HealthEdge and Concentric Complete Intra-Op Monitoring Services Investment
Tampa, FL – September 18, 2008 – HealthEdge Investment Fund, L.P., Concentric Equity Partners II, L.P., and their respective affiliates announced today that they have acquired a majority interest in Intra-Op Monitoring Services, LLC (“IOM”). In connection with the transaction, HealthEdge and Concentric will be in partnership with the Company’s co-owners, who comprise senior management.
Headquartered in Covington, Louisiana and founded in 2000, IOM is a leading clinical diagnostic services company providing highly specialized intra-operative neurophysiological monitoring services to physician and hospital partners and their patients. The goal of neuro- monitoring is to prevent permanent damage to nervous system structures during high-risk surgeries by identifying impending damage to the nervous system and alerting the surgeon to this potential damage so that corrective action can be taken. Using advanced, state-of-the-art monitoring techniques and technology, IOM’s team of technicians and neurologists provide improved outcomes to a broad range of surgery types, including orthopedic, neurosurgical, otolaryngological, vascular, spinal, cardiothoracic, and interventional radiological procedures.
Brian Anderson, a Managing Partner of HealthEdge said, “HealthEdge is pleased to begin its partnership with Concentric and the founders of Intra-Op Monitoring Services. We believe neuro-monitoring is rapidly becoming the standard of care for a wide range of surgeries and is quickly being adopted by more types of surgeries where the nervous system or critical organs may be at risk. After completing our diligence, we believe IOM is an emerging leader of the neuro-monitoring industry and provides a solid platform for growth.”
Ian Ross of Concentric Equity Partners said, “Concentric is also excited about the opportunities to accelerate IOM’s growth and is impressed with the quality and the capabilities of the business. In particular, we believe the Company has developed a best-in-class training program which will be a key part of building IOM.”
IOM co-founders Paul Gremillion, Glen Gremillion, and Derek Lancaster will stay on board in their current executive leadership. Paul Gremillion, CEO of the Company, added, “HealthEdge and Concentric bring a wealth of knowledge and relationships to our business and we are excited to begin this new partnership. Their strategic insights and support, knowledge of the market, and extensive network will bolster our position in this robust and rapidly expanding marketplace. The addition of Rod Johnson, who has successfully led and grown multiple neuro-related companies, as lead director is a great value-add to our Company. Even before HealthEdge finalized the investment in IOM, the team did an excellent job recruiting a top notch executive to help lead the Company. We look forward to HealthEdge and Concentric’s continued support and operational guidance.”
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, visit www.healthedgepartners.com.
About Concentric Equity Patners
Concentric Equity Partners is a private equity firm based in Chicago, IL. We provide capital and experience to profitable growth businesses run by outstanding management teams. Our approach is to support entrepreneurs with capital, operating expertise and industry knowledge. Concentric’s principals have distinguished track records as operators and professional investors in a variety of growth oriented middle market companies. Concentric is the direct investing arm of Financial Investments Corporation (“FIC”), a private asset management firm with over $600 million in private equity commitments under management. www.concentricequity.com
About Intra-Op Monitoring Services
IOM, headquartered in Covington, Louisiana and founded in 2000, is a clinical diagnostic services company offering highly specialized intra-operative neurophysiological monitoring capabilities. The Company utilizes advanced electrophysiological modalities to monitor and record the functional integrity of critical neural structures (brain, nerves, and spinal cord) and organs in real-time during surgeries where these potentially could be at risk. IOM provides physicians, hospitals and their patients with neuromonitoring services in 11 states throughout Texas and the Southeastern U.S., NewYork, New Jersey, Pennsylvania and Virginia. www.iomservices.com
For more information, please contact Brian Anderson at HealthEdge Investment Partners at (813) 490-7100, or Paul Gremillion at Intra-Op Monitoring Services at (985) 845-4595.