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