Universal Hospital Services, a medical equipment outsourcing company in Edina, Minn., announced it has been acquired for $712 million by the private-equity company Bear Stearns Merchant Banking, a division of Bear Stearns Cos.
The arrangement calls for Universal Hospital management to maintain co-ownership of the company, which was previously co-owned by private-equity firms J.W. Childs Associates, Boston, and the Halifax Group, Washington. Universal Hospital has also recapitalized its balance sheet by issuing $460 million in bonds, due in 2015, and secured a $135 million line of credit in connection with the sale. Gary Blackford, Universals chairman and chief executive officer, said the new capital structure will allow the company to aggressively address the healthcare marketplace.
BSMBs CEO and Senior Managing Director John Howard, Managing Director and Partner Robert Juneja, and Senior Associate Bret Bowerman also will join Universals board of directors as a part of the deal. -- by Shawn Rhea