H.I.G. Capital LLC said Thursday that it has invested in United States Medical Supply Inc. (US Med) Inc. via a recapitalization. Financial terms weren’t announced. Miami-based US Med is a national provider of mail-order medical supplies.
MIAMI–(BUSINESS WIRE)–H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with $19 billion of equity capital under management, is pleased to announce that its affiliate has recapitalized United States Medical Supply, Inc. (“US MED” or the “Company”), a leading direct-to-consumer mail-order medical supply business, focused on patients with chronic conditions, in partnership with management.
Headquartered in Miami, FL, US MED provides medical supplies to patients suffering from chronic conditions, including diabetes, sleep/respiratory disorders, and urological conditions who need such supplies daily. US MED is among the largest and most efficient direct-to-consumer providers of medical supplies in the nation, with a best-in-class IT, compliance, and operating platform. The Company provides a compelling value proposition to all healthcare constituents, including patients, payors, physicians, and manufacturers. US MED delivers outstanding customer service and quality medical supplies to patients in order to help them effectively control their conditions and improve the quality of their lives.
Founder and CEO, Zachary Schiffman said, “We are thrilled to partner with H.I.G. – they have a strong history of working with healthcare and founder-owned companies to accelerate growth and increase value to patients. I started US MED almost 20 years ago with the mission to provide ‘better service and better care’ for patients with chronic conditions while recognizing the need to reduce healthcare costs throughout the system. I believe we have done that and will strive for US MED to be even more impactful with H.I.G. as a partner.”
Camilo E. Horvilleur, Managing Director at H.I.G. Capital, commented, “We identified US MED as an industry leader with a proven track record, patient-centric model, incredibly efficient operating platform, and a talented metrics-driven management team. We are excited to partner with Zachary and management to support their strategic growth plan, particularly by aggressively pursuing value-enhancing add-on acquisitions.”
About US MED
Founded in 1996, US MED is a leading national provider of mail-order medical supplies. US MED assists patients by offering a large variety of products, including diabetic testing supplies, CPAP masks and machines, catheters, orthotics, and prescription medications. The Company specializes in servicing patients covered by Medicare, Medicaid and private health insurance. The Company benefits from long-standing manufacturer relationships and is able to provide high quality products to patients at a fair value. US MED is accredited by the Accreditation Commission for Healthcare (ACHC.org) and is A+ rated by the Better Business Bureau (BBB). For more information on US MED, please visitwww.usmed.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $19 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.