Transformative Combination to Take Advantage of Complementary Cross-Selling Opportunities Across Multiple Care Settings and Wound Care Service Offerings
Irvine, CA – American Medical Technologies (“AMT”), an independent provider of wound care, ostomy, urology and tracheostomy supplies and services to long term and post-acute care facilities, and RestorixHealth (“Restorix”), a leading wound care management company that offers comprehensive wound care services across 236 outpatient wound care clinics and multiple at-home service offerings, today announced a transformational merger to create the leading wound care services platform to better serve the patients, referral sources and managed care partners of both companies. Financial terms of the transaction were not disclosed.
Restorix’s rapidly growing offerings in wound care supplies and at-home physician services will be strengthened by AMT’s existing platform, commercial contract footprint and supplies expertise. In addition, AMT will leverage Restorix’s at-home platforms to accelerate growth.
Founded in 1997, Restorix operates 236 wound centers in partnership with hospitals across 32 states and in-home wound care durable medical equipment (“DME”) and physician service capabilities across two states. Headquartered in White Plains, N.Y., Restorix manages outpatient wound centers and provides on-site staff on behalf of hospitals, including advanced treatment modalities, including debridement, hyperbaric oxygen treatment, evaluations, negative pressure wound therapy, and cellular and tissue-based products to patients.
“This merger extends RestorixHealth’s reach further across the care continuum to include skilled nursing facilities, assisted living and hospice. We believe this will be a benefit to our hospital partners as it allows for greater care coordination and referral connectivity outside the hospital-based wound center,” commented Steve McLaughlin, Chief Executive Officer of RestorixHealth, who will serve as CEO of the combined company once the transaction has been completed.
“AMT and RestorixHealth are highly complementary and both well known for providing patients with the highest quality wound care services available today,” said Sam Muppalla, Chief Executive Officer of AMT. “We’re excited about the runway for organic growth and opportunities to expand collaboration with our customers and Wound Physician Group partners.” Muppalla will continue to serve in an executive leadership position as President of DME for the combined company.
AMT is a portfolio company of One Equity Partners (“OEP”) and The Silverfern Group. OEP acquired AMT in August 2020.
“We believe AMT’s transformative combination with Restorix will create the national market leader in wound care expertise across the entire post-acute care spectrum,” said Greg Belinfanti, Senior Managing Director, OEP, “and allows the combined company to provide best-in-class wound care irrespective of care setting.”
Brad Coppens, Senior Managing Director, OEP, added, “Recent reimbursement changes in the skilled nursing facility and the home, as well as the continued need for ambulatory and home-based solutions for complex wound-related cases, have heightened the need for a comprehensive and clinically-minded wound care services organization. In combining AMT with Restorix, we hope to create a name that is synonymous with responsible, cost-effective wound care in the minds of patients, physicians and payors alike.”
The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and receipt of required regulatory approvals.
About American Medical Technologies:
Founded in 1994, AMT is a leading advanced wound care company that delivers comprehensive wound care, ostomy, urological, and tracheostomy programs to health care providers in the long-term care and post-acute environments. AMT is also an accredited supplier of Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (“DMEPOS”) as well as a participating Medicare Part B provider. AMT serves over 6,250 facilities across all 50 states to facilitate the delivery of high-quality patient care.
RestorixHealth (RXH) is a leading developer and operator of advanced wound healing centers and provider of wound healing direct-care services. Dedicated to healing wounds, saving limbs, and optimizing patient outcomes, RestorixHealth provides our patients and partners with custom, advanced wound healing solutions that increase the access to care, lower direct care costs, reduce hospital admissions, improve outcomes, and increase patient satisfaction. RestorixHealth treats patients at various locations, including hospital-based centers, nursing homes, skilled facilities and in patients’ homes. Additionally, through the company’s DME service line, wound healing supplies are shipped to patient homes throughout the nation. Please visit www.RestorixHealth.com.
About One Equity Partners:
OEP is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About The Silverfern Group:
Silverfern is a global middle-market investment management firm. Led by founding Principals Clive R. Holmes and Reeta K. Holmes, the Firm invests on behalf of both institutional investors and a network of sophisticated multi-billion-dollar single family offices. Through its private equity offices in Greenwich, Frankfurt and Sydney, Silverfern makes direct investments in middle market private equity globally. Silverfern's unique co-control investment strategy seeks to mitigate systemic risk in its portfolio by pursuing attractive risk-adjusted returns on a global basis, while at the same time seeking to manage local/market risk through its strategy to partner with qualified, local, investment partners on each of its investments.