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OLDSMAR, Fla. -- Maxxim Medical, Inc., which filed for bankruptcy protection in February 2003, announced today that it has signed an agreement for the sale of substantially all of its assets and business to Lightyear Capital, a private equity investment firm that manages more than $2 billion in assets.
Maxxim Medical is a leading manufacturer, assembler and marketer of specialty medical products such as custom procedure trays, medical and surgical gloves, radiology, and critical care products for hospitals, surgery centers and alternate care facilities. Thomas R. Cochill, Maxxim president and chief executive officer, noted the importance of the proposed acquisition to the company:
"Partnering with Lightyear Capital, and tapping into their resources and expertise, is a positive step for Maxxim, our employees, customers and the companies that provide goods and services to Maxxim. We anticipate that this action should result in a new Maxxim that will be a stronger competitor in the marketplace, serving our markets even more effectively in the years to come."
Donald B. Marron, chairman and chief executive officer of Lightyear Capital, said, "Maxxim has the attributes that our firm looks for - a strong presence in its core markets, excellent management and a solid, long-term business plan for growth. We look forward to supporting the company and its management as they capitalize on emerging growth opportunities within their markets."
The purchase agreement for Maxxim's assets and those of several related subsidiaries is subject to approval by the U.S. Bankruptcy Court for the District of Delaware as well as compliance with the Bankruptcy Code and certain other conditions. The sale is also subject to the consent of the secured lenders under Maxxim's debtor-in-possession financing facility. The financial terms of the deal were not disclosed. Maxxim anticipates the closing of the sale should occur by the end of October 2003.
Source: Maxxim Medical