Agiliti Inc (AGTI)

[creede]

UHS News from Aug 13, 2018

Universal Hospital Services to Go Public Through Merger

By Katharine Grayson – Senior Reporter, Minneapolis / St. Paul Business Journal
Aug 13, 2018, 3:45pm EDT

Universal Hospital Services Inc., which leases and manages medical equipment, said Monday it will go public through a merger.

UHS’ parent company, which is owned by investment firm Irving Place Capital Management, will combine with Federal Street Acquisition Corp., an entity sponsored by Boston-based private equity giant Thomas H. Lee Partners. The deal values Edina-based UHS at $1.74 billion, according to a news release.

The combined company will operate under the name Agiliti Inc. and apply to list its stock on the Nasdaq exchange under the symbol AGTI.

UHS’ management team, including CEO Tom Leonard, will remain in place. New York-based Irving Place Capital Management will retain a minority stake in the new company.

UHS provides hospitals with equipment, like beds and MRI machines, plus services and technology for managing inventory, compliance and repairs.

The comopany said it would go public back in 2001, but delayed those plans several times. In 2003, it raised about $300 million in capital through equity and bond sales. Its debt has been publicly traded for years and it has been owned by multiple private equity firms.

UHS generated nearly $515 million in revenue last year and had roughly 2,900 employees of as Dec. 31, according to its most recent annual filing with the Securities and Exchange Commission. It posted a net income of $9.2 million last year, up sharply from a loss of $13 million in 2016.

The company expects the deal to close in the fourth quarter.

UHS is Minnesota's 58th-largest private company, according to Business Journal research.

https://www.bizjournals.com/twincities/news/2018/08/13/universal-hospital-services-to-go-public-through.html