IntegraMed America Inc., a developer, marketer and manager of fertility and vein care outpatient clinics headquartered in Purchase, will be acquired by a Greenwich, Conn., investment fund that is an IntegraMed shareholder.
Sagard Capital Partners L.P. has agreed to pay $169.5 million in cash, or $14.05 per share, for the specialty health care company. The price amounts to a 24 percent premium over IntegraMed”™s closing stock price on June 8 and a 46 percent premium to IntegraMed”™s average daily closing price over the past year.
Jay Higham, chairman, CEO and president of IntegraMed, in a press release said the deal delivers two key objectives of the company – to secure a premium to IntegraMed”™s share price and a long-term partnership with a respected investor. “With Sagard, we will have the additional financial flexibility to continue investing in the growth of our business,” he said. Sagard Capital currently owns 3.7 percent of IntegraMed”™s outstanding shares.
Dan Friedberg, managing partner of Sagard Capital, said IntegraMed “has built a powerful business model anchored by a strong and experienced team of medical, clinical and administrative personnel and by its management and support services. They have consistently provided the highest levels of patient care and treatment innovation, while also delivering strong financial performance at above-industry growth rates.”
The deal is not subject to financing and is expected to close no later than mid-November. The agreement is subject to shareholder and regulatory approvals.
IntegraMed operates Attain Fertility Centers, the nation”™s largest fertility center network, with more than 130 locations in 34 states and the District of Columbia. Vein Clinics of America, another IntegraMed specialty network, operates 48 centers in 15 states, principally in the Midwest and Southeast.
