My tribute to George Soros:
Thanks, Georgie! Great job!
I love the sound of $27 MILLION being flushed down the terlit! :^D
Posted on 11/15/2004 2:20:08 AM PST by gattaca
Parthenon exits Spheris by David Carey Updated 06:18 PM EST, Nov-9-2004
TOP DEAL HEADLINES
Movers & shakers: Nov. 15, 2004 Parthenon exits Spheris Amgen grows its own VC arm Tech IPOs show big gains Investor slams GenCorp
Warburg Pincus LLC and Soros Private Equity Partners LLC acquired Spheris Inc. in a secondary buyout from Parthenon Capital LLC, which said it earned roughly a 500% profit on its $25 million equity investment in the Franklin, Tenn.-based medical transcription company. In addition to New York-based Warburg and Soros, Spheris' president and CEO, Steven Simpson invested in the recapitalization.
Terms weren't disclosed. But based on Spheris' $24 million in projected 2004 Ebitda and its rapid growth, Warburg and Soros likely paid more than $200 million for the business, which converts doctors' dictated accounts of medical tests, surgical procedures and the like into digital records that hospitals and clinics use for billing.
The company serves more than 200,000 physicians at more than 300 hospitals and medical clinics in the U.S. and Canada. With expected 2004 revenue of $155 million, it is North America's second-largest medical transcription business, after Marlton, N.J.-based MedQuist Inc.
Parthenon, a private equity firm with offices in Boston and San Francisco, created Spheris by buying and merging Total eMed Inc. and IDX Systems Corp.'s EDiX Corp. unit.
It paid $6 million for Total eMed in August 2001 and forked out $64 million for EDiX in June 2003, investing about $25 million from two buyout funds it manages. According to Ernest Jacquet, Parthenon's co-CEO, the two funds posted a blended annual compound internal rate of return on the investment of about 90%.
"We saw an opportunity to create a strong No. 2 in an otherwise highly fragmented industry" by buying and integrating Total eMed and EDiX, said Jacquet. "Our role was to recruit the management team and to assist with the integration."
David Wenstrup, a Warburg Pincus managing director, declined to say how much equity his firm and Soros put into the deal, for which J.P. Morgan Chase & Co. and UBS provided debt financing
60 million conservatives need to start their own Investment firms, banks, corporations and etc etc
Gag me! I'm SOOOOOO glad I didn't answer their ad when it first started running a few months ago.
Ditto that, I work for MedQuist, the biggest transcription company. Hope he stays away from us.
Mr. Soros will either gobble up or overrun MedQuist IMHO.
*gulp*
I can find nothing about it online!!
Heh... I briefly worked for the transcription company "ddi," just before and just after it was swallowed up by MedQuist. Frankly, I work for a small and lean California transcription company... my boss pays better than the national companies and gives me less hassle.
I know MedQuist has troubles of their own right now, with lawsuits, offshoring VA Administration medical records, etc.
There's $$ to be made in that business. Wife and I ran our own medical transcription business and were building up fairly well until she got cancer. I couldn't handle the entire thing myself, and for various reasons that I won't go into here, we had to give it up. But the $$ was there and I can see how the national companies are making such a thriving venture out of it. Heck, at one time we had 15 - 18 associates working for us, and the business was still building on physician-to-physician recommendations alone, without us having to knock on any doctor's doors.
(BTW she is in remission these past 6 years. It took her a while to build up her strength again, but we don't have it in us to turn over that business stone again. We're looking at something else.)
Having worked for a Corporation that Soros bought out, I can suggest to those working for the purchased company that they start looking for new employment. This guy rapes and pillages, then sells the carcass!
LLS
Soros ping.
Oh what lovely news to wait up to - my hospital uses Spheris.
About Soros Equity Partners L.L.C..........Soros Private Equity Partners L.L.C., an investment affiliate of Soros Fund Management L.L.C., is responsible for making direct equity investments on behalf of Soros Private Equity Investors L.P. Soros Fund Management is the well-known investment advisory firm founded by George Soros.
Hmmmmm. All those LLC's (limited liability corporations).........usually put together to hide real ownership. Maybe Soros got some of the Dims involved? Or maybe Terayza's an investor?
Hmmmmm. All those LLC's (limited liability corporations).........usually put together to hide real ownership. Maybe Soros got some of the Dims involved? Or maybe Terayza's an investor?Oh, yeah. Always playin' the which shell is the pea under game!
My tribute to George Soros:
Thanks, Georgie! Great job!
I love the sound of $27 MILLION being flushed down the terlit! :^D
LOL, thanks I needed that!
Thanks. :^D
27M is probably just what he admits to, he may have spent a far larger amount
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