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Empire News: Press Release
An Affiliate of Empire Investment Holdings Signs Definitive Agreement to Acquire the Off-Site Surgical Reprocessing Division of SSI Surgical Services, Inc.
Miami, Florida, June 5, 2006 (Business Wire) - Empire Investment Holdings, a private investment firm focused exclusively on the acquisition and strategic management of corporate divestitures, announced today that its affiliate MSI Surgical Solutions, LLC has signed a definitive agreement to acquire the off-site surgical reprocessing division of SSI Surgical Services, Inc., an affiliate of Teleflex Incorporated. The division, formerly known as MSI Medical Sterilization, Inc, is located in Syosset, New York, and provides full reprocessing services to hospitals and surgery centers for reusable surgical instrumentation and supplies, which are processed and delivered daily. The terms of the transaction were not disclosed.
"We are pleased to be acquiring a proven market leader with a strong history and a tremendous potential for growth," said David F. Alfonso, Empire's chairman and chief executive officer. "We see the medical services industry as having long-term growth trends, which fits perfectly with our philosophy of taking a long-term view with our investments."
Empire's senior vice president, portfolio operations, Gene Bardakjy, will lead the transition of the business and will provide ongoing oversight once the transition process is complete.
"Our transition team is already working with the management team to ensure a seamless transition and separation from SSI," said Mr. Bardakjy. "Empire has a very customer-centric approach to newly acquired businesses, which is designed to ensure no disruption in service or service quality." "This is why we take such a hands-on approach immediately post close, with management, to support the business through this critical period."
Chris Tihansky, president and CEO of SSI, said, "Our board of directors feel that this divestiture is in the best interest of our employees, customers, and shareholders. Our off-site surgical reprocessing division is no longer a strategic fit with the future direction of our business, and our board feels that it will be better positioned in the hands of an organization such as Empire, that wants to grow the business and has the experience to address the carve-out issues related to a corporate divestiture. Therefore, we expect a smooth transition for our customers with continued high levels of service and quality".
This acquisition adds a leading provider of strategically critical surgical services, a skilled workforce of approximately 70 employees, and a 50,000 square foot state-of-the-art reprocessing facility to Empire's portfolio. The new company will operate as a stand-alone entity, led by its existing management team. During the first 90 days, the company will announce additional details about its strategic plans, as well as launch its new name and logo.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused exclusively on the acquisition and strategic management of non-core business units from the Fortune 1000. Empire adheres to a well defined and focused acquisition strategy that is driven by the firm's history in acquiring, operating and managing over 50 corporate divestitures across several industries. Empire's approach is specialized in addressing the complexities of acquiring non-core business units, as well as ensuring post close business continuity. Today, Empire’s portfolio is comprised of 7 operating companies, serving over 10,000 customers worldwide, with an international footprint of 25 facilities encompassing over one million square feet of space and over 1,000 employees.
About SSI Surgical Services, Inc.
SSI Surgical Services, Inc., is a healthcare company that provides surgical support services to hospitals and ambulatory surgery centers throughout the United States. With comprehensive services that are focused primarily on the operating room, tailored services include endoscopy management services, SPD staffing and surgical instrument sterilization. SSI's headquarters is in Orlando, Fla., with employees based in hospitals and ambulatory surgery centers nationwide.
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