Bison Capital Partners has made an investment in United Therapies, a provider of urological services. The investment by Bison was used to acquire the equity interests of the company’s two founding physician partners, Drs. Donald Norris and Marc Rubenstein, who were the company’s largest shareholders.
United Therapies is a provider of urological services, technology and equipment, including lithotripsy – a proven, non-invasive procedure for the treatment of kidney stones. The company acquires, owns and operates lithotripter units, including fixed site and mobile lithotripter units, and provides lithotripsy related urological services. The company currently operates through four fixed site locations and 32 mobile lithotripters covering approximately 210 sites in the states of Colorado, Illinois, Iowa, Indiana, Maine, New Hampshire, New Mexico, New York, Pennsylvania, Texas, Virginia, Washington and Wisconsin. United Therapies was founded in 1986 and is based in Chicago (www.unitedtherapies.com).
“Bison Capital is very excited to be teaming up with CEO Bruce Cohen and his management team at United Therapies, as well as our over 300 physician partners who are also invested in the business. We believe that United Therapies represents an outstanding platform from which we can profitably grow the business, while ensuring that the company continues to provide the highest levels of service,” said Andreas Hildebrand, a Partner at Bison Capital.
Bison Capital makes equity investments in public and private middle-market companies that have revenues of $20 million to $500 million and EBITDAs greater than $5 million. The firm is industry agnostic however sectors where the firm has specific experience include business services, healthcare, industrial, transportation services, financial services, environmental services, energy, distribution and logistics. Bison Capital has closed four private equity funds totaling over $600 million since its inception in 2001 and currently has more than $350 million of capital under management. The firm is based in Santa Monica with an office in New York (www.bisoncapital.com).
“Since United Therapies’ founding 28 years ago, the company has established a proven track record of excellence and innovation in delivering high quality health services to our patients and physician and facility partners. As a result, we remain one of the premier lithotripsy companies in the country as evidenced by being the first company in the industry to be acquired by private equity,” said United Therapies CEO Bruce Cohen. “We believe that our partnership with Bison Capital, given its expertise in the market, substantial relationships and access to its capital, will enable the company to expand and take advantage of the many opportunities that exist and that we were unable to take advantage of previously.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-6-14