National Medical Enterprises has agreed to sell a 70% interest in its dialysis service company, Medical Ambulatory Care, to a firm formerly associated with NME's top executive.
DLJ Merchant Banking Partners, an equity fund managed by a subsidiary of Donaldson, Lufkin & Jenrette, New York, will pay $75.5 million for the controlling interest in Medical Ambulatory. NME's chairman and chief executive officer, Jeffrey C. Barbakow, was a managing partner of DLJ before he was hired for the top NME post last year.
Medical Ambulatory, a Tacoma, Wash.-based company that operates 38 outpatient and 27 inpatient centers, reported $70 million in revenues for the fiscal year ended May 31, 1993.
Santa Monica, Calif.-based NME will retain 30% of the company. Leonard Frie, Medical Ambulatory's president, will keep his post.
