Press Release
U.S. Renal Care Inc. Acquires Tarrant Dialysis Centers Inc., Completes New Financing — Acquisition Adds Nine Dialysis Centers in Fort Worth Area, Financing Includes $36 Million in Series C Preferred Stock
7/10/06, J. Christopher Brengard
FORT WORTH, TEXAS — U.S. Renal Care Inc., a leading provider of outpatient kidney dialysis services, announces today that it has acquired from Tarrant Dialysis Centers, L.P., (‘TDC”) a majority interest in the assets of nine existing dialysis centers located in and around Fort Worth, Texas. This transaction forms a new partnership, USRC Tarrant LP, which currently treats more than 900 patients and plans to develop two additional centers that will open during the third and fourth quarters of 2006.
TDC is led by three senior nephrologists, Ponniah Sankar, MD; Lee E. Anderson, MD; and Darrell L. Hirt, MD. Dr. Sankar, spokesperson for the physician group, notes “We are excited about our partnership with U.S. Renal Care and know they share our commitment to the highest standards of patient care and quality of service. With TDC’s significant presence in Ft. Worth, and USRC’s resources, I’m certain these clinic operations will continue to be successful and enable continued growth in the North Texas market.”
“We are most pleased to partner with this premier group of physicians, and are excited to be in the Dallas/Fort Worth area, said Chris Brengard, President and CEO of U.S. Renal Care. “We will work diligently with the TDC physicians to continue to improve patient service and clinical operations. With our combined assets, we now have the resources and capability to expand our services and operations, providing more outpatient dialysis services to patients and partners throughout the U.S.”
U.S. Renal Care has also completed the subscription of $36 million of Series C Preferred Stock and added Thoma Cressey Equity Partners to its group of equity sponsors, which includes SV Life Sciences, Select Capital Ventures and Salix Ventures.
Bryan Cressey, Managing Partner of Thoma Cressey Equity Partners, said, “Thoma Cressey is pleased to join such a distinguished group of investors in what we consider to be a highly attractive investment opportunity in the dialysis sector of the healthcare market. We believe that USRC’s commitment to excellence in service and creation of strong physician partnerships are distinguishing features in the market.”
“We appreciate our investor’s continued confidence in our success. Their support has been instrumental in fueling our growth into one of the leading outpatient dialysis providers in the nation,” said Chris Brengard. “We are especially pleased with the addition of Thoma Cressey Equity Partners to our investor group. The addition of Bryan Cressey to our Board of Directors adds additional strength to our organization. Mr. Cressey is recognized across our industry for his expertise and success in the healthcare industry.”
Financing for the TDC acquisition was provided by $36 million from the company’s equity sponsors and a $55 million credit facility led by CIT Healthcare, a unit of CIT Group Inc. (NYSE: CIT) and a leading provider of growth capital to healthcare companies across the United States. CapitalSource Finance LLC has joined the credit facility as Syndication Agent.
Founded in 2000 by an experienced team of healthcare executives, U.S. Renal Care Inc. works in partnership with nephrologists to acquire and operate outpatient treatment centers for persons suffering from chronic kidney failure, also known as End Stage Renal Disease. With this transaction, U.S. Renal Care will operate 31 dialysis clinics in Texas and Arkansas, caring for approximately 2,200 dialysis patients, with additional clinics in development.
For more information on U.S. Renal Care Inc., please visit www.usrenalcare.com
