Avista appoints Schiess and Klitgaard as operating execs

Avista Capital Partners has named Steve Schiess and William E. Klitgaard as operating executives.

Avista Capital Partners has named Steve Schiess and William E. Klitgaard as operating executives. Recently, Schiess was CEO of Zest Dental Solutions while Klitgaard is a former president of Enlighten Health, a division of LabCorp.

PRESS RELEASE

New York, NY – July 8, 2020 – Avista Capital Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, today announced the appointments of Steve Schiess and William E. Klitgaard to the firm’s operating executive team. Mr. Schiess and Mr. Klitgaard are accomplished leaders who bring decades of experience in the healthcare industry, having built strong, capable teams that achieved operational excellence and expansion.

As Operating Executives, Mr. Schiess and Mr. Klitgaard will play active roles in sourcing investment opportunities and building, growing and transforming Avista’s healthcare investments. Building off his successful career in the dental industry, Mr. Schiess will focus on investment opportunities and businesses in the Medical Devices & Technologies sub-sector. On the heels of Avista’s recent investment in the Healthcare Information Technology (“HCIT”) space, XIFIN, Mr. Klitgaard will focus on HCIT and Outsourced Pharma Services sub-sectors.

“Steve and Bill have exceptional track records enabling the growth of highly successful businesses, and we have enjoyed working with them in their capacity as CEOs and directors over the last several years. It is a pleasure to welcome them on board full-time,” said Avista Partner Sriram Venkataraman. “The appointment of these seasoned industry leaders will further Avista’s efforts to build upon the success of our existing portfolio and pinpoint compelling investment opportunities going forward.”

Mr. Schiess said, “I am thrilled to continue working with the Avista team in this new capacity, and I look forward to executing on best-in-class operating strategies to advance Avista’s investments and working alongside my colleagues to identify and cultivate opportunities for the firm and its investors.”

“Avista is focused on engagement and strategic alignment with its portfolio company management teams,” added Mr. Klitgaard. “I look forward to continuing this tradition and to creating further opportunities for Avista to partner with strong management teams and companies that feature stable cash flows and robust growth potential.”

Steve Schiess joins Avista with more than 30 years of experience in the medical device industry, most recently as Chief Executive Officer of Zest Dental Solutions, a global leader in the manufacturing and commercialization of dental implant attachments and other specialty products used for oral rehabilitation. Zest was a former portfolio company of Avista and during Avista’s ownership of Zest, Mr. Schiess successfully grew the business significantly through innovation and expanding its product offerings, ultimately resulting in a successful sale of the company in 2018. Prior to his time at the helm of Zest, Mr. Schiess was the President at Biomet 3i, the dental business unit of Zimmer Biomet and recognized as a global leader in implant dentistry. Prior to his time in the dental industry, he was active in the cardiovascular and cardiothoracic medical devices space. Mr. Schiess was Vice President of Sales and Marketing at Cordis, a portfolio company of Cardinal Health (then a Johnson & Johnson Company), and prior to this, held various leadership positions with Deknatel, then a division of Pfizer. Mr. Schiess earned a Bachelor’s Degree in Business, Management, Marketing and Related Services from Florida State University.

Bill Klitgaard has dedicated two decades of his career to leading and advising top healthcare companies. From 2015 to 2016, Mr. Klitgaard served as President of Enlighten Health, a division of LabCorp (NYSE:LH) that focuses on innovation and creation of new information-based services. Previously, he spent 19 years in senior leadership and executive positions at Covance, a global contract research organization and drug development services company, including as Chief Financial Officer and Chief Information Officer.

Prior to Covance, Mr. Klitgaard served in various financial roles at transportation companies Itel Corporation and Consolidated Freightways, and at power system provider Kenetech. He currently serves on the Boards of XIFIN and Inform Diagnostics, two of Avista’s portfolio companies. Mr. Klitgaard earned a B.A. in economics from the University of California at Berkeley, and a Master’s degree from the Sloan Management School, Massachusetts Institute of Technology.

ABOUT AVISTA CAPITAL PARTNERS
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $6 billion invested in more than 35 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, healthcare IT, outsourced pharmaceutical services, distribution and consumer-driven healthcare sectors. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.