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R.S. LAUDER, GASPAR & CO., LP INVESTS IN HANGER ORTHOPEDIC GROUP, INC.

R.S. LAUDER, GASPAR & CO., LP INVESTS IN HANGER ORTHOPEDIC GROUP, INC.
 NEW YORK, March 23 /PRNewswire/ -- R.S. Lauder, Gaspar & Co., LP, a New York based venture capital firm, announced today that it has acquired debt convertible into 4.9 percent of the common stock of Hanger Orthopedic Group, Inc. (AMEX: HGR) which would make it one of that company's largest stockholders. The investment in the 8.5 percent junior convertible notes of the company represents approximately 300,000 shares of common stock issuable upon conversion at a price of $13.25 per share.
 Hanger Orthopedic Group, Inc. is one of the nation's largest and fastest growing providers of patient care services for orthotic and prosthetic rehabilitation, a segment of the health care services industry. Management plans to use the proceeds of this investment to fund acquisitions which they expect to close in the near future.
 R.S. Lauder, Gaspar & Co., LP was formed in 1991 by Ronald S. Lauder, chairman of the Central European Development Corporation (CEDC), and by Andrew Gaspar, a venture banker and former partner of E.M. Warburg Pincus & Co., to invest in business opportunities in the United
States and abroad. The partnership has focused on backing experienced operating managers in selected industries.
 Commenting on the partnership's investment in Hanger, Lauder said, "This is exactly the kind of investment opportunity we are seeking in the health care field -- a company which meets, in our opinion, the acute needs of its patients through superb products and services while it is also responsive to the needs of care providers and administrators." R.S. Lauder, Gaspar & Co., Managing Director Fleur Netanyahu added, "Hanger's products and services appear to respond to a fundamental need in our society for better delivery of health care. We are very impressed with Hanger's ongoing success in consolidating the orthotic and prosthetic industry and believe that the company's remarkable management team has the skills to continue the company's growth in the future."
 Since founding CEDC in early 1990, Lauder has moved to the forefront of Western investors working in the former Communist-dominated countries of Eastern and Central Europe. As chairman of the New York State Advisory Commission on Privatization, Lauder recently released the comprehensive public policy study "Privatization for New York: Competing for a Better Future."
 -0- 3/23/92 R
 /CONTACT: Nelson Warfield of R.S. Lauder, Gaspar & Co. 212-572-6663/
 (HGR) CO: R.S. Lauder, Gaspar & Co. LP; Hangar Orthopedic Group Inc. ST: New York IN: HEA SU: TNM


AH -- NY059R -- 1053 03/24/92 12:14 EST
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Date:Mar 24, 1992
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