KCI and Consortium Led by Apax Partners Announce Completion of Executive Management Discussions
November 03 2011 - 7:00AM
Business Wire
Kinetic Concepts, Inc. (NYSE: KCI) and a consortium comprised of
investment funds advised by Apax Partners and controlled affiliates
of Canada Pension Plan Investment Board and the Public Sector
Pension Investment Board today announced the completion of
discussions regarding a retention and compensation program for KCI
executive management following the contemplated merger
transaction.
In connection with these discussions, Catherine M. Burzik has
agreed to continue serving as President, CEO and Director through
June 30, 2012. Ms. Burzik plans to transition her responsibilities
to new leadership during 2012 before moving on to future
opportunities. The terms of the program with other members of
senior management include significant co-investment as well as
long-term incentives.
“We are happy to have developed a new program to support the
continuity of an experienced and highly effective management team,”
said Buddy Gumina, partner and co-head of the Apax Healthcare Team.
“We look forward to partnering with management to continue a
history of success and pursue new growth opportunities at KCI.”
“I look forward to delivering strong business performance to
wrap up 2011, and leading KCI into 2012 - a year in which we will
build on the great success that our company has enjoyed,” said Ms.
Burzik.
“Our executive management team is pleased to have this excellent
opportunity to co-invest and participate meaningfully in KCI’s
bright future,” said Martin J. Landon, KCI Executive Vice President
and CFO. “Our history of innovation and strong cash flows combined
with the business acumen and shared vision of the financial
sponsors will help us to build on leadership positions across our
business units and around the world.”
The transaction involving the merger of KCI with Chiron Merger
Sub, Inc. is planned to close on November 4, 2011.
About KCI
Kinetic Concepts, Inc. (NYSE:KCI) is a leading global medical
technology company devoted to the discovery, development,
manufacture and marketing of innovative, high-technology therapies
and products for the wound care, tissue regeneration and
therapeutic support system markets. Headquartered in San Antonio,
Texas, KCI's success spans more than three decades and can be
traced to a history deeply rooted in innovation and a passion for
significantly improving the healing and the lives of patients
around the world. The company employs approximately 7,100 people
and markets its products in more than 20 countries. For more
information about KCI and how its products are changing the
practice of medicine, visit www.KCI1.com.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States, Europe and
Asia and has more than 30 years of investing experience. Funds
under the advice of Apax Partners total over $40 billion around the
world. These Funds provide long-term equity financing to build and
strengthen world-class companies. Apax Partners Funds invest in
companies across its global sectors of Tech & Telecom, Retail
& Consumer, Media, Healthcare and Financial & Business
Services. For more information about Apax Partners, please visit
www.apax.com.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board ("CPPIB") is a professional
investment management organization that invests the funds not
needed by the Canada Pension Plan ("CPP") to pay current benefits
on behalf of 17 million Canadian contributors and beneficiaries. In
order to build a diversified portfolio of CPP assets, CPPIB invests
in public equities, private equities, real estate, inflation-linked
bonds, infrastructure and fixed income instruments. Headquartered
in Toronto, with offices in London and Hong Kong, CPPIB is governed
and managed independently of the Canada Pension Plan and at arm's
length from governments. At June 30, 2011, the CPP Fund totaled
C$153.2 billion. For more information about CPPIB, please visit
www.cppib.ca.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is
a Canadian Crown corporation established to manage investments for
the pension funds of the Public Service, the Canadian Forces, the
Royal Canadian Mounted Police and the Reserve Force. PSP
Investments manages a diversified global portfolio including
stocks, bonds and other fixed-income securities, and investments in
Private Equity, Real Estate, Infrastructure and Renewable
Resources. As at March 31, 2011, assets under management totalled
over $58 billion. For more information about PSP Investments, visit
www.investpsp.ca.
Forward-Looking Statements
This press release may contain "forward-looking statements."
These forward-looking statements are only predictions, not
historical facts, and involve significant risks and uncertainties,
as well as assumptions and are not guarantees of future
performance. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements. Forward-looking statements include, without limitation,
statements regarding the consummation of acquisition and merger,
the amount and timing of co-investments by senior management and
the intent of any parties about future actions. Actual results,
levels of activity, performance, achievements and events could
differ materially from those currently stated, anticipated or
implied due to a number of risks and uncertainties. Important
assumptions and other important factors that could cause actual
results to differ materially from those in the forward-looking
statements are specified in the Company's Annual Report on Form
10-K for the year ended December 31, 2010, and the Quarterly Report
on Form 10-Q for the quarter ended June 30, 2011, including under
headings such as "Special Note Regarding Forward-Looking
Statements," "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and in
other filings and furnishings made by the Company with the SEC from
time to time. Except to the extent required by applicable federal
securities laws, the Company undertakes no obligation to release
publicly any revisions to any forward-looking statements, to report
events or to report the occurrence of unanticipated events.
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