Goldman Sachs, Jeffries to Provide Financing in HGI Acquisition
Wednesday, July 28, 2010
Clayton, Dubilier & Rice (CD&R) and GS Capital Partners (GSCP) announced a definitive agreement to acquire HGI Holdings from The Jordan Company and members of the Harrington family. Debt financing for the transaction will be provided by affiliates of Goldman Sachs, Jefferies & Company and Morgan Stanley Senior Funding and funds managed by GSO Capital Partners.
Jefferies & Company acted as financial advisor to HGI. Goldman, Sachs & Co. and Morgan Stanley acted as financial advisors, and Debevoise & Plimpton acted as legal advisor to the CD&R and GSCP consortium. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to GSCP. The transaction is expected to close in the beginning of the fourth quarter.
HGI is a mail order, direct-to-home provider of specialty medical products serving chronic disease patients. The company operates through two segments, Edgepark Medical Supplies and Independence Medical. Edgepark contracts directly with over 600 managed care organizations. Independence serves as an outsourced supply chain for approximately 5,500 commercial customers, including durable medical equipment suppliers, independent pharmacies and wholesale distributors.
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