CMS Small-Cap Private Equity Fund has sold MedDispense LP, a provider of automated dispensing machines to small healthcare facilities, to Emerson (NYSE: EMR). No financial terms were disclosed. CMS had recapped MedDispense in January 2007, alongside CEO Bill McClintock. Cobblestone Advisors advised MedDispense on the sale.
The CMS Small-Cap Private Equity Fund has sold medDISPENSE, L.P.., a portfolio company providing automated dispensing machines to smaller health care facilities, to Emerson (NYSE: EMR). The transaction closed on December 9, 2008.
CMS recapitalized med DISPENSE in January 2007, partnering with CEO Bill McClintock, who reinvested alongside the fund and stayed on to run day-to-day operations.
“Small health care facilities are being forced by regulatory and competitive pressures to invest in equipment like medDISPENSE’s, which improves patient safety and helps control costs,” said Michael Raphael, a director of Private Equity at CMS Companies. “We truly enjoyed working with Bill McClintock and the entire medDISPENSE team and wish them the best with Emerson.”
medDISPENSE (www.med-dispense.com) is a leading provider of affordable automated medication dispensing solutions used in small hospitals and specialty healthcare facilities. For more than a decade, medDISPENSE has met the needs of the medical community by offering secure, around-the-clock access to medications through premium quality dispensing cabinets supported by a robust proprietary software platform.
Cobblestone Advisors (www.cstoneadvisors.com) acted as the exclusive advisor to medDISPENSE. The transaction was led by Patrick Hanraty and David Allebach from the firm’s Philadelphia office and David Keys of the firm’s Healthcare & Life Sciences Group in Richmond. Cobblestone is a specialty group of Harris Williams & Co.
The CMS Fund’s other portfolio companies are: Liberty Restaurant Group, a collection of Burger King restaurants in the St. Louis area; Beckfield College, a for-profit school offering degrees in nursing, paralegal, business and criminal justice in the Cincinnati market; Marmol Radziner Prefab, a designer and manufacturer of modern, green prefabricated homes and furniture; Cedar Valley Exteriors, a storm restoration business based in Minnesota; Multi-Flow Industries, a processor and distributor of juice and beverage concentrates; and One Day University, an educational event planning company that offers students one-day seminars and lectures from the nation’s leading college and university professors.