MedServe Receives $70 Million in Equity Funding
MedServe Receives $70 Million in Equity Funding
Avista Capital Partners, combined the investment with an additional
$20 million in existing shareholder commitments and debt conversion
Houston, TX.- MedServe, Inc. has completed another round of capitalization to fund the company’s continued consolidation of local and regional operators in the medical waste industry nationwide. With an investment commitment of $50 million from Avista Capital Partners, combined with an additional $20 million in existing shareholder commitments and debt conversion, MedServe management believes it has sufficient equity funding to achieve its goal of more than $150 million in annual revenues. At least three transactions are expected to close by year-end 2006 with several more planned for 2007.
Avista Capital Partners joins Chrysalis Ventures II, L.P., Murphree Venture Partners VI, L.P., Cogene Biotech Ventures II, L.P. and Erasmus Louisiana Growth Fund, L.P. in capitalizing MedServe’s aggressive expansion plans.
MedServe’s management has completed eight acquisitions over the past 18 months in its quest to become the second largest company in the medical waste management sector. These acquisitions, combined with strong organic growth, have tripled MedServe’s customer base and quadrupled revenues in the first nine months of 2006. The company is led by Roger Ramsey, former founder and chief executive officer of Allied Waste Industries and co-founder of Browning Ferris Industries (BFI), and Mike Fields, former president of BFI Medical Waste.
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Avista Capital Partners, combined the investment with an additional
$20 million in existing shareholder commitments and debt conversion
Houston, TX.- MedServe, Inc. has completed another round of capitalization to fund the company’s continued consolidation of local and regional operators in the medical waste industry nationwide. With an investment commitment of $50 million from Avista Capital Partners, combined with an additional $20 million in existing shareholder commitments and debt conversion, MedServe management believes it has sufficient equity funding to achieve its goal of more than $150 million in annual revenues. At least three transactions are expected to close by year-end 2006 with several more planned for 2007.
Avista Capital Partners joins Chrysalis Ventures II, L.P., Murphree Venture Partners VI, L.P., Cogene Biotech Ventures II, L.P. and Erasmus Louisiana Growth Fund, L.P. in capitalizing MedServe’s aggressive expansion plans.
MedServe’s management has completed eight acquisitions over the past 18 months in its quest to become the second largest company in the medical waste management sector. These acquisitions, combined with strong organic growth, have tripled MedServe’s customer base and quadrupled revenues in the first nine months of 2006. The company is led by Roger Ramsey, former founder and chief executive officer of Allied Waste Industries and co-founder of Browning Ferris Industries (BFI), and Mike Fields, former president of BFI Medical Waste.
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posted by Famous Quotations - MedServe Receives $70 Million in Equity Funding
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