Healthcare Industry News: HeartMate II
News Release - August 2, 2007
Diversified Clinical Services Transitions to New CEO, Placing Emphasis on Long-Term Growth Following Landmark Year in 2006Former CEO to assume Vice Chairman of the Board role, advising company as it grows to meet dramatically increasing demand for wound care services
JACKSONVILLE, Fla., Aug. 2 (HSMN NewsFeed) -- Diversified Clinical Services, a national wound care company collaborating with hospitals to establish and manage comprehensive outpatient wound care programs, today announces that Jeffrey W. Nelson has been appointed President & CEO. Jim Henry, Diversified Clinical Services' CEO since 1997, will transition to the role of Vice Chairman of the Board. In this new role, Henry, who turned 65 this year, will continue full-time in an advisory capacity.
"It's estimated that more than 7 million people in this country need advanced wound care services," Nelson said. "Unfortunately, due to the rapidly increasing incidence of diabetes and the aging population, hospital- based wound care is needed now more than ever before. As the largest wound care management company, Diversified Clinical Services is uniquely positioned to meet this clinical need by increasing awareness and improving patient access through expansion."
Nelson's career includes more than two decades of health care industry experience, specializing in companies who provide advanced technology to underserved patient populations. Nelson comes to Diversified Clinical Services from Thoratec Corporation, a California-based company that develops products to treat cardiovascular disease. As president of Thoratec's Cardiovascular Division since 2002, Nelson grew the division from $72 million to $134 million and drove the company's HeartMate II program forward.
Before Thoratec, Nelson spent eight years at Philips Medical Systems, where he served as general manager of the company's nuclear medicine division. He holds a Bachelor of Science in applied mathematics and economics from Brown University and an M.B.A. from the Kellogg School of Graduate Management at Northwestern University.
"This is a natural evolution for the company," Henry said. "This enables me to transition a healthy and stable company to a new leader, who can build upon what we've achieved and position the company for long-term growth."
Nelson said: "I'm excited to be joining a company that has a very strong financial position, a talented management team and a clinical mission that is focused on a growing need. When you add all these factors together, it's a unique opportunity at a very exciting time for the company. I'm dedicated to continuing Diversified Clinical Services' history of success and meeting the increasing demand for wound care services."
Last year was a landmark year for Diversified Clinical Services, which signed a record number of 42 new wound care center contracts during the year. Last year also marked a series of merger and acquisition activities for the company, as Praxis Clinical Services and Wound Care Centers, Inc. joined Diversified Clinical Services to form the largest outpatient wound management company in the U.S. Today, doing business under the Diversified Clinical Services brand name, the company is now positioned to move to the next level of growth under the direction of Jeff Nelson.
Nelson's immediate focus will be to continue the integration activities of Diversified Clinical Services, leveraging the company's strengths to continue its rapid growth. He will also work to expand the number of Diversified Clinical Services' hospital-based wound care centers across the country.
"Jim grew the company from a handful of employees 10 years ago to over 800 employees today and increased the company's hospital contracts from just two to more than 260 today," Nelson said. "I'm honored to build upon this work, be a part of this great company and help bring advanced technology and care to the growing number of people with problem wounds."
Diversified Clinical Services is a private company owned by The Jordan Company, The Edgewater Funds, Bolder Capital and management.
About Diversified Clinical Services
Diversified Clinical Services manages comprehensive wound care centers at more than 260 contracted hospitals in 40 states nationwide (plus Puerto Rico), allowing hospitals to provide a needed, value-added service to a growing patient population. Diversified Clinical Services plans, develops and manages the wound care centers, providing key staff, equipment, implementation guidelines, operating procedures, clinical algorithms, outcomes data tracking systems, education and training, community education, and billing and coding support. Diversified Clinical Services is headquartered in Jacksonville, Fla. More information is available at http://www.diversifiedclinicalservices.com.
About The Jordan Company
The Jordan Company ("TJC") is a leading middle-market private investment firm that specializes in buying and building businesses in partnership with management. Since 1974, partners of TJC have successfully completed more than 300 transactions that have provided liquidity for owners, capital to support corporate growth and significant equity opportunities for key management. Today, TJC has over $5 billion in capital under management and a portfolio of companies with aggregate revenues in excess of $4 billion, including Diversified Clinical Services, Inc.
About The Edgewater Funds
Edgewater Funds is a premier private equity firm based in Chicago, Ill., with over $1 billion in capital under management. Through Edgewater Growth Capital Partners, the firm provides capital and experience to outstanding growth companies. Edgewater Growth Capital Partners' investment strategy focuses on funding profitable middle market companies where we can add substantial value through our capital, our experience and our broad network. What truly sets Edgewater apart is the wealth of experience that its team brings to investments. Edgewater's Partners have been successful CEOs and business leaders themselves, collectively having created more than $10 billion in shareholder value.
About Bolder Capital
Bolder Capital is a private investment firm established to find and invest in middle market companies for long-term value creation. Bolder primarily co- invests with JZ Equity Partners and The Edgewater Funds (the "Co-Investors") and works closely with these funds or their advisors to find appropriate investments. Bolder Capital, the Co-Investors and their advisors bring over 50 years of combined investment experience and substantial financial resources in excess of $1 billion in capital. In addition, the Co-Investors and their advisors have extensive operating experience in a broad range of industries, having acquired or funded more than 400 companies.
Source: Diversified Clinical Services
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.