Sheridan Healthcare, Inc., the nation's most experienced provider of multi-specialty outsourced physician staffing and administrative services to hospitals and ambulatory surgery centers in the U.S. announced today that it signed a definitive agreement to be acquired by affiliates of Hellman & Friedman LLC, a leading private equity firm, and the Company's management team. Sheridan Healthcare, Inc. includes Sheridan Healthcare, Inc, and all of its subsidiaries and affiliates.
Under the terms of the agreement, Hellman & Friedman will partner with management to purchase 100 percent of the privately held Company's outstanding equity from J.W. Childs Associates for an undisclosed price. Management will remain in place and continue to run the Company with the full support of Hellman & Friedman.
"Hellman & Friedman is a terrific long-term partner with an impressive track record of helping companies like ours achieve the next level of success," said Mitchell Eisenberg, M.D., Chief Executive Officer of Sheridan Healthcare, Inc. "In addition to the financial backing that this partnership will provide, H&F brings extensive experience working with professional services businesses.
"But most importantly, we have found a partner that shares Sheridan's values and fully supports our mission to offer the finest, most consistent teams of physicians and healthcare specialists to hospitals and ambulatory surgical facilities. Our customers can expect the same quality services they've come to count on from us and even more in the future – and the increased support from our new partner will provide additional resources and growth opportunities for Sheridan's healthcare professionals."
"Sheridan has a terrific management team and an outstanding group of healthcare professionals providing exceptional results for patients, clients and shareholders," said Allen R. Thorpe, a managing director at Hellman & Friedman.
"A strong management team, sustainable business model, attractive franchise, and significant growth prospects are just the combination we seek in an investment – and we believe Sheridan exhibits them all. We look forward to the Company's continued success as we take advantage of the many growth opportunities in front of us in this dynamic and evolving segment of the healthcare sector."
Lehman Brothers Inc., UBS Securities LLC, Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. provided financing for the transaction. UBS Securities LLC and Credit Suisse Securities (USA) LLC served as M&A advisors to Hellman & Friedman; Lehman Brothers Inc., Banc of America Securities LLC and Citigroup Global Markets Inc. served as the Company's M&A advisors. Simpson Thacher & Barlett LLP served as corporate counsel to Hellman & Friedman on the transaction. McDermott Will & Emery served as corporate counsel to Sheridan Healthcare, Inc.
About Sheridan Healthcare, Inc.
Sheridan Healthcare is a leading multi-specialty physician practice management company that provides outsourced physician
staffing services to hospitals and ambulatory surgery centers. Sheridan specializes in anesthesiology, neonatology, emergency,
and radiology departments and serves over 87 clients in 15 states with a staff of more than 1000 physicians, nurses, and
physician assistants. The Company was founded by its current Chairman and CEO Dr. Mitchell Eisenberg, and President
Dr. Lewis Gold and is based in Sunrise, Florida. Sheridan Healthcare, Inc. includes Sheridan Healthcare, Inc, and all of
its subsidiaries and affiliates.
About Hellman & Friedman LLC
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. The Firm
focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including
media and marketing services, financial services, professional services, asset management, software and information services, energy and
healthcare. Since its founding in 1984, the Firm has raised and, through its affiliated funds, managed over $16 billion of committed
capital and is currently investing its sixth partnership, Hellman & Friedman Capital Partners VI L.P., with over $8 billion of committed
capital. Representative investments include: DoubleClick, Young & Rubicam, Digitas Inc, The Nielson Company, Axel Springer AG, ProSiebenSat1,
The Nasdaq Stock Market, Intergraph Corporation, Vertafore, Inc., and Texas Genco LLC.
Media Contacts:
Dan Hilley or Sydney Rosencranz
(213) 630-6550
for Sheridan Healthcare, Inc. and Hellman & Friedman LLC