SOURCE: Sound Inpatient Physicians

February 20, 2007 09:55 ET

Sound Inpatient Physicians Announces Mergers With Excelsis Healthcare and Inpatient Services, P.C.

TACOMA, WA -- (MARKET WIRE) -- February 20, 2007 -- Sound Inpatient Physicians, a leading provider of inpatient care, announced today that it has completed merger transactions with Excelsis Healthcare, Inc. and Inpatient Services, P.C., expanding its presence to six states. The combined entity will operate under the name Sound Inpatient Physicians, Inc.

Sound Inpatient Physicians has developed and operates a unique hospitalist model that focuses on investing in, training and supporting its hospitalist physicians. This model allows Sound to partner with its hospital clients to deliver efficient and cost effective services.

"The mergers we are announcing today represent very positive developments for Sound," said Robert Bessler, M.D., co-founder and President of Sound. "Not only are we gaining two hospitalist groups that maintain leading positions within their markets, but also key additions to our senior management team and a financial partner to provide us with the capital we desire to continue to build and support our operations."

Inpatient Services, P.C. was founded in 1998 and is the leading provider of inpatient care in Denver, CO.

"This merger with Sound is the logical next step for our group," said M-A Williams, M.D., ISPC's President and newly appointed Regional CMO of Sound. "Due to the success and growth we've experienced in Denver, we now require a level of infrastructure and support that we could not readily acquire on our own. My partners and I chose to join Sound because we are impressed with its physician-centric culture and we look forward to practicing within the Sound model."

Excelsis owns and operates American Physicians, Inc., the leading provider of inpatient care in Phoenix, AZ. Its founders include Kris Bratberg, formerly the President and CEO of Pediatrix Medical Group, Inc. (NYSE: PDX), Brian Gillon, formerly EVP Corporate Development and General Counsel of Pediatrix, and David Hunter, the founder and formerly CEO of The Hunter Group, a leading hospital system consulting company. TowerBrook Capital Partners, L.P., a New York-based private equity firm, provided initial equity funding to Excelsis and is providing additional equity capital to the newly combined entity.

"Sound's philosophy that patients are its greatest concern and physicians are its greatest asset is the cornerstone to building a successful national group of hospitalists," said Mr. Bratberg, who will serve as Sound's CEO. "Because we deliver on this philosophy, our physicians can focus on providing high quality care to their patients. At Sound, we will always strive to provide our physicians with the human, IT and business support resources required to create a positive practice environment."

About Sound

Sound Inpatient Physicians is a leading hospitalist company currently providing inpatient physician services in hospitals located in Arizona, California, Colorado, Montana, Oregon and Washington State. Sound's model focuses on training and supporting its physicians, delivering sophisticated services to its hospital clients and developing innovative solutions to the clinical, administrative and fiscal challenges facing our nation's healthcare delivery system.

About TowerBrook

TowerBrook Capital Partners, L.P. is a private equity firm with $2.5 billion under management. The firm has offices in New York and London, and pursues private equity investments in large, middle market and growth-oriented industry leading companies, partnering with highly capable management teams and seeking situations characterized by complexity. TowerBrook invests primarily in leveraged buy-outs, build-ups and growth equity transactions.

Contact Information

  • For additional information contact:
    Sound Inpatient Physicians
    1709 Dock Street
    Tacoma, WA 98402
    253-682-1710 phone
    253-682-1714 fax
    www.soundphysicians.com

    Media Contact for TowerBrook:
    Melissa Daly or Gemma Hart
    Brunswick Group
    212-333-3810
    www.towerbrook.com