Private equity firm The Jordan Company has signed a definitive agreement for The Resolute Funds I and II to sell HGI Holdings, a mail order distributor of medical supplies serving chronic disease patients.
The company is being acquired by private equity firms Clayton Dubilier & Rice and GS Capital Partners.
Terms of the sale agreement were not disclosed.
Headquartered outside Cleveland, HGI operates through two divisions, Edgepark Medical Supplies and Independence Medical. The company offers more than 30,000 products addressing chronic disease market segments including ostomy, diabetes, urological, enteral, incontinence and wound care.
“The Jordan Company has been a great partner in helping us scale our business,” says Ronald M. Harrington, chief executive of HGI. “They have been instrumental in providing the resources and strategic and operational guidance we needed to support our growth and investments in customer service. We are in business to provide our customers with the best answer to their medical supply needs, and we will continue to focus on being the highest quality provider of medical supplies and customer care.”
“It has been a privilege to partner with Ron Harrington and the management team in building a terrific, one stop resource for home medical supplies in the growing chronic disease markets,” says Adam E. Max, managing principal of The Jordan Company, which acquired the company in 2007. “HGI provides exceptional service to a growing list of clients thanks to a larger nationwide footprint, an expanded number of SKUs, and a devotion to customer care. We believe the company is well-positioned to benefit from favorable growth trends in its key markets.”
The transaction is expected to close in the beginning of the fourth quarter.
Jefferies acted as exclusive financial advisor to HGI. Mayer Brown acted as legal adviser to The Jordan Company.
