MED Group lines up investors
LUBBOCK, Texas - MED Group CEO Bill Elliott recently returned from a successful fishing trip. The quarry? Cash for recapitalization. The catch? Prominent investors.
Intent on increasing MED's "capacity to serve members," Elliott pursued--and landed--private equity firms Beecken Petty O'Keefe & Co. and CroBern Management Partnership as financial partners. Both groups are purported to have significant healthcare expertise and solid track records in developing successful middle market companies. Their capital infusion will help strengthen MED in the future, Elliott said. "They saw the needs in the HME sector and believe there is a lot of opportunity for service organizations like MED."
Elliott didn't disclose the amount of cash MED will be getting or how it will be used. He did say, however, that the company has expansion plans.
"I'm not making any bold announcements at this time, but the intent is to help members manage their margins and costs and use winning practices to find revenue opportunities," he said. "We will keep the same core of what we offer, but we may expand into different areas."