, he served in executive positions with oncology pharmaceutical enterprises and as a consultant with McKinsey & Co. Mr. King is a graduate of the U.S. Naval Academy and holds a master's degree in civil engineering from the Pennsylvania State University and a master’s in business administration from Harvard Business School.

“I am excited to join MedPlast and build on the strong foundation that Harold and his team have created at the company,” said Mr. King. “Having worked in the medical device industry for many years, I see a tremendous need and opportunity to create an end-to-end services provider. MedPlast has all of the key components, particularly the expertise, range of capabilities and high-quality standards, to become a differentiated services partner to medical device companies.”

MedPlast’s leadership appointment follows the company’s acquisition of Vention Medical’s Device Manufacturing Services business, completed last week. The acquisition further extends MedPlast’s assembly and packaging capabilities and expands its global network of manufacturing facilities. The company is pursuing additional acquisitions that will broaden its portfolio of services.

About MedPlast MedPlast is a leading global services provider to the medical device industry. The company offers a range of engineering, manufacturing, assembly and packaging capabilities that support the world’s largest original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products. Headquartered in Tempe, Ariz., the company operates 22 manufacturing facilities around the world. For more information about MedPlast, visit medplastgroup.com.

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MedPlast Completes Acquisition to Expand Capabilities

MedPlast, Inc., a global services provider to the medical device industry, announced today that it has completed its acquisition of Vention Medical’s Device Manufacturing Services business.

The acquisition broadens MedPlast’s manufacturing capabilities and bolsters its position as a leading services provider to the world’s largest original equipment manufacturers.

“This acquisition is a first and important step in our strategic plan to expand our offering to customers,” said Harold Faig, chief executive officer, MedPlast. “Our goal is to build on our core manufacturing and engineering capabilities to provide our customers with a comprehensive portfolio of end-to-end product solutions.”

MedPlast’s acquisition of Vention Medical’s business comes three months after the company partnered with two investment firms to expand its suite of services. Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, and JLL Partners, a middle-market private equity firm, invested in MedPlast in December 2016.

About MedPlast MedPlast is a global services provider to the medical device industry. The company offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products. Headquartered in Tempe, Ariz., the company operates 11 ISO-certified facilities around the world. For more information about MedPlast, visit medplastgroup.com.

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Sarnova Company Expands Cardiac Care Services Offering

DXE Medical, Inc., a Sarnova company specializing in sales and service of cardiac care products, announced today that it has acquired Cardio Partner Resources, LLC.

The acquisition further strengthens DXE’s cardiac care offering to customers, with the addition of nationwide CPR/AED/first aid training, program management services and a full assortment of AEDs and cardiac care products.

Cardio Partner Resources is the leading independent training business in the United States. The company provides a full line of certified CPR/AED/first aid training classes for both the lay and professional rescuer. Founded in 2005, Cardio Partner Resources works with and trains the nation’s largest employers, including the top retail pharmacy chains.

“With the addition of Cardio Partner Resources, we are well-positioned to realize our vision of delivering the best integrated cardiac event preparedness solution to our customers,” said Jeff Prestel, president and CEO, Sarnova.

Brian Leonard, president of Cardio Partner Resources, will continue to lead the company’s training team, comprised of more than 350 certified instructors nationwide.

“Cardio Partner Resources is excited to help build upon the outstanding reputation of DXE Medical. This partnership will enable both organizations to support our customers’ AED, training, and program management needs on a nationally recognized platform,” said Leonard.

DXE’s General Manager Reuben Dickenson added, “We will now have a more complete set of solutions for our customers who seek to save lives by being prepared for cardiac arrest scenarios. Cardio Partner Resources’ training and program management, coupled with DXE’s device sales, service and recertification capabilities, provides a much wider range of offerings and solution capabilities for the marketplace.”

DXE Medical specializes in providing sales and service for both new and recertified products including AEDs, monitor/defibrillators, and other medical equipment and accessories to care providers and businesses across the nation. Through manufacturer-certified biomedical technicians, DXE provides factory recertification, preventive maintenance, extended warranty and general repair. For more information, visit www.DXEmed.com.

Cardio Partner Resources provides nationwide, onsite training in CPR, first aid and the use of AEDs. It sells AEDs and related products and provides program management services related to AEDs. Cardio Partner Resources works with each client to determine the best training and product solution to meet their budgets, needs and expectations. For more information, visit www.cardiopartners.com.

Sarnova is the leading national specialty distributor of healthcare products in the emergency medical services (EMS) and acute care markets. The company is comprised of four major business units: Bound Tree Medical, DXE Medical, Emergency Medical Products and Tri-anim Health Services. Sarnova is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information, visit www.sarnova.com.

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MedPlast to Acquire Vention Medical Business

MedPlast, Inc., a global services provider to the medical device industry, announced today that it has signed a definitive agreement to acquire Vention Medical’s Device Manufacturing Services business.

The acquisition broadens MedPlast’s portfolio of capabilities and bolsters its position as a leading services provider to the world’s largest original equipment manufacturers.

MedPlast’s acquisition will further expand the company’s capabilities in assembly and packaging, enabling it to offer customers a comprehensive suite of services producing a wide range of medical products. It also will extend MedPlast’s global footprint to 22 manufacturing facilities located in key markets throughout North and Central America, Asia and Europe. Once complete, the acquisition will more than double MedPlast’s size. The company will employ more than 3,500 engineers, technicians and assembly workers specializing in producing surgical, orthopedic, diagnostic and other medical devices.

“This acquisition will significantly strengthen MedPlast’s leadership position in the medical device manufacturing industry,” said MedPlast Chief Executive Officer Harold Faig. “We will provide our customers a broad spectrum of integrated manufacturing capabilities and services from strategic locations around the world. This is something our customers have been asking for, and we are committed to continuing to expand our capabilities in areas that will bring value to our customers.”

Bill Flaherty, president of Vention Medical’s Device Manufacturing Services business, added, “We are excited to come together with MedPlast. We serve many of the same customers who will benefit from our combined offering and shared commitment to providing the highest quality standards and facilities in the industry.”

MedPlast’s acquisition comes two months after the company partnered with two investment firms to expand its offering. JLL Partners, a middle-market private equity firm, and Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, invested in MedPlast in December 2016.

“This is the first of what we expect will be more strategic acquisitions to build MedPlast into a market leader. Water Street and JLL are working closely with management to identify and pursue opportunities that will achieve MedPlast’s goal of offering customers a comprehensive, integrated portfolio of end-to-end product solutions,” said Kevin Swan, partner, Water Street.

The transaction is expected to close in the second quarter of 2017. Financial terms of the agreement are not being disclosed.

About MedPlast MedPlast is a global services provider to the medical device industry. The company offers a range of engineering and manufacturing capabilities that support the world’s leading original equipment manufacturers with producing diagnostic, orthopedic, surgical and other medical products. Headquartered in Tempe, Ariz., the company operates 11 ISO-certified facilities around the world. For more information about MedPlast, visit medplastgroup.com.

About Vention Medical Vention Medical is a global integrated solutions provider with more than 30 years of experience in design, engineering and manufacturing of complex medical devices and components. Vention Medical specializes in molded components, and finished device assembly and packaging for the interventional and minimally invasive surgical markets. Visit Vention at ventionmedical.com.

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Zenith Completes Strategic Acquisition

Zenith American Solutions, Inc. (Zenith), a leading third-party benefits administrator, announced today that it has acquired Pacific Federal, LLC (PacFed). Headquartered in Glendale, Calif., PacFed is one of California’s most experienced employee benefits companies.

PacFed is the second acquisition that Zenith has completed in the past year to extend its position as a premier U.S. third-party administrator and solutions provider. The acquisition deepens Zenith’s footprint in the West Coast and expands its national base of clients, which encompass Taft-Hartley trust funds, trade associations, government entities and corporate employers. Specializing in health and welfare claims administration, PacFed serves more than 200 employers and 30,000 members in Southern California.

“PacFed is another important step in our strategic plan to expand our footprint,” said Art Schultz, chief executive officer, Zenith. “We look forward to continuing to pursue a strong pipeline of opportunities that will enable us to extend and enhance our services to clients in today’s ever-changing benefit plan environment.”

Jim Garrison, president of PacFed, added, “Zenith is the leader in our industry and well-known for going above and beyond to serve its clients. I am excited to combine our expertise and capabilities to provide our customers and their employees with more comprehensive services in the future.”

Mr. Garrison will continue to lead PacFed and report directly into Mr. Schultz. The acquisition is effective immediately. Financial terms are not being disclosed.

About Pacific Federal Pacific Federal, LLC (PacFed) is one of California’s most experienced privately owned employee benefits firms. PacFed assists businesses in carrier negotiations and the administration of employee benefit coverages. It also offers online services, member assistance, workplace support, consolidated billing, COBRA administration and compliance notification. Visit www.pacfed.com for more information.

About Zenith American Solutions, Inc. Zenith American Solutions, Inc. (Zenith) has been providing high-quality administrative services since 1944. With 44 offices across the country, Zenith manages benefit plans as a third-party benefits administrator (TPA) serving over 700,000 health plan members and dependents, and over 800,000 retirement plan participants for Taft-Hartley trust funds, trade associations, government entities and corporate employers. Zenith American Solutions is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the healthcare industry. For more information, visit www.zenith-american.com.

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ELAP Announces Management Appointments

ELAP Services LLC (ELAP) announced today that it has appointed J. Patrick Foley as president and Mike Burnett as chief financial officer.

The longtime health care executives will work closely with Chief Executive Officer Steve Kelly to lead the company through its next phase of growth. ELAP specializes in reducing health insurance costs for mid-size employers across the United States.

“We are very pleased to expand our leadership team with two highly experienced executives in the health care industry,” said Mr. Kelly. “In addition to their industry expertise, both have strong track records in guiding businesses through strategic growth and acquisitions that will be invaluable as we extend ELAP’s services into new areas.”

Mr. Foley brings to ELAP an extensive background in leading health plan and physician management organizations. He recently served as senior vice president of delivery and operations at Lumeris, a population health management solutions company, where he led business and strategy development for Lumeris Healthcare Outcomes. Previously, Mr. Foley built risk-bearing accountable provider organizations and Medicare health plans for HealthSpring (now part of Cigna). He was later promoted to president of Cigna’s Medicare Advantage division in the Mid-Atlantic and Pennsylvania regions.

Mr. Burnett has more than 30 years of professional finance experience with expertise in high-growth and newly integrated organizations. He previously served as chief financial officer for PDR, a provider of drug information and prescriber communications. He also was CFO of MediMedia USA, a provider of health information and services to physicians, consumers and other health care decision makers. Mr. Burnett also held financial positions at IMS International in the United Kingdom.

About ELAP Services

Headquartered in Wayne, Pa., ELAP Services is a national health care service company that partners with self-funded employers across the United States to help reduce health care expenses. The company assists employers with plan design to bring more transparency and collaboration between self-funded employers and medical providers. On average, each case managed by ELAP reduces employers’ long-term health care expenses by as much as 25 percent. Founded in 2003, ELAP has grown to serve more than 400 organizations. It is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

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RTI Names Camille Farhat CEO

RTI Surgical Inc. (“RTI” or “the company”) (Nasdaq: RTIX), a leading global surgical implant company, today announced that Camille Farhat has been named chief executive officer, effective March 15, 2017.

He will succeed interim chief executive officer, Robert P. Jordheim, who will resume his role as chief financial officer.

Mr. Farhat, 47, previously served as president and CEO of American Medical Systems, Inc. (AMS), an operating business of Endo International plc (NASDAQ/TSX: ENDP). In this role, he realigned the business to fund innovation, expand internationally and resume growth, ultimately leading to Boston Scientific’s $1.65 billion acquisition of the Men’s and Prostate Health businesses. Mr. Farhat’s expertise aligns with RTI’s focus on developing and delivering exceptional products for patients and achieving sustainable, long-term growth. He has a track record of revitalizing and profitably growing global businesses within the health care industry. Prior to AMS, Mr. Farhat held senior leadership roles where he improved the performance of business units at companies including Baxter Healthcare, Medtronic, Inc. and General Electric.

“Today marks a significant development for RTI’s future. We are pleased that Camille Farhat, an experienced leader with a laser customer focus and solid track record of driving highly effective operational performance in complex health care markets, has agreed to join RTI as our new CEO,” said RTI Chairman Curtis M. Selquist. “On behalf of the entire board, I would like to thank Robert Jordheim for his service as interim CEO. We are pleased that he will be returning to his role as our chief financial officer once Camille is on board. I also want to thank Wy Louw, who has been serving as interim CFO and will resume his controller responsibilities.”

Nicholas J. Valeriani, the RTI board member who led the CEO search process, added, “Following a broad search of both internal and external candidates by RTI’s independent directors, we are confident that Camille has the discipline, talent and demonstrated ability to lead RTI to future success. The company and our customers will benefit from his vibrant leadership, dedication to patients, demand for strategic and operational excellence, and persistent dedication to getting things done and achieving sustainable, long-term growth.”

Mr. Farhat has broad global leadership experience, with senior-level assignments in 10 countries during the past 22 years. Prior to AMS, he advanced several business segments for Baxter. He was global general manager of Baxter’s largest division, Baxter Pharmaceuticals and Therapies, where he drove significant improvements in the performance and operating efficiency of the business, helping to transform it into Baxter’s top-performing business unit. In a previous role, Mr. Farhat successfully turned around Baxter’s Global Infusion Systems business division under a consent decree. Mr. Farhat also served as vice president of business development at Medtronic and as global general manager of the company’s Gastroenterology and Urology divisions. Earlier in his career, Mr. Farhat gained broad executive experience at GE with roles in multiple businesses, geographies and functional areas, leading to his last role as general manager of GE Healthcare’s global Computed Tomography business.

“I am excited to have the opportunity to shape RTI’s strategic direction and return it to sustainable growth,” said Mr. Farhat. “The RTI leadership team, its talented employees and I will dedicate ourselves to developing successful strategies for each business area to ensure we are better addressing our patients’ critical needs and leading the industry in innovation and quality. In doing so, I am confident that we will advance RTI’s path to growth and success.”

Mr. Farhat earned an M.B.A. from Harvard University, a degree in European Union studies from Institut National d’Etudes Politiques de Paris and a B.S. B.A. in finance and accounting from Northeastern University.

RTI’s board worked with Spencer Stuart on the search process.

About RTI Surgical Inc. RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks. For more information, please visit www.rtix.com.

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Custopharm Acquires Products from Perrigo

Custopharm, Inc., a U.S. leader in generic injectable products, announced today that it has acquired two paragraph IV abbreviated new drug application (ANDA) products from Perrigo Company plc.

The company has attained full-ownership rights to acetaminophen injection (“acetaminophen”) and testosterone undecanoate injection (“testosterone”). Acetaminophen is indicated for the management of mild to moderate pain and reduction of fever in the clinical setting. Testosterone is indicated for testosterone replacement therapy in adult males.

“Both of these products are a tremendous fit with Custopharm’s already diverse offering of specialized and high barrier generic pharmaceutical products,” said Dr. William Larkins, chief executive officer, Custopharm. “Our team is excited to acquire these products and begin preparations to bring lower-cost alternatives to these product categories.”

Custopharm has developed more than 30 pharmaceutical products over the past ten years. In 2015, the company partnered with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, to invest in and expand its capabilities. In the past year, the company has more than doubled its laboratory capacity and team of analytical and formulation scientists and technology transfer process engineers.

Custopharm plans to market the acetaminophen and testosterone products under its new commercial business arm, Leucadia Pharmaceuticals. The company is pursuing new opportunities to collaborate with pharmaceutical and biotechnology companies and expand its product portfolio.

About Custopharm

Custopharm is a generic injectable drug services company. The company specializes in developing a range of generic injectable products, including those with complex formulations. Custopharm also offers regulatory consulting services to help customers with drafting and filing abbreviated new drug applications. Headquartered in Carlsbad, Calif., Custopharm has grown to work with more than 100 pharmaceutical companies since its founding in 2005. Custopharm is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

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