HOUSTON, May 14, 2009 - MedServe, Inc., a private company, today announced that it has entered into an agreement to be acquired by Stericycle, Inc. (Nasdaq: SRCL) for $185 million in cash.
MedServe has been majority-owned by Avista Capital Partners, Chrysalis Ventures and Murphree Venture Partners since September 2006. MedServe is engaged in the collection, transportation, treatment and disposal of medical waste, hazardous waste, universal waste and other regulated wastes; sharps management services; safety and compliance training services; and other related businesses.
Roger Ramsey, Chairman and Chief Executive Officer of MedServe, said, "We would like to thank Avista, Chrysalis, Murphree and our other shareholders for their commitment to MedServe over the last three years. We are grateful for their support of the company's strategic vision and assistance in achieving this successful event.
"Most importantly, I would like to express my appreciation for MedServe's talented, dedicated and experienced employees. It is through their hard work that our company has experienced such rapid growth in the U.S."
Steve Webster, Co-Managing Partner of Avista, said, "MedServe has made significant progress during the period of Avista, Chrysalis and Murphree's ownership. The company has grown into a great business with an exceptional base of employees. The entire investor group is delighted to have sponsored MedServe and that we were able to partner with the company's outstanding management team."
The transaction is subject to customary closing conditions and regulatory reviews, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
MedServe, Inc., headquartered in Houston, Texas, is engaged in the collection, transportation, treatment and disposal of medical waste, hazardous waste, universal waste and other regulated wastes; sharps management services; safety and compliance training services; and other related businesses. For additional information about MedServe, please visit http://www.medserve.com.
About Avista Capital Partners
Founded in 2005, Avista Capital Partners is a leading private equity firm with offices in New York, NY and Houston, TX. Avista's strategy is to make controlling or influential minority investments primarily in growth-oriented energy, healthcare and media companies. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, visit http://www.avistacap.com.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is the premier venture capital firm in Mid-America, managing one of the region's largest funds for early-stage and growth investments. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare services and technology, media and communications, and emerging trends and technologies. Based in Louisville, Kentucky, Chrysalis has approximately $400 million under management and has made investments in 60 companies. For more information, visit http://www.chrysalisventures.com.
About Murphree Venture Partners
Murphree Venture Partners is a venture capital/private equity firm that makes investments in entrepreneurial enterprises with high-growth potential. Murphree seeks to align itself with entrepreneurs and management groups with whom it can develop strong working relationships, and with whom it can act in concert as owners/investors. Murphree invests in the Sun Belt region of the U.S. from its four offices in Houston, Austin, Baton Rouge and Birmingham. For more information, visit http://www.murphco.com.
Diana Postemsky, Kekst and Company, 212-521-4805
SOURCE MedServe, Inc., Avista Capital Partners