California Forensic Medical Group (CFMG) is a provider of outsourced healthcare services to county correctional facilities in California. CFMG’s programs are accredited through the California Medical Association and the Institute of Medical Quality for both adult and juvenile correctional facilities. The company was founded in 1983 and is based in Monterey, CA (www.cfmg.com).
H.I.G. partnered with Dr. Taylor Fithian, President and Medical Director; Elaine Hustedt, Vice President of Operations and Personnel; and Dan Hustedt, Vice President of Finance, on this transaction.
“We are very excited to invest in CFMG alongside its founding management team. Taylor, Elaine, and Dan are exceptional people and have built a best-in-class company that has differentiated itself by lowering healthcare costs while improving quality, enabling them to establish true partnerships with their county customers. CFMG and its employees place their customers (inmates and county corrections personnel) first and that focus will continue to be the key to CFMG’s success,” said Rob Wolfson, a Managing Director at H.I.G. Capital.
“We have found a wonderful partner in H.I.G., who understands how important CFMG is to our customers and employees and shares our vision for continued prosperity for the company,” said Dr. Fithian.
H.I.G. Capital specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. Since its founding, H.I.G. has invested in and managed more than 200 companies and the firm’s current portfolio includes companies with combined revenues in excess of $8 billion. H.I.G. Capital has more than $8.5 billion of equity capital under management and is based in Miami and has other offices in Atlanta; Boston; San Francisco; London; Rio de Janeiro; Hamburg, Germany; and Paris, France (www.higcapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-7-13