KRG Capital Completes $60 Million Recapitalization of CIVCO; Recap is 4th Liquidity Event Announced In 2004.DENVER -- Denver-based private equity firm, KRG KRG Kurdistan Regional Government KRG Key Resource Group (Los Angeles, California) KRG Killology Research Group KRG Knoxville Repeater Group Capital Partners ("KRG"), announced today that it has completed a $60 million recapitalization of CIVCO Holdings, Inc., ("CIVCO"), a global leader in design, manufacture and marketing of specialized accessories and supplies that complement ultrasound and minimally invasive surgical equipment for niche diagnostic and therapeutic procedures. CIVCO's customers include GE Healthcare GE Healthcare is a $18 billion (USD) unit of General Electric (GE). It employs more than 46,000 people worldwide and is headquartered in Chalfont St. Giles, Buckinghamshire, United Kingdom. GE Healthcare is the first GE business segment headquartered outside the United States. , Siemens Medical Systems, Philips Medical Systems, B-K Medical, Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, and international distributors as well as over 9,300 hospitals and clinics in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company operates out of two facilities in Kalona, Iowa Kalona is a city in Washington County, Iowa, United States. It is part of the Iowa City, Iowa Metropolitan Statistical Area. The population was 2,293 at the 2000 census. Description Kalona is home to a burgeoning craft, antiques and local products industry. , and Sarasota, Florida Sarasota is a city located in Sarasota County on the central west coast of Florida, USA. Its official limits include Sarasota Bay and several barrier islands between the bay and the Gulf of Mexico. , and has over 120 employees. Proceeds from the recapitalization were used to refinance the Company's indebtedness and to make a common dividend to CIVCO's investors, including management shareholders. Through the distribution, KRG was able to return 110% of its invested capital to KRG Capital Fund II while maintaining approximately 80% of this fund's ownership stake in the Company. The recapitalization, which occurred just 15 months from KRG's initial investment in CIVCO, is KRG's 4th announced liquidity event of 2004. Madison Capital and Merrill Lynch provided the senior financing for the recapitalization while American Capital Strategies provided the mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the . About KRG Capital Founded in 1996, KRG is a Denver-based private equity buyout firm that currently manages over $1 billion of committed equity capital and equity co-investments. KRG specializes in acquiring and recapitalizing unique and profitable middle-market companies. The firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Since inception, KRG has invested in 19 "platform companies" and has completed 55 add-on acquisitions for those platforms. For more information on KRG Capital Partners, please visit www.krgcapital.com. About CIVCO Holdings, Inc. Headquartered in Kalona, Iowa, CIVCO Medical Instruments, Inc. was founded in 1981 and is a global leader in design, manufacture and marketing of specialized accessories, equipment and supplies that complement ultrasound and minimally invasive surgery minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. for critical diagnostic and therapeutic procedures. CIVCO partners with the world's leading medical OEMs to design, manufacture and distribute innovative accessories, including: ultrasound image-guided biopsy systems, infection control products (transducer transducer, device that accepts an input of energy in one form and produces an output of energy in some other form, with a known, fixed relationship between the input and output. covers and surgical covers) and stabilizing and positioning systems enabling ultrasound-guided biopsy systems, infection control products (transducer covers and surgical covers) and stabilizing and positioning systems enabling ultrasound-guided diagnostic and therapeutic procedures. The Company also distributes a complete line of imaging supplies including: SONY and Mitsubishi printers and consumable print media, transmission gels and warmers, disinfectants, cleansers and soaking systems. CIVCO's customers include major medical OEMs and international distributors as well as 9,300 hospitals and clinics in the United States. |
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