Healthcare and Distribution Services - Audon Trap & Partners

M&A International Inc. Healthcare Group 

Transaction Expertise 

This book was compiled by the M&A International Inc. 

Healthcare Group, demonstrating its unparalleled expertise in the 

healthcare sector. 

For further information please visit our website: 

www.mergers.net

H E A L T H C A R E G R O U P 

M&A International Inc. is the world’s leading alliance 

of independent advisors specializing in middle market 

transactions. 

2

Welcome Remarks 

Dear Healthcare Colleagues, 

The global business environment has been very favorable during the past 

several years, and thus far in 2007, the healthcare outlook across the global 

economy has remained generally positive. This has been pushed by 

various drivers: robust growth from Emerging Markets such as India, China, 

Central and Eastern Europe, Brazil, as well as the push by pharmaceutical, 

biotech and medical devices companies to provide a large number of new 

medicines, devices and vaccines that meet medical needs which are not being 

met at present. 

The Healthcare Group of M&A International Inc. represents corporate clients globally and offers 

superior strategic advice to enable these companies to successfully pursue their goal of enhancing 

the health and well-being of people around the world. All of us in the Healthcare Group of M&A 

International, are very proud of the success of our organization and the recognition that our alliance 

is getting from the global corporate community. Our clients look to us for our recommendations from 

executing simple licensing agreements to achieving complex mid-market buy-side and sell-side 

transactions on their behalf. 

With a geographic footprint second to none, a local presence in over 30 countries, a deep insight of 

local practices, language and corporate culture, a strong knowledge of the various sectors of the 

healthcare industry, a complete understanding of our client’s technology, products, services and an 

appreciation of patients’ needs are the strengths that help drive our results. The Healthcare Group of 

M&A International Inc. is ever more competitive in the face of evolving client needs. Through the 

talent of our healthcare bankers, our global and industry expertise and client focus, we are working 

to make our organization a reference for mid-market M&A and strategic licensing advisory around the 

world. We are setting the stage for continuing success in 2008 and beyond. We will continue to offer 

strategic advice and exceptional services to follow our blueprint for success and become the leading 

global mid-market Healthcare advisor. 

Please take a look at the enclosed selected list of transactions, and do not hesitate to contact the 

M&A International bankers, based on your industry and/or geographic needs. They would be glad to 

answer any of your questions. 

John Mondoloni 

mondoloni@morgenevan.com 

Chairman, Healthcare Group, M&A International Inc. 

Managing Director, Morgen, Evan & Company, Inc. 

New York • Tokyo • Beijing • Shanghai 

3

Healthcare group 

Healthcare is local and international – similar to our 

alliance. The experienced professionals of M&A 

International Inc. provide critical global knowledge of 

opportunities and market conditions. 

We combine solid local market knowledge 

with an international capability to locate 

partners, acquisition targets, and potential 

acquirers. 

• You want to sell your company and 

achieve the most attractive conditions 

• You want to expand into new geographical 

areas within your country or abroad 

• You are looking for a financial or strategic 

partner for your operations 

• You want to expand into new activities 

The M&A International Healthcare Group is 

your partner. 

Within our international organization, a group 

of professionals from more than 40 member 

firms have special experience, knowledge 

and relationships in the Healthcare sector. 

Tap into this worldwide team that understands 

your business and the unique challenges 

facing your industry. 

These professionals form our international 

Healthcare Group and meet regularly to 

exchange know-how, contacts and ideas. 

Together, we combine a unique force of local 

and international healthcare expertise. 

Some of the areas where we have a 

particular competence include: 

• Animal health 

•Biotechnology 

•CMOs/CROs 

• Diagnostics 

• Fine chemicals/API 

•Generic drugs 

• Healthcare information systems 

• Healthcare and distribution services 

• Hospitals/home care/nursing management 

• Medical devices and equipment 

• Pharmaceuticals and drug delivery 

• Specialty pharma and drug discovery 

Please see page 5 for a list of specialist 

contacts, or for more information, visit us at 

www.mergers.net. 

4

Healthcare group specialists 

Group Leader: USA-NY: John Mondoloni 

Argentina: Hernan Sambucetti 

Australia: Peter Fraser 

Baltic Region: Tarmo Juristo 

Belgium: Roger Delcroix 

Brazil: Gianni Casanova 

Canada: Michael Thompson 

Chile: Willie Martin 

China: Dana Schuppert 

Czech Republic: Jan Chmelik 

Denmark: Frederik Aakard 

France: Alain Lostis 

Germany: Niklas Wouters 

Hong Kong: Adrian Bradbury 

Hungary: Toby Mansel-Pleydell 

India: Sameer Karulkar 

Ireland: David Lyons 

Italy: Davide Eugenio Milano 

Japan: Phil Jones 

Netherlands: Robert Boersma 

Norway: Odd Paulsen 

Poland: Bill Fawkner-Corbett 

Romania: Doru Lionachescu 

Russia: Natliya Laba 

Slovenia: Primoz Karpe 

Spain: Manuel Beca Solo 

Sweden: Sven-Ake Lewin 

Switzerland: Peter Binder 

Turkey: Poyraz Kogacioglu 

United Kingdom: John Doree 

United Kingdom: Brian Livingston 

USA-Boston: Murray Beach 

USA-Chicago: Arthur J. Lyman 

USA-Cleveland: Allen H. Ford 

USA-Dallas: Erik Slockers 

USA-Jacksonville: C. Don Wiggins 

USA-Los Angeles: Alexander Faust 

USA-Miami: James S. Cassel 

USA-New York: Michael Goldman 

USA-Richmond: Bryan Johnson 

USA-Seattle: Scott Hardman 

5

Selected transactions 

Target Buyer Service Sub-sector 

Antec International Du Pont Advisor to seller 

Diagnos Ceva Santé Animale Advisor to seller 

King Pharmaceuticals (div) Virbac Corporation Advisor to seller 

Laboratoires Biové V.M.D. N Advisor to buyer 

Merial, Ltd. Huvepharma AD Advisor to buyer 

Best Medical International Fornix Biosciences Advisor to buyer 

Cytomics LCF Rothschild Group Advisor to Cytomics 

Omrix Biopharmaceuticals Various Advisor to seller 

HFL Ltd Quotient BioResearch Ltd Advisor to seller 

KS Avicenna, Inc./Xenova QSV Biologics, Inc. Advisor to seller 

KGK Synergize Inc. Private Investor Group Advisor to seller 

MDS Panlabs, Inc. CDIB BioScience Venture Mgt Advisor to seller 

MDS Harris, Inc. AgSource Cooperative Services Advisor to seller 

The Eurogentec Biologics Restructuring Advisor 

The Hardardt Group IBAH, Inc. Advisor to seller 

A.M.D. NV Various Advisor to seller 

BCA/Biopool Internationa Immucor, Inc. Advisor to buyer 

DDD Derma (Ellipse) Financial institutions Advisor to seller 

DDD Diagnostic Financial institutions Advisor to seller 

Gamma Biologicals, Inc. Immucor, Inc. Advisor to buyer 

Kainos Laboratories, Inc. Immucor, Inc. Advisor to buyer 

Clients are in bold 

Animal Health 

Biotechnology 

CMOs/CROs 

Diagnostics 

6



Pentapharm Ltd. DSM Advisor to seller 

C.B. Fleet Co. Inc./ Omega Pharma N.V./ Advisor to seller 

Bergamon Srl (ITA) Chefaro Italia Srl (ITA) 

Clean Chemical Sweden AB C.B. Fleet Company Advisor to buyer 

Docpharma NV Advisor to seller 

Eu Yan Sang (Hong Kong) Jacobson Medical Advisor to seller 

Ltd. (Hong Kong) Ltd. 

Hong Kong Pharmaceutical Financial Advisor on debt 

Holdings Ltd. & capital restructuring, 

and reorganization 

Jiangxi Jin Shui Kang Wanji Pharmaceutical Advisor to buyer 

Pha Co. Ltd. Holdings Ltd. 

Laboratorios Rider S.A. Synthon Holding B.V. Advisor to seller 

Merck Pharmaceutical Ltd. Europharm Laboratories Advisor to buyer 

Co. Ltd. 

Pangeo Pharma, Inc Licensing Advisor to Management 

Polfa Kutno SA IVAX Advisor to Management 

Richter Gedeon Nyrt. Exchangable bond offering Co-Lead Manager 

Temmler KG / Marburg Degussa AG / Frankfurt Advisor to seller 

Zentiva Public Market Sole Broker, Co-lead 

manager, Domestic Lead 

Manager & PSE Listing 

Agent 

Asterion Private Placement Advisor to seller 

Canfield & Associates, Inc. PHNS, Inc. Advisor to seller 

Consejos de Tu Grupo DTM Advisor to seller 

Farmacéutico 

MDIndia Adaptis Advisor to seller 

Medcap Medical Cost Healthcare Recoveries, Inc. Advisor to seller 

Management, Inc. 

Tela Sourcing LLC Adaptis & MD India Advisor to seller 


Fine Chemicals/API 

Generic Drugs 

Healthcare Information Systems 

7

Selected Transactions 


Chem RX/B. J. K., Inc. Paramount Acquisition Corp. Fairness opinion – buyer 

Coast Dental Services, Inc. Management / Majority Owner Fairness opinion – seller 

Comprehensive Care Corp. Woodcliff Healthcare Investors Fairness opinion – seller 

Diabetic Supply program Liberty Healthcare Advisor to seller 

EHealthcareAsia Ltd. Quality Healthcare Asia Ltd. Secondary market 

fundraising underwriter 

Indros Healthcare Tramedico International Advisor to buyer 

Irradiation Industries Inc. SteriGenics International Advisor to buyer 

Medcom, Inc. Quintiles Transnational Corp. Advisor to seller 

Medcon, SA. Syncor International/Cardinal Advisor to seller 

National Diabetic Pharmacy Morgan Nobel LLC Advisor to buyer 

Medical Services Company HIG Capital Advisor to seller 

Nicolet Electron / Thermo SteriGenics International Advisor to buyer 

RTI Inc. SteriGenics International Advisor to buyer 

Sodilac (subs. of Wyeth) Laboratorios Ordesa Advisor to buyer 

SteriGenics International Ion Beam Applications S.A. Advisor to seller 

Sudco of Multipharma Flex Pharma Advisor to buyer 

Symare Pharma Tramedico International Advisor to buyer 

Total Health Products, Inc. Medsite.com, Inc. Advisor to seller 

Vitaland Walmark Advisor to seller 

Achima Helse AS Norlandia Omsorg Advisor to seller 

HealthPlus 

Corporation 

Merrill Lynch Capital Advisor to seller 

Highcare Group PLC Ridgmont Holdings Limited Advisor to buyer 

Home Pharmacy Walgreens Home Care Advisor to seller 

of California 

Kent Medical Center Debt Negotiation Advisor to seller 

Maxicare Health Molina Healthcare, Inc. Advisor to seller 

Plans, Inc. 

Meditek/Heico Corp. U.S. Diagnostic Labs Advisor to seller 

Medical Diagnostics, Inc. Advanced NMR Systems Advisor to seller 

Miami-Dade Health Continucare Corporation Fairness opinion – buyer 

Centers, Inc. 

National Healthcare Goldman Sachs Placement Agent 

Staffing 

Residential Care Group Institutional Shareholders Advisor to seller 

Templecare Limited Minster Care Management Advisor to seller 

The SENAD Group Undisclosed Advisor to seller 

TVL Healthcare, Inc./ National Healthcare Staffing Advisor to buyer 

Vita Medical Staffing, LLC 


Healthcare and Distribution Services 

Hospitals/Home Care/Nursing Management 

8



Alsius Corporation Ithaka Acquisition Corp. Fairness opinion – buyer 

Arrow International, Inc. Licensing Advisor to Management 

BioLok International, Inc. HealthPoint Capital Partners Advisor to Seller 

Radius Ventures (Lead Investor) Placement Agent 

Bio-Medical Research Ltd Advisor to target on PE 

fundraising 

Creganna Ltd Advisor to target on PE 

fundraising 

Dispomedicor Zrt. Nagév Kötszer Kft. Advisor to seller 

Imagyn Medical C.R. Bard, Inc. Advisor to seller 

Technologies, Inc. 

Jason Marketing Tyco International Advisor to seller 

Company 

Luther Medical Johnson & Johnson Advisor to seller 

Products, Inc. Medical, Inc. 

MediGuard, Inc. Medline Industries, Inc. Advisor to seller 

Osteoimplant Technology Encore Medical Corporation Fairness opinion - seller 

Pelican Healthcare Ltd Eakin Holdings Ltd Advisor to buyer 

Polamedco, Inc. Teleflex, Inc. Advisor to seller 

Quantitative Radiology Srl AFP Imaging Corp. Advisor to buyer 

Scientific Group Boston Scientific Advisor to scientific group 

Winfield Medical Maxxim Medical Advisor to seller 

Armstrong 

Pharmaceuticals, Inc. 

Medeva plc Advisor to seller 

Brecon Pharmaceuticals 

Ltd. 

AmerisourceBergen Corporation Advisor to seller 

Bridgeport Pharmacy 

Services 

OmniCare Inc Advisor to seller 

Crossject Rothschild & Cie Advisor to Crossject 

Farmacias Conosur Socofar Advisor to buyer 

Persee Medica Omega Pharma NV Advisor to seller 

Salcobrand Empresas Juan Yarur Advisor to buyer 

& Financing arrangement 

Sichuan Kelun Shanghai Century Acquisition Fairness opinion - buyer 

Pharmaceutical Corp. 

The India Pharma Fund Public Market Advisor to public listing 


Medical Devices and Equipment 

Pharmaceuticals and Drug Delivery 

9

Selected Transactions 


Austrianova Amadeus Pharmaceuticals Advisor to buyer 

Biomanufacturing AG Ltd 

Medical Marketing Advisor to the company 

International plc 

Portland Professional National Medical Health Card Advisor to seller 

Pharmacy 

The Harting Family Arboris LLC. Financing arrangement 


Specialty Pharma and Drug Discovery 

10

Animal Health 

Antec International Du Pont Advisor to seller 

Antec with its flagship product, Virkon S, is the leading producer of biosecurity 

products to protect pig and poultry producers and farms from viral disease such as 

Foot and Mouth and Avian Influenza. In family ownership, the business had been 

developed over 28 years to a leadership position with national authorities and the 

animal health industry when dealing with emergency disease outbreaks. 

Cavendish achieved the vendors objectives of maximising value and ensuring an 

enhanced future with access to increased resources through the sale to DuPont 

Chemical Solutions which was the supplier of a key raw material, thereby acquiring 

control over an important route to market. 

Diagnos Ceva Santé Animale Advisor to seller 

Holland Corporate Finance advised the shareholders of Diagnos in finding a strategic 

partner who could upscale this technology to an industrial level and market it 

internationally. After several discussions with interested major market players 

Diagnos selected Ceva as its exclusive partner and granted the company a call 

option. 

Diagnos is a product development company which developed the technology for a 

homogeneous test to detect progesterone. Milk progesterone analysis is a proven tool 

to help farmers, herd managers and veterinarians to detect heat and indicate 

pregnancy with (dairy) cattle. 

Ceva Santé Animale (www.ceva.com) develops, manufactures and distributes Animal 

Health products. The company’s main expertise lies within the anti-infectives, 

vaccines and reproduction control devices areas. Ceva operates in all key European 

Union markets and has established a strong presence in international growing 

markets such as Eastern and Central Europe, Middle East and Turkey, Africa, Asia, 

and Latin America. 

King Pharmaceuticals Inc. Virbac Corporation Advisor to seller 

(Animal Health Division) 

King Pharmaceuticals is a publicly traded manufacturer and marketer of branded 

pharmaceutical products headquartered in Bristol, TN. As a result of prior 

acquisitions, King had inherited a line of animal health products sold to the 

veterinary market that were considered non-core and a distraction to management. 

Matrix was engaged by King to market the product lines to strategic buyers in order 

to maximize the value of the vet brands before they were irreparably damaged in the 

market place due to ongoing lack of support. Through a disciplined and controlled 

auction process, Matrix was able to successfully maximize sale proceeds for the 

product lines (sold for 3.1x sales). 

M&A International Inc. 


member represented firm: 

by: 

Cavendish Corporate 

Finance 

Holland Corporate Finance Finance 

Matrix Capital Markets 

Group, Inc. 

11

Animal Health 

Laboratoires Biové V.M.D. NV Advisor to buyer 

V.M.D., based in Belgium, is a privately owned manufacturer of veterinary medicines 

that is active in more then 70 countries. V.M.D. has further strengthened its position 

in the French market as well as export markets through the acquisition of a private 

pharmaceutical laboratory, Laboratoires Biové. 

Biové’s offices are located in the North of France and they also have a presence in 

other areas of the world including North Africa, the Middle East and South East Asia. 

This acquisition supports optimizing the registration and production capabilities of 

both companies. As a result both companies will be able to introduce supplementary 

and new products in the near future and through this vertical integration, the new 

V.M.D will be able to consolidate the range of services and expertise. In addition, an 

increase in production facilities will enable V.M.D together with Biové to become an 

international leader in its sector. 


member firm: 

Capital Advice NV 

Assets of Merial, Ltd. Huvepharma AD Advisor to buyer Capital Advice NV 

Huvepharma is a leading supplier of mainly animal health products & feed additives 

and to a lesser extend in human health products built on strong foundations and 

long-standing reputation of the many businesses that make up the group. As a result 

of internal developments and external acquisitions, Huvepharma has transformed into 

a global pharmaceutical and marketing company. The headquarters are based in 

Bulgaria. 

Merial is a French based pharmaceutical multinational group. Huvepharma acquired 

Merial’s production plant in St. Louis and a number of feed additive product 

registrations for the US market. This acquisition gives HUVEPHARMA an immediate 

access to the US market. 

12

Biotechnology 

Best Medical International Fornix Biosciences Advisor to buyer 

Holland Corporate Finance assisted Fornix BioSciences N.V. (www.fornix.nl), the 

BioPharmaceutical company listed on the Euronext Amsterdam stock exchange and 

established in Lelystad on the acquisition of Best Medical International B.V., 

established in Beuningen (Gelderland). 

Best Medical International has developed a number of patented products that offer 

significant advantages with regard to urodynamic investigations performed in 

connection with urological disorders, such as diagnosing the nature and scale of 

incontinence. This extension of activities from Fornix is in pursuit of the desire to 

expand the Fornix Theranostics division set up in August 2002. 

In addition to the activities noted above, Fornix BioSciences N.V. specialises in the 

production and sale of (mainly) anti-allergy pharmaceuticals, the trade in 

pharmaceuticals and research into new pharmaceuticals. 

Cytomics Rothschild & Cie Advisor to Cytomics 

Crossject is a global leader in the novel field of ubiquitine-proteasome pathway 

(Nobel prize 2004). Initially financed by the lifescience funds of Société Générale 

Asset Management AI, the company needed to secure a large source of equity 

investors to advance its products in clinical trial. 

Aelios Finance assisted the company in organizing a $14m financing transaction that 

was led by the lifescience fund of LCF Rothschild. 


member firm: 

Holland Corporate Finance 

Aelios Finance 

Omrix Biopharmaceuticals Advisor to seller Capital Advice NV 

Omrix is a commercial-stage company that aims to develop and market innovative 

biosurgical and passive immunotherapy products, utilizing its proprietary protein 

purification technology and manufacturing know-how. The company’s biosurgical 

product line includes products and product candidates that are used for the control 

of bleeding, or hemostasis, and other surgical applications. 

Omrix is currently partnered with Ethicon Inc., a Johnson & Johnson company, in the 

development of unique biosurgical devices which will meet critical unmet medical 

needs. 

Capital Advice led a fund raising round of USD 5mio. enabling the company to 

complete the final stages of its product registrations and to realize its aggressive 

marketing plans. 

13

CMOs/CROs 

HFL Ltd Quotient BioResearch Ltd Advisor to seller 

HFL has a global reputation in the field of sports drug surveillance through its 

analysis of equine, canine and human samples. In addition to carrying out all 

greyhound and racehorse testing in Great Britain, HFL has a growing number of 

major pharmaceutical and biotechnology customers which increasingly use HFL’s 

laboratory services of bioanalysis and biomarker research, in their drug development 

programmes. 

Cavendish advised the UK Government owned Horserace Betting Levy Board on the 

disposal achieving a full price but also securing the long term future of the business. 

KS Avicenna, Inc./Xenova QSV Biologics, Ltd Advisor to seller 

KSA was the Contract Manufacturing arm of Xenova, plc., the UK-based, publiclytraded 

Oncology and Tobacco/Cocaine anti-addiction drug company. KSA, based in 

Edmonton, Canada was a Microbial Fermentation-based Contract Manufacturing 

Organization, with two distinctive cGMP state-of-the-art suites. Xenova was looking 

to divest this subsidiary to generate additional funding to finance its drug discovery 

business. 

Morgen, Evan & Company assisted Xenova in the sale of KSA to QSV, a CMO based in 

Edmonton, and backed by large local Venture Capital Funds. 

acquisition, QSV is now considered the fastest growing CMO in Canada. 

Through this 

KGK Synergize Inc. Private Investor Group Advisor to seller 

KGK Synergize Inc., a private Canadian Company based in London, Ontario, offers a 

broad range of independent contract research services exclusively in the 

nutraceutical field. The Company also identifies, develops, patents and 

commercializes proprietary nutraceutical products and formulations for its own 

product pipeline. The Company’s core areas of expertise include medical treatments 

for cancer, diabetes, and cardiovascular health including cholesterol reduction and 

anti-inflammatory treatment. 

The Company was seeking a financial/strategic investor in a minority role to 

facilitate more rapid growth of its business. The private placement financing was 

arranged, structured and syndicated by JR/Janus Merchant Brokers Ltd. 


member firm: 


Finance 

Morgen, Evan & Company, 

Inc. 

JR/Janus Merchant 

Brokers Ltd. 

14

CMOs/CROs 

MDS Panlabs, inc. CDIB BioSience VM Advisor to seller 

MDS Pharma Services (A subsidiary of MDS, Inc. [NYSE: MDZ]), the leading US 

Contract Research Organization was looking to divest its Fermentation business, MDS 

Panlabs, based in Taiwan. MDS Panlabs is providing fermentation research, process 

development and custom services to the manufacturers of pharmaceutical and nonpharmaceutical 

products. MDSPS sought to divest this division which is not part of 

MDSPS Clinical Trials Contract Services Phase I-Phase IV core competency. 

Morgen, Evan & Company assisted MDSPS in the sale of this Fermentation business 

to a Taiwanese Biotechnology Private Equity Group, CDIB. CDIB will integrate 

Panlabs to another portfolio contract services company. 

MDS Harris, inc. Ag Source Cooperative Advisor to seller 

MDS Pharma Services (A subsidiary of MDS, Inc. [NYSE: MDZ]), the leading US 

Contract Research Organization was looking to divest its Agronomics Testing 

business, MDS Harris, based in Lincoln, Nebraska. This business was involved in soil 

and turf testing and was the result of a previous acquisition in the Biotechnology 

testing sector. MDSPS was looking to divest this division which is not part of MDSPS 

Clinical Trials Contract Services Phase I-Phase IV core competency. 

Morgen, Evan & Company assisted MDSPS in the sale of this agronomics business to 

AgSource, a leading Agronomics cooperative based in Iowa. AgSource benefits 

considerably from Harris’ customer base on the West Coast, and the Midwest, as well 

as Harris’ unique soil testing technique. 

The Eurogentec Biologics Unit Restructuring Restructuring 

advisor 

Eurogentec Biologics is a subsidiary of the Genomics/Proteomics company, the EGT 

Group and a Belgium-based Contract Manufacturing Organization focusing on 

Microbial Fermentation expression systems with customers in Europe and the US. 

EGT was looking to restructure its Biologics business, including recapitalization, 

change in management, and review of strategic alternatives. 

Morgen, Evan & Company assisted EGT in Biologics business restructuring efforts. 

The Hardardt Group IBAH, Inc. Advisor to seller 

The Hardardt Group provides a broad range of clinical development services to the 

pharmaceutical, biotechnology and medical device industries. 

Barrington Associates advised The Hardardt Group on its sale to IBAH, Inc. 


member firm: 


Inc. 


Inc. 


Inc. 

Barrington Associates 

15

Diagnostics 

A.M.D. SA Advisor to seller 

Advanced Medical Diagnostics SA is a dynamic private company committed to 

providing innovative computer aided solutions that improve the diagnostic 

interpretation of ultrasound scans, used in the routine management of cancer 

patients. 

At the core of AMD’s technology is HistoScanning, a patented and CE-labelled 

device, that brings objective interpretation to ultrasound scanning. The technology 

integrates sophisticated algorithms with RAW/RF ultrasound data to provide 

accurate characterization of tissue morphology that can enhance the clinical 

decision-making involved in the early diagnosis of cancer. 

Capital Advice NV led a USD 4 million financing round intended to bring market the 

company’s first product, Ovarian Histoscanning. 

BCA/Biopool International Immucor, Inc. Advisor to buyer 

Immucor, Inc. (NASDAQ: BLUD) is a leading supplier of diagnostic reagents and 

automated instrumentation to ensure the safety of blood transfusions. Immucor 

retained TM Capital as financial advisor to assist in an acquisition program which 

would build the company's position in the transfusion diagnostics marketplace. 

TM Capital assisted Immucor in negotiating the acquisition of the BCA division of 

Biopool International, Inc. (NASDAQ). 

Since completing this acquisition, Immucor's superior performance has generated 

an increase in its market capitalization from $75 million to over $2 billion. 

DDD Derma (Ellipse) Advisor to seller 

Ellipse A/S is internationally recognized as a leading provider of Intense Pulsed 

Light systems. Ellipse products are developed to give doctors and beauticians safe, 

effective tools to treat a variety of skin diseases and cosmetic conditions. 

Audon Partners assisted DDD Derma (Ellipse) in the raise of equity capital from 

financial investors Dansk Erhvervsinvestering and Dansk Innovationsinvestering. 


member firm: 


TM Capital Corp. 

Audon Partners 

16

Diagnostics 

DDD Diagnostic Advisor to seller 

DDD Diagnostic develops, manufactures and markets gamma cameras for nuclear 

medicine. The cameras are used for scanning heart, kidney and cancer patients. 

The cameras are among other places used by privately practicing cardiologists and 

hospitals in connection with the diagnosis of cardiopulmonary diseases. 

The gamma cameras are primarily marketed in the USA through major companies 

that distribute the products under their own brand. 

Audon Partners assisted DDD Diagnostic in the raise of equity capital from financial 

investors Dansk Erhvervsinvestering and Dansk Innovationsinvestering. 

Gamma Biologicals, Inc. Immucor, Inc. Advisor to buyer 


automated instrumentation to ensure the safety of blood transfusions. Immucor 

retained TM Capital as financial advisor to assist in an acquisition program which 

would build the company's position in the transfusion diagnostics marketplace. 

TM Capital assisted Immucor in negotiating the acquisition of Gamma Biologicals, 

Inc. (AMEX: GBL) for $30 million via a cash tender offer for which TM Capital also 

served as dealer manager. 

Since completing this acquisition, Immucor's superior performance has generated an 

increase in its market capitalization from $75 million to over $2 billion. 

Kainos Laboratories, Inc. Immucor, Inc. Advisor to buyer 


automated instrumentation to ensure the safety of blood transfusions. Immucor has 

established direct distribution in many global markets, but its Japanese distribution 

rights were exclusively held by Kainos Laboratories, Inc., a publicly traded Japanese 

company. 

Immucor retained TM Capital to structure and negotiate the acquisition of the blood 

bank distribution division of Kainos and achieve direct distribution in Japan. TM 

Capital assisted Immucor in the formation of a joint venture with Kainos providing 

Immucor with immediate 51% ownership of its Japanese distribution company and 

eventual 100% ownership. 


member firm: 

Audon Partners 



17

Fine Chemicals/API 

Pentapharm Ltd. DSM Advisor to seller 

Pentapharm Ltd. is headquartered in Basel Switzerland and employs about 200 

people at locations in Switzerland, Japan and Brazil. Pentapharm holds a global 

leading position in the development and production of active ingredients and system 

solutions for the cosmetic industry and is also present in niche pharmaceutical and 

diagnostics markets. 

DSM is active worldwide in nutritional and pharma ingredients, performance 

materials and industrial chemicals. Its subsidiary DSM Nutritional Products is the 

world’s leading supplier of vitamins, carotenoids and other fine chemicals to the 

feed, food, pharmaceutical and cosmetic industries. 

Pentapharm was owned by two founding families. In the context of determining a 

successor for the CEO, who was also a member of one of the two owning families, 

the two families decided to sell 100% of their shares. 

Binder Corporate Finance Ltd assisted the shareholders in preparing the company 

for sale, looked for and contacted possible buyers and managed the entire 

divestment process. Binder Corporate Finance was assisted by its alliance partner 

Holland Corporate Finance in introducing the opportunity to the headquarters of 

DSM in the Netherlands. 


member firm: 

Binder Corporate Finance 

& 


18

Generic Drugs 

C.B. Fleet Co. Inc./ Omega Pharma N.V./ Advisor to seller 

Bergamon Srl (ITA) Chefaro Italia Srl (ITA) 

C.B. Fleet is a leading global producer of innovative personal healthcare products, 

present in a number of countries around the world. The US-based company resolved 

to divest its Italian subsidiary, Bergamon Srl, a producer and distributor of branded 

intimate healthcare and hygiene products. 

Arietti & Partners and Avantus assisted C.B. Fleet in the sale of Bergamon Srl to the 

Italian branch (Chefaro Italia) of Omega Pharma N.V., the well-known Beneluxbased 

company active in the prescription-free medicines and healthcare products. 

Clean Chemical Sweden AB C.B. Fleet Company Advisor to buyer 

C.B. Fleet (www.cbfleet.com), headquartered in Lynchburg Virginia, is a family 

owned pharmaceutical company founded in 1869 that is active in over 100 countries 

around the world. C.B. Fleet has a substantial part of its business in Europe with 

subsidiaries in the UK, Spain and Sweden. 

CCS is a leading supplier of pharmaceutical and non-pharmaceutical body care and 

eye care products to the Swedish state owned pharmacies Apoteket and leading 

retail chains such as Boots in the UK. The company is based in Borlänge, Sweden. 

CCS achieved a turnover in 2004 of approximately SEK 170 million. 

For M&A International Inc., the acquisition of CCS by C.B. Fleet is a fine example of 

its ability to provide its clients with global coverage when searching potential 

acquisition targets as well as its ability to provide local market expertise and 

contacts with shareholders of privately held companies. Matrix Capital Markets 

orginated the search mandate. Holland Corporate Finance co-ordinated the 

European network members and finally Avantus Corporate Finance identified CCS as 

an attractive target and executed the transaction for C.B. Fleet. 

Docpharma NV Advisor to seller 

Docpharma is focused on the sale of generic pharmaceuticals and other high quality, 

affordable healthcare in Belgium, Luxembourg, the Netherlands, France and Italy. 

Since 2005 Docpharma is part of Matrix Laboratories Limited, a public limited 

company engaged in the manufacture of Active Pharmaceutical Ingredients (APIs) 

and Solid Oral Dosage Forms. 

Capital Advice NV aided the company in its raising of EUR 4.5mio in equity in order 

to further accelerate its growth through an acquisition strategy. Capital Advice NV 

supported the company in several key acquisitions. 


member firm: 

Arietti & Partners Srl & 

Avantus Corporate Finance 

Matrix Capital Markets & 

Holland Corporate Finance & 

Avantus Corporate Finance 


19

Generic Drugs 

Eu Yan Sang (Hong Kong) Jacobson Medical Advisor to seller 

Ltd. (Hong Kong) Ltd. 

Eu Yan Sang (Hong Kong) Ltd. is a traditional Chinese medicine group listed in 

Singapore (Stock code: E02). The group was looking to divest its subsidiary as a 

non-core business asset. 

Eu Yan Sang approached Quam Capital Ltd. to sell its Hong Kong generic 

manufacturing arm. Quam set up an auction process and sold the company to Hong 

Kong private company Jacobson Medical (Hong Kong) Ltd. 

Hong Kong Pharmaceutical Financial Advisor on debt restructuring, 

Holdings Ltd. capital restructuring and reorganisation 

Hong Kong Pharmaceutical Holdings Ltd. is a wholesaler and retailer of Chinese 

medicine, health products and other medicine. The company had been suffering 

losses and relying on loans to finance its business operations. 

Quam Capital Ltd. was appointed to advise Hong Kong Pharmaceutical with regards 

to its capital restructuring, debt restructuring and capital reorganisation. Quam 

Securities Co. Ltd. also acted as the underwriter in the company’s issue of new 

shares. 

Jiangxi Jin Shui Kang Wanji Pharmaceutical Advisor to buyer 

Pha Co. Ltd. Holdings Ltd. 

Wanji Pharmaceutical Holdings Ltd. is a healthcare solutions company and medical 

equipment distributor listed in Hong Kong. Jiangxi Jin Shui Kang Pha Co. Ltd. is a 

Chinese medicine manufacturer based in mainland China. 

Through the acquisition of a majority stake in Jiangxi Jin Shui, Wanji was able to 

expand its medical and healthcare business in order to capitalise on the growth 

opportunities in the industry. Quam Capital Ltd. was appointed by Wanji to advise on 

this transaction. 


member firm: 

Quam Capital Limited 



20

Generic Drugs 

Laboratorios Rider S.A. Synthon Holding B.V. Advisor to seller 

IB Partners acted as exclusive financial advisor to the shareholders of Laboratorios 

Rider S.A. (“Rider”) on the origination, execution, and structuring of the transaction. 

Holland Corporate Finance was key in identifying Synthon, the purchaser. IB 

Partners ran a global private competitive auction process with participation of a full 

range of pharmaceutical companies. 

The shareholders of Rider and Synthon Holding BV (“Synthon”) reached an 

agreement in which Synthon acquired Rider, which continues to operate under the 

same name. 

Rider is a Chilean company specializing in the manufacture and distribution of 

pharmaceutical products, OTC drugs, and cosmetics, both under its own brands as 

well as licensed brands. Synthon is a Netherlands-based company specializing in 

generic drugs, hybrids, and biotechnology products; it has developed more than 

500 patents in 20 countries which are licensed by pharmaceutical companies 

worldwide. 

Merck Pharmaceutical Ltd. Europharm Laboratories Advisor to buyer 

Co. Ltd. 

Europharm Laboratories Co. Ltd., a private company, is one of the leading 

pharmaceutical manufacturers in Hong Kong. Merck Pharmaceutical Ltd. is a global 

pharmaceuticals and chemicals group with a worldwide presence including the 

Peoples’ Republic of China. 

Quam Capital Ltd. was appointed by Europharm in its acquisition of the China 

generic drug manufacturing division of Merck. Quam identified and introduced the 

target company to Europharm. As a result of this acquisition Europharm has been 

able to significantly increase its China generic drug manufacturing capability. 

Pangeo Pharma, Inc. Marketing/Licensing Advisor to 

Management 

Pangeo Pharma, now part of Pharmascience, Inc., is a specialty Canadian 

Pharmaceutical company involved in Consumer Health products and Private Labels. 

Pangeo was looking to develop relationships with several Japanese Pharmaceutical 

companies to license and market products for treatment of certain Cardio-Vascular 

conditions. 

Morgen, Evan & Company assisted Pangeo in setting up these relationships with 

various Japanese Pharmaceutical companies. 


member firm: 

IB Partners 



Inc. 

21

Generic Drugs 

Polfa Kutno SA IVAX Advisor to 

Polfa Kutno 

Poland Corporate Finance advised the management of Polfa Kutno, one of the 

leading Polish manufacturers of generic drugs, in a hostile takeover defence. We 

presented the investment opportunity to Ivax. After a 6 month fight the hostile 

bidder conceded defeat, and Ivax acquired the company for over US$ 200 million. 

This was only the second hostile takeover attempt in Poland, and the first to be 

thwarted by an industrial white knight. Ivax became the first US company to be 

listed in Warsaw. 

Richter Gedeon Nyrt. Exchangable bond offering Co-lead 

manager 

Richter Gedeon (BSE: RICHTER) is a Hungary-based company engaged in the 

research, development, production and marketing of pharmaceutical products. The 

Company's activities concentrate on female healthcare with its research focused on 

diseases of the central nervous system (CNS). Richter Gedeon also develops 

products for the cardiovascular and gastrointestinal areas. The production is carried 

out in facilities in Hungary, Russia, India, Poland and Romania. 

Concorde was Co-Lead Manager with JP Morgan on the EUR639 million exchangable 

bond issue by the Hungarian Privatisation and State Holding Company. The bonds 

are exchangable into Richter Gedeon ordinary shares and are listed on the 

Luxemburg Stock Exchange. 

Temmler KG / Marburg Degussa AG / Frankfurt Advisor to seller 

Degussa AG, Frankfurt, a leading German diversified multiple bn euro sales 

conglomerate, acquired along a defined expansion strategy within the special drug 

sector in generics Temmler KG, Marburg. Temmler has besides special expertise in 

R&D, the capacity for contract manufacturing, Degussa was looking for. Main 

indication focus of the Temmler products is CNS. Sales of Temmler are around EUR 

40 m. 

Angermann had been retained by the shareholder family of Temmler and had sold 

the shares to Degussa AG within a structured process. Temmler was sold to 3i in 

1999 with an MBO/MBI structure. In 2005 Angermann was mandated a second time 

for the sale by 3i. A proposed takeover by Indian Ranbaxy failed in last minute. 


member firm: 

Poland Corporate Finance 

Concorde Corporate 

Finance 

Angermann M&A 

International GmbH / 

Hamburg 

22

Generic Drugs 

Zentiva 

Following completion of acquisition of Slovakofarma (the leading Slovak generic 

producer) in late 2003, Zentiva became the leading Czech and Slovak generic player 

with 2003 pro-forma sales of Euro301m and EBITDA of Euro81m. Warburg Pincus 

was the largest shareholder of Zentiva with approximately 75% stake. 

In the first half of 2004 WOOD & Co acted as a Sole Domestic Lead Manager, Sole 

Domestic Listing Agent and Co-Lead Manager of the listing of Zentiva, the first ever 

successful IPO in the Czech Republic. Merrill Lynch acted as a Global Co-ordinator of 

the deal. The total deal size was USD211m and the deal consisted of combined 

offering of 4.33 million of new shares and 7.17 million existing shares (including 

over allotment option) @ CZK485 per share representing 30.2% stake in Zentiva. 

Zentiva’s shares were dual listed on the Prague and London Stock Exchanges. The 

deal was nearly 5x oversubscribed while domestic investors showed higher than 

expected interest (nearly ¾ of the IPO volume). 

In May 2005, Warburg Pincus and management sold additional 3 million shares or 

7.9% stake in Zentiva at CZK800 per share through Accelerated Bookbuilding 

process. WOOD & Co acted as a Co-Lead Manager and Domestic Lead Manager. The 

total deal size amounted to Euro80m. 

On 19 September 2005 Warburg Pincus sold additional 6.2 million shares or 16.3% 

stake in Zentiva at CZK1,040 per share to PPF and J&T (the Czech Financial groups) 

through the largest ever Block Trade executed on the Prague Stock Exchange, The 

total deal size amounted to Euro221m. WOOD & Co acted as a Sole Broker of the 

deal. 

One day later Warburg Pincus sold additional 4.5 million shares or 11.9% stake at 

CZK1,025 per share through Accelerated Bookbuilding Process. The total deal size 

amounted to CZK117m. WOOD & Co acted as a Co-Lead Manager and Domestic 

Lead Manager. 

At the moment, Zentiva is the leading CEE generic player with estimated 2007 sales 

of Euro717m and EBITDA of Euro200m. 


member firm: 

WOOD & Co 

23


Asterion Private Placement Advisor to seller 

Asterion serves healthcare providers with managed care information systems. 

Alexander Hutton secured equity placement for the client. 

Canfield & Associates, Inc. PHNS, Inc. Advisor to seller 

Canfield & Associates, Inc. is one of the leading accounts receivable management 

firms exclusively serving the healthcare industry. Headquartered in Orange, 

California, Canfield provides hospitals and healthcare facilities with a complete 

solution for the management of their accounts receivable activities. 

Barrington Associates advised Canfield on its sale to PHNS. 

Consejos de Tu Farmacéutico Grupo DTM Advisor to seller 

“Consejos de Tu Farmacéutico”, a specialized Spanish publication for pharmacists and 

medical practitioners, was acquired by Grupo DTM, one of the largest specialized 

media publication company, running 27 industry focused on-line publications, 37 

printed magazines and 7 web portals. 

Closa M&A assisted the shareholders of “Consejos de Tu Farmacéutico” in this 

divestment process. 


member firm: 

Alexander Hutton, Inc. 


Closa M&A 

24


MDIndia Adaptis Advisor to seller 

MD India provides administration services for processing healthcare claims. 

Adaptis, a medical claims processing company made an equity investment in MD 

India. Alexander Hutton acted as advisor to Adaptis. 

Medcap Medical Cost Healthcare Recoveries, Advisor to seller 

Management, Inc. Inc. 

Medcap Medical Cost Management, Inc. is a provider of medical cost management 

services to third party payers within the health care industry. Their services include 

audit and payment systems review, competitive contract analysis, and cost 

benchmarking against the Company's proprietary databases. 

Barrington Associates advised Medcap Medical on its sale to Healthcare Recoveries, 

Inc. 

Tela Sourcing LLC Adaptis & MD India Advisor to seller 

Tela Sourcing formed a joint venture with two related companies, Adaptis and MD 

India. Alexander Hutton acted as advisor to Tela. 


member firm: 




25


Chem RX/B. J. K., Inc. Paramount Acquisition Fairness opinion - 

Corp. buyer 

Chem RX is a leading independent provider of institutional pharmacy services to 

alternate site settings including skilled nursing facilities, adult care facilities, 

residential living services facilities, assisted living facilities, and other long-term care 

institutions. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.) issued a 

fairness opinion to the Board of Directors of Paramount Acquisition Corp., a Special 

Purpose Acquisition Corporation (“SPAC”), related to its acquisition of Chem RX. 

Coast Dental Services Majority Stockholder Fairness opinion - 

Inc. /Management seller 

Coast Dental Services, Inc. is a provider of dental practice management services to 

an affiliated group of dental practices. It provides legal, accounting, information 

technology, human resource, payroll, training services, and marketing services for 

the practices, and employs the dental center’s personnel, other than the dentists 

and hygienists. 


fairness opinion to the Independent Committee of the Board of Directors of Coast 

Dental Services, Inc. related to their sale to a majority stockholder and 

management. 

Comprehensive Care Corp. Woodcliff Healthcare Fairness opinion - 

Investors seller 

Comprehensive Care Corporation is a provider of managed care services in the 

behavioral health and psychiatric fields, including the delivery of psychiatric and 

substance abuse services to commercial, Medicare, and Medicaid members on behalf 

of employers, health plans, including health maintenance organizations (HMOs) and 

preferred provider organizations (PPOs), government organizations, third-party 

claims administrators, and commercial and other group purchasers of behavioral 

healthcare services. 


fairness opinion to the Board of Directors of Comprehensive Care Corporation related 

to its private placement of securities to Woodcliff Healthcare Investors. 


member firm: 

Ladenburg Thalmann & Co. 

Inc. 


Inc. 


Inc. 

26


Diabetic Supply Program Liberty Healthcare Advisor to the seller 

Diabetic Supply Program (DSP) is a company that primarily provides blood glucose 

monitoring devices, test strips and other ancillary products for self testing directly to 

consumers. The company also supplies respiratory medications through a full service 

mail order pharmacy. In addition to providing home delivery, DSP prepares and 

files claims on behalf of its customers to Medicare, Medicaid and other insurance 

providers. 

Heritage Capital Group acted as intermediary and financial advisor to DSP and its 

affiliates in the sale to Liberty Healthcare, Inc., a subsidiary of the Polymedica 

Corporation. With over 890,000 active patients, Liberty is the largest provider of 

diabetic testing and related products and services in the United States. 

EHealthcareAsia Ltd. Quality Healthcare Asia Secondary market 

Ltd. fund raising 

underwriter 

EHealthcareAsia Ltd., a listed company in Hong Kong (Stock code: 835) was 

principally engaged in electronic healthcare systems. Quality Healthcare Asia Ltd. is 

the first healthcare provider listed in Hong Kong (Stock code: 593) and was at the 

time a major shareholder in EHealthcareAsia. 

Quam Capital advised on a rights issue by EHealthcareAsia and Quam Securities Co. 

Ltd. acted as underwriter. 

Indros Healthcare Tramedico International Advisor to buyer 

Holland Corporate Finance advised Tramedico International (www.tramedico.nl) on 

the acquisition of Indros Healthcare. 

Tramedico International focuses on the marketing, sales and distribution of 

medicines and self-care products in the Benelux. Indros Healthcare is a distributor 

of alternative healthcare products in the Benelux. 

The Dutch owner of Indros Healthcare had no successor in the family and therefore 

approached Tramedico to ask whether they would be interested to acquire Indros 

Healthcare. 


member firm: 

Heritage Capital Group, Inc. 



27


Irradiation Industries Inc. SteriGenics International Advisor to buyer 

SteriGenics International, Inc. (NASDAQ: STER) is a leading provider of contract 

irradiation and sterilization services for health care and other markets. 

TM Capital assisted SteriGenics in completing the purchase of Irradiation Industries, 

Inc., a provider of electron beam services for polymer modification. 

Medcom, Inc. Quintiles Transnational Corp. Advisor to seller 

Medcom, Inc. is a leading provider of physician meetings and educational events on 

behalf of pharmaceutical company clients. Medcom retained TM Capital as financial 

advisor to assist in the potential sale of the company. 

TM Capital completed the sale of Medcom to Quintiles Transnational Corp. 

(NASDAQ: QTRN), a leading provider of product development and commercialization 

solutions to the healthcare marketplace. 

Medcon, SA. Syncor International, Inc.. Advisor to seller 

Medcon is a European-based distributor of Radiology products headquartered in 

Belgium with offices in France, and Luxemburg. Syncor, a subsidiary of Cardinal 

Health is providing Nuclear Pharmacy services worldwide. 

Morgen, Evan & Company assisted Medcon in its sale to Syncor, Syncor benefits 

considerably from Medcon’s customer base in Europe which created a foothold for 

Syncor to expand its European presence in these regions. 

Medical Services Company HIG Capital Advisor to seller 

(MSC) 

Medical Services Company (MSC) is a Jacksonville, Florida based company that 

distributes medicines, pain control units and supplies, durable medical equipment, 

medical supplies, and nursing services to injured workers that are covered by 

workers' compensation insurance. MSC developed a prescription drug card program 

and a network of providers nationwide to provide quality medical products and 

services while containing costs for insurance carriers. 

Heritage Capital Group acted as intermediary and financial advisor to MSC in the 

merger of MSC and AMP and the sale to HIG Capital, a leading private equity firm 

with over $1 billion of equity capital under management. 


member firm: 




Inc. 

Heritage Capital Group, Inc. 

28


National Diabetic Pharmacies Morgan Nobel LLC Advisor to buyer 

National Diabetic Pharmacies (“NDP” or the “Company”) provides diabetic supplies 

and specialized, comprehensive Disease Management services designed to improve 

the quality of life and lower the cost of healthcare to patients with diabetes. 

Matrix negotiated Morgan Noble’s purchase of the stock of the Company. Over the 

next four years, Robert Haft, President of Morgan Nobel, professionalized the 

organization, developed a plan, and steered its growth until its eventual sale to a 

strategic competitor, PolyMedica Corporation (Nasdaq:PLMD) for $55 million, 

realizing a substantial return on his initial investment. 

Nicolet Electron/Thermo Electron SteriGenics International Advisor to buyer 



TM Capital assisted SteriGenics in completing the purchase of Nicolet Electron 

Services, a provider of electron beam services, from ThermoSpectra Corp., a 

member of the Thermo-Electron Group (NYSE). 

Sodilac (subs. of Wyeth) Laboratorios Ordesa Advisor to buyer 

Laboratorios Ordesa, the leading manufacturer of infant milks in the Spanish market, 

acquired Sodilac SAS, the fourth player in the French infant milk market and 

operates mainly under the Modilac brand. Sodilac ultimate owner was Wyeth 

Corporation, a US pharmaceutical multinational listed on the NYSE. Wyeth 

Corporation wanted to sell the French infant milk business unit as non-core. Sodilac 

SAS is. 

Closa M&A assisted the shareholders of Laboratorios Ordesa in this acquisition 

process. 


member firm: 

Matrix Capital Markets 

Group, Inc. 


Closa M&A 

29


Sudco of Multipharma Flex Pharma Advisor to buyer 

Holland Corporate Finance advised Flex Pharma on the acquisition of Sudco, a 

producer of OTC products. 

Flex Pharma is a producer of pharmaceuticals, vitamin supplements and dermocosmetics. 

Sudco was part of Multipharma. Multipharma is a subsidiary of Novartis 

(www.novartis.com), a pharmaceutical multinational which is engaged in the 

research, development, manufacture and marketing of medicines. 

Symare Pharma Tramedico International Advisor to buyer 

/ Flex Pharma 

Holland Corporate Finance advised Tramedico International (www.tramedico.nl) and 

the joint venture on the formation of the joint venture Symare Pharma. 

Tramedico International focuses on the marketing, sales and distribution of 

medicines and self-care products in the Benelux. Flex Pharma is a producer of 

pharmaceuticals, vitamin supplements and dermo-cosmetics. 


member firm: 

SteriGenics International, Inc. Ion Beam Applications s.a. Advisor to seller TM Capital Corp. 



TM Capital assisted SteriGenics in completing three strategic acquisitions which 

brought the company into new geographic markets, new sterilization technologies 

and new market applications. 

TM Capital then assisted SteriGenics in completing its $214 million sale to Ion Beam 

Applications s.a. (BB: IBAB), a leading provider of particle accelerators for health 

care and other markets. TM Capital also provided a fairness opinion in connection 

with the sale of SteriGenics to IBA. 



30


Total Health Products, Inc. Medsite.com, Inc. Advisor to seller 

Total Health Products, Inc. is a distributor of medical products to physicians and 

contract marketing organizations (CMOs). One of the nation’s largest fulfillment 

houses for the pharmaceutical industry, offering over 40,000 items, such as medical 

equipment, supplies and textbooks, primarily through its catalogs and the Internet. 

Barrington Associates assisted in the negotiations and acted as financial advisor to 

Total Health Products, Inc. on its merger with Medsite.com, Inc. 

Vitaland Walmark Advisor to seller 

During the second half of 2004, WOOD & Co was mandated to sell Vitaland, the 65store 

retail chain selling nutrition supplements, vitamins and various kinds of diets 

in the Czech Republic. Vitaland was developed by private individuals as completely 

new business concept in the Czech Republic aiming at development of network of 

small shops located in newly arising shopping centres and shopping malls. Most of 

the products is sold under brands owned or developed by Vitaland. 

WOOD & Co has organised selling process for a limited number of investors. In the 

beginning of 2005 Vitaland was sold to Walmark, the largest independent Czech 

generic producer with ambition to become a regional strong market player. 

Walmark intends rolling the concept of Vitaland to other CEE countries such as 

Slovakia or Poland. 


member firm: 


WOOD & Co. 

31


Achima Helse AS Norlandia Omsorg Advisor to seller 

Norlandia Omsorg and Achima Helse, two of Norway’s largest providers of health 

services merge. The two companies will combined have an annual revenue of 

approximately NOK 500 (EUR 64) million in 2007. 

Achima is the largest healthcare temporary staffing company in Norway. The 

company provides temporary nurses and doctors to hospitals, municipals and 

private institutions. Achima has frame agreements with most of the larger 

healthcare enterprises in Norway and hospitals and municipals in Sweden. 

Additionally, the company also operates two larger healthcare centers in Sweden. 

Norlandia Omsorg acquired 65% of the shares in Achima Helse while the Achima 

shareholders will purchase shares in Norlandia Omsorg. 

Norlandia Omsorg is today Norway’s largest care company with over 1000 

employees. The company operates nursing homes, patient hotels and home based 

healthcare services. 

Bridgehead AS advised the shareholders of Achima Helse AS in the transaction. 

HealthPlus Corporation Merrill Lynch Capital Advisor to seller 

HealthPlus Corporation was formed to acquire urban and suburban primary care 

hospitals in partnership with physicians. The Company is headquartered in Houston, 

Texas and currently owns and operates four hospitals in Houston and Los Angeles. 

Barrington Associates advised HealthPlus on its recapitalization with Merrill Lynch. 

Home Pharmacy of California Walgreens Home Care Advisor to seller 

Home Pharmacy of California is one of the largest independent home infusion 

companies in California. Operating pharmacies in Burbank, Corona and Ventura, 

the company has provided comprehensive infusion pharmacy services including 

home infusion, hospice and nutrition therapies, as well as specialty pharmacy 

services for almost 20 years. 

Barrington Associates advised Home Pharmacy on its sale to Walgreens Home Care, 

Inc., a division of Walgreens Co. (NYSE: WAG). 


member firm: 

Bridgehead AS 



32


Maxicare Health Plans, Inc. Molina Healthcare, Inc. Advisor to seller 

Based in Los Angeles, California, Maxicare Health PLans, Inc. is a holding company, 

principally in the field of managed health care. 

Barrington Associates advised Maxicare on its sale to Molina Healthcare, Inc. 


member firm: 

Kent Medical Center Debt Negotiation Advisor to seller Alexander Hutton, Inc. 

Kent Medical Center renegotiated debt in this transaction. Alexander Hutton acted 

as advisor. 

Meditek/Heico Corp. U.S. Diagnostic Labs Advisor to seller 

Heico Corporation (NYSE: HEI), a producer of aerospace components with a market 

value of over $350 million, determined to divest an off-strategy subsidiary, Meditek 

Health Corp. Meditek is a provider of diagnostic imaging services through a network 

of magnetic resonance imaging centers. 

TM Capital completed the sale of Meditek for $23 million to U.S. Diagnostic Labs, Inc. 

(NASDAQ). 

Medical Diagnostics, Inc. Advanced NMR Systems Advisor to seller 

Medical Diagnostics, Inc. (NASDAQ) is a provider of diagnostic imaging services 

through a network of magnetic resonance imaging centers. Raytel Medical Corp. 

(NASDAQ) launched an unsolicited tender offer to acquire Medical Diagnostics. 

Medical Diagnostics retained TM Capital as financial advisor to develop alternatives 

to the Raytel offer. TM Capital negotiated the $29 million sale of Medical Diagnostics 

to Advanced NMR Systems Inc. (NASDAQ). TM Capital also arranged $15 million of 

senior financing in connection with this transaction. 




33


Miami-Dade Health Continucare Corporation Fairness opinion – 

Centers, Inc. buyer 

Miami-Dade Health Centers, Inc. is a provider of primary healthcare services on 

an outpatient basis at medical centers in Miami-Dade County, Florida. They 

provides medical services to patients at these centers through employee 

physicians, specialty physicians hired on an independent contract basis, advanced 

registered nurse practitioners and physician assistants. They also provides related 

transportation, diagnostic and administrative support services. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.) 

issued a fairness opinion to the Board of Directors of Continucare Corporation 

(The Chairman of the Board of Ladenburg Financial Services Inc., the parent 

company of Ladenburg Thalmann & Co. Inc., is a Director of Continucare 

Corporation), a provider of primary care physician services on an outpatient basis 

in Florida, related to its acquisition of Miami-Dade Health Centers, Inc. 

Residential Care Group 

Smith & Williamson acted as financial adviser to the institutional shareholders on 

the disposal of Residential Care Services Group. 

Ridgmont Holdings Limited 

Ridgement Holdings Limited, a nursing home operator, made a recommended offer 

for a nursing home operator Highcare Group PLC. 

Templecare Limited / Dove Care 

Templecare Limited, which trades under the Dove Care Homes brand, as a nursing 

home operator was sold to Minster Care Management for an undisclosed sum. 


member firm: 


Inc. 

Smith & Williamson 

Corporate Finance Limited 





34


The SENAD Group Undisclosed Advisor to seller 

The SENAD Group is a residential schools group for children and young adults with 

Special Education Needs (SEN). As the largest provider of SEN schools in the UK, 

SENAD offers over 400 residential school places across seven schools and four care 

homes located in Derbyshire, Staffordshire and Wales. 

The sale followed Cavendish’s successful management of a controlled auction 

process aimed at maximizing shareholder value and finding the right business 

partner for SENAD. 

Cavendish also worked with the SENAD management team for over 12 months prior 

to the sale, implementing an Exit Review exercise in order to maximize profits and 

position the business most effectively for a sale. 

Vita Medical Staffing, LLC National Healthcare Advisor to buyer 

TVL Healthcare, Inc. Staffing, L.L.C. 

National Healthcare Staffing, L.L.C. recruits nurses for travel nursing industry in the 

United States. It provides nursing services in the areas of respiratory therapy, 

physical therapy, intensive care unit, labor and delivery, emergency room, dialysis, 

pediatric, operating room, cardiac step-down, and surgery. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.) assisted 

National Healthcare Staffing in its acquisitions of Vita Medical Staffing, LLC, a 

provider of nurses and healthcare professionals placing services in the United States 

and of TVL Healthcare, Inc., a provider of healthcare travel professionals in the 

United States. 

Capitalink, L.C. also previously assisted National Healthcare Staffing in a private 

placement. The investor was Goldman Sachs (The Urban Investment Fund). 


member firm: 


Finance 

Ladenburg Thalmann & 

Co. Inc. 

35


Alsius Corporation Ithaka Acquisition Corp. Fairness opinion - buyer 

Alsius Corporation is a medical device company that manufactures and sells 

catheter-based intravascular temperature control products for use in acute care 

hospitals and other critical care settings. 


fairness opinion to the Board of Directors of Ithaka Acquisition Corp., a Special 

Purpose Acquisition Corporation (“SPAC”), related to its acquisition of Alsius 

Corporation. 

Arrow International, Inc. Marketing/Licensing Licensing Advisor 

Arrow International [NASDAQ: ARRO]) develops, manufactures, and markets 

various disposable catheters, heart assistance devices, and related products in the 

critical and cardiac care sectors. Arrow was looking to develop some relationships 

with some Japanese Medical Device companies to license and market several 

products for cardiac care applications. 

Morgen, Evan & Company assisted Arrow in setting up these relationships with 

various Japanese Medical Devices companies. 

BioLok International Inc. HealthPoint Capital 

Partners 

Advisor to seller 

BioLok International, Inc. engages in the research, development, manufacture, 

marketing, and distribution of dental implants, and bio-medical products and 

biomaterials. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.) assisted 

BioLok International in its sale to HealthPoint Capital Partners, a private equity firm 

specializing in growth capital of orthopedic device industry. Capitalink, L.C. also 

previously assisted BioLok International in a private placement. The lead investor 

was Radius Ventures. 


member firm: 


Inc. 


Inc. 


Inc. 

36


Bio-Medical Research Advisor to target on 

Ltd private equity 

fundraising 

Bio-Medical Research (BMR) Ltd is a privately-owned company based in Galway with 

over 30 years experience in the research, design, manufacture and marketing of 

medical grade products for both muscle strengthening and pain relief. 

BMR began manufacturing electrical muscle stimulator (EMS) products in the 1960s 

and is involved in the following product areas: microprocessor-controlled devices for 

treatment accuracy, prescription programmable units for patient security, subpulsing 

(for improved transmission of the signal across the skin), bodyworn 

simulators, garment-integrated stimulators and medical grade safety in consumer 

products. 

IBI Corporate Finance advised BMR on its €13m private equity fundraising in 2003. 

Creganna Ltd Advisor to target on 

private equity 

fundraising 

Creganna Ltd is a Galway-based medical devices company that specialises in the 

development and production of specialist hypotube shafts used in minimally 

invasive surgery. 

In August 2006, Creganna announced the completion of a private equity fundraising 

to facilitate an acquisition-based growth strategy. 

IBI Corporate Finance advised Creganna on this fundraising, which resulted in a 

specialist private equity firm, AIG Altaris Health Partners, investing in the business. 

Dispomedicor Zrt. Nagév Kötszer Kft. Advisor to seller 

Dispomedicor is a Hungarian company engaged in the production of disposable 

medical devices such as injection needles, syringes, infusion and transfusion sets 

and other single-use medical equipment. 

Dispomedicor is a clear market leader in the domestic market where it has a widely 

recognised brand, while in the export markets, primarily in Austria, Germany and 

the USA, Dispomedicor is present as a contract manufacturer offering white label 

products to local distributors. 

Concorde assisted the Hungarian-American Enterprise Fund in the sale of the 

company to Nagév Kötszer, a leading Hungarian manufacturer and distributor of 

disposable medical supplies. 


member firm: 

IBI Corporate Finance 


Concorde Corporate 

Finance 

37


Imagyn Medical C.R. Bard, Inc. Advisor to seller 

Technologies, Inc. 

Imagyn Medical Technologies, Inc. based in Irvine, California, is a developer of 

innovative, proprietary technologies to enable improved disease diagnosis, patient 

monitoring and therapy for the oncology and critical care markets. 

Barrington Associates advised Imagyn on its sale to C.R. Bard, Inc. (NYSE: BCR) 

Jason Marketing Company Tyco International Advisor to seller 

Based in Los Angeles, California, Jason Marketing Company is a distributor of 

medical supplies including medical batteries, paper for EKG machines and medical 

latex gloves. 

Barrington Associates advised Jason Marketing on its sale to Tyco International ltd. 

Luther Medical Johnson & Johnson Advisor to seller 

Products, Inc. Medical, Inc. 

Based in Tustin, California, Luther Medical Products, Inc. is a manufacturer of 

specialty medical products and devices, IV Catheters and other associated products. 

Barrington Associates advised Luther Medical Products on its sale of certain assets 

to Johnson & Johnson Medical, Inc. 


member firm: 




38


MediGuard, Inc. Medline Industries, Inc. Advisor to seller 

Mediguard, Inc. is a subsidiary of Jason Marketing that specializes in producing 

medical gloves. 

Barrington Associates advised Mediguard on its sale to Medline Industries, Inc. 

Osteoimplant Technology, Inc. Encore Medical Corporation Fairness opinion 

- seller 

Osteoimplant Technology, Inc. designs, develops and manufactures proprietary 

orthopedic implants and spinal fixation systems (orthopedic joint replacements 

including hip and knee systems; spinal systems; trauma devices; related 

instrumentation 


fairness opinion to the Board of Directors of Osteoimplant Technology related to its 

sale to Encore Medical Corporation. 

Pelican Healthcare Ltd Eakin Holdings Ltd Advisor to buyer 

Eakin Holdings Ltd is based in Northern Ireland and produces high-quality niche 

products used in stomacare and woundcare for export worldwide. 

Pelican Healthcare Ltd is located in Cardiff and produces a wide range of stomacare 

products and feminine healthcare products for the UK market. 

IBI Corporate Finance advised Eakin Holdings Ltd on its acquisition of a majority 

shareholding in Pelican Healthcare Ltd. The acquisition of Pelican offered an 

exceptional opportunity for Eakin to secure a successful, quality supplier and 

platform for growth and expansion in the UK. The combination of Pelican and Eakin 

created a very substantial player in the medical products market. 

IBI Corporate Finance structured and negotiated the terms of the transaction, 

secured senior debt financing and project-managed the due diligence and legal 

process to completion. 


member firm: 



Inc. 


39


Polamedco, Inc. Teleflex, Inc. Advisor to seller 

Polamedco, Inc. is a leading developer and manufacturer of disposable airway 

management products. The Company’s products are used in emergency 

interventions, during surgical procedures and for post-operative care of unconscious 

and critical-care patients. 

Barrington Associates advised Polamedco on its sale to Teleflex Incorporated. 

Quantitative Radiology Srl AFP Imaging Corp. Advisor to buyer 

AFP Imaging Corporation, through its subsidiaries, engages in the design, 

development, manufacture, and distribution of equipment for generating, capturing, 

and/or producing medical and dental diagnostic images through electronic 

technology, as well as the chemical processing of photosensitive materials. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.), along 

with Arietti & Partners, assisted AFP Imaging in its acquisition of Quantitative 

Radiology, which develops, manufactures, and distributes dental volumetric 

tomographs for dental radiology. 

Winfield Medical Maxxim Medical Advisor to seller 

Winfield Medical is a manufacturer of medical waste containment and infusion 

therapy products. It sells products to hospitals and alternate site customers. 

Barrington Associates advised Winfield Medical on its sale to Maxxim Medical. 


member firm: 



Inc. & 

Arietti & Partners 

Scientific Group Boston Scientific Corp. Advisor to Scientific Grp Aelios Finance 

A group of inventors had a portfolio of patents pertaining to the interventional 

treatment of specific cardiovascular conditions. 

Aelios Finance assisted the group of inventors in the sale of their patent to Boston 

Scientific (NYSE: BSX). Boston Scientific is a global leader in medical device and in 

particular in the cardiovascular area. 


40


Armstrong Pharmaceuticals, Medeva plc Advisor to seller 

Inc. 

Armstrong Pharmaceuticals, Inc. (NASDAQ) is a leading producer of drug delivery 

systems including inhalation therapeutics devices. 

Armstrong retained TM Capital as financial advisor in connection with Armstrong's 

$52 million stock swap merger with Medeva plc (LSE). 

TM Capital also provided a fairness opinion to the board of directors of Armstrong in 

connection with the merger with Medeva. 

Brecon Pharmaceuticals Ltd AmerisourceBergen Advisor to seller 

Corporation 

Brecon Pharmaceuticals is one of the leading contract packaging and clinical trial 

materials (CTM) companies in the UK, providing packaging services for 

pharmaceuticals intended for sale by pharmaceutical manufacturers throughout 

Europe and Asia. Based in Wales, Brecon has approximately 280 employees and 

more than 90,000 square feet of packaging space. 

Cavendish had established a close relationship with Brecon Pharmaceuticals through 

regular dialogue over many years. Following an unsolicited approach by 

AmerisourceBergen, Cavendish was appointed to manage a tightly controlled sale 

process with minimal disruption to the business. 

Bridgeport Pharmacy Services OmniCare Inc Advisor to seller 

Bridgeport Pharmacy Services provides institutional pharmacy services to 5,000 

“beds” and owns & operates seven retail pharmacies. Alexander Hutton advised the 

seller in this transaction. 

Crossject Rothschild & Cie Advisor to Crossject 

Crossject is an innovative company in the area of needle-free delivery of injectable 

product. Crossject has partnership with large pharmaceutical companies such as GSK. 

Aelios Finance assisted the company in organizing a $13m financing transaction that 

was led by the venture fund of Rothschild & Compagnie. During the transaction, a 

restructuring of previous debt arrangements was also done. 

M&A International, International Inc. 

member represented firm: by: 

TM Capital Corp 

Cavendish IB PartnersCorporate 

Finance 



41


Farmacias Económicas 

del Sur S.A. 

(Farmacias Conosur) 

Farmacias Conosur Socofar Advisor to buyer 

IB Partners advised Socofar, the largest distributor of pharmaceutical products in 

Chile and parent company of Farmacias Cruz Verde, third largest pharmaceutical 

chain in Chile with a nationwide network, in conjunction with its 100% all cash 

acquisition of Farmacias Conosur, the fourth largest retail pharmacy chain in Chile. 

The merged company projected post-merger sales of US$300 million and held the 

most extensive retail pharmaceutical network in Chile with 250 locales nationwide. 

Persee Medica Omega Pharma NV Advisor to seller 

Persee Medica is a French Over-the-Countrer (OTC) specialty pharma that was 

looking at allying with a multi-national company to expand its innovative products 

globally. 

Aelios Finance assisted Persee Médica’s shareholders in the sale of their company 

to Omega Pharma (Euronext: OME). Omega Pharma is the leading European 

company dedicated on OTC pharmaceutical products. 

SalcoBrand Empresas Juan Yarur Advisor to buyer 

IB Partners advised Empresas Juan Yarur, the holding company of Chile’s Yarur 

family, in the valuation and acquisition of 100% of SalcoBrand, one of the largest 

pharmacy chains in Chile, for US $179 million. IB Partners structured the 

acquisition and financing for the transaction. SalcoBrand operates 296 pharmacies 

in Chile, with annual sales of US$450 million and an estimated 26% market share 

among pharmacies. In addition to the pharmacy business, for which the company 

is best known, the transaction involved the purchase of, among other businesses, 

two laboratories, producing generic and ethical drugs and a medical expense 

insurance company. 


member firm: 




42


Sichuan Kelun Pharmaceutical Shanghai Century Fairness opinion – 

Acquisition Corp. buyer 

Sichuan Kelun Pharmaceutical Co., Ltd. develops, produces and sells a series of 

infusion solutions, tablets, capsules, injections and powders in China. The infusion 

fluid is used as a base for the mixing and dissolving of pharmaceuticals into the 

human body via the veins for therapeutic purposes. 

Capitalink, L.C. (subsequently acquired by Ladenburg Thalmann & Co. Inc.) issued 

a fairness opinion to the Board of Directors of Shanghai Century Acquisition Corp., 

a Special Purpose Acquisition Corporation (“SPAC”), related to its acquisition of 

Sichuan Kelun Pharmaceutical Co., Ltd. 

Ladenburg Thalmann & Co. Inc. co-managed a public offering of the securities of 

the Shanghai Century Acquisition Corp. 

The India Pharma Fund 

The India Pharma Fund is an investment company which invests in a portfolio of 

Indian pharmaceutical companies. The company raised US$27 million through a 

placing and was admitted to the Channel Islands Stock Exchange 


member firm: 


Inc. 



43


Amadeus 

Pharmaceuticals 

Austrianova Biomanufacturing Amadeus Advisor to buyer 

AG Pharmaceuticals Ltd 

Austrianova Biomanufacturing AG is an innovative Vienna-based biotechnology 

company that specialises in the encapsulation of genetically modified cells to enable 

the local treatment of multiple diseases with significantly higher levels of efficacy 

and reduced side effects than currently available comparable treatments. 

The Company has successfully completed Phase I/II clinical trials of its core 

application, NovaCaps, a pancreatic cancer treatment that has the proven ability to 

increase median survival times in patients by 100% and 12 month survival rates in 

patients by ca. 330%. 

Amadeus Pharmaceuticals Ltd is a buy-out vehicle used for the acquisition of 

Austrianova Biomanufacturing AG. Amadeus Pharmaceuticals is part of Ryan Group 

Holdings Ltd, an investment group based in Limerick, Ireland. Ryan Group Holdings 

Ltd, which is led by Gerard Ryan, also has an interest in Firecrest Clinical Ltd, a 

specialist pharmaceutical services company that provides training for investigators 

in clinical trials. 

IBI Corporate Finance advised Amadeus Pharmaceuticals Ltd on its acquisition of a 

major stake in Austrianova Biomanufacturing AG. 

Medical Marketing International plc Advisor to MMI 

Medical Marketing International plc is a company which manages bioscience and 

medical technologies to create, protect and increase their commercial value. S&W 

acted as nominated adviser. 

Portland Professional Pharmacy is a specialty pharmacy company providing disease 

management and pharmaceutical compounding services. 

Portland Professional generated rapid growth and retained TM Capital to find a 

strategic partner with greater resources to finance the company’s growth plan. 

TM Capital completed the sale of Portland Professional Pharmacy to National Medical 

Health Card Systems, Inc. (NASDAQ: NMHC), a $575 million revenue pharmacybenefit 

manager. 



represented by: 

member firm: 




Portland Professional Pharmacy National Medical Health Card Advisor to seller TM Capital Corp. 

44


The Harting Family Arboris LLC. Financing 

arrangement 

IB Partners advised the Harting Family in the placement and structuring of equity 

and debt financing for Harting S.A. and Arboris LLC. Harting is a Chilean chemical 

company with a history of chemical technology. Arboris is the largest producer of 

sterols from pine in the world, with manufacturing operations in Georgia and Ohio, 

United States of America. 


member firm: 


45

Healthcare group specialists 

Country M&A International Inc. Contact E-mail 

representative specialist 

Group Leader: US Morgen, Evan & Company, Inc. John Mondoloni mondoloni@morgenevan.com 

Argentina IB Partners Limitada Hernan Sambucetti sambucetti@ibpartners.cl 

Australia Baron Partners Limited Peter Fraser pfraser@baronpartners.com.au 

Baltic Region Gild Bankers Tarmo Juristo tarmo.juristo@gildbankers.com 

Belgium Capital Advice NV. Roger Delcroix rd@capitaladvice.be 

Brazil IB Partners Limitada Gianni Casanova casanova@ibpartners.cl 

Canada JR/Janus Merchant Brokers, Ltd. Michael Thompson mthompson@jrjanus.com 

Chile IB Partners Limitada Willie Martin martin@ibpartners.cl 

China Strategic European investment Management Ltd. Dana Schuppert seim@public2.bta.net.cn 

Czech Republic Wood & Co Jan Tusl jan.tusl@wood.cz 

Denmark Audon Partners A/S Frederik Aakard frederik.aakard@audonpartners.dk 

France Aelios Finance Alain Lostis al@aeliosfinance.com 

Germany Angermann M&A International GmbH Niklas Wouters niklas.wouters@angermann.de 

Hong Kong Quam Capital Limited Andrian Bradbury a.bradbury@quamcapital.com.hk 

Hungary Concorde Corporate Finance Limited Toby Mansel-Pleydell niklas.wouters@angermann.de 

India SBI Capital Markets Limited Sameer Karulkar sameer.karulkar@sbicaps.com 

Ireland IBI Corporate Finance Limited David Lyons david.lyons@ibicf.ie 

Italy Arietti & Partners Davide Eugenio Milano milano@mergers.it 

Japan Morgen, Evan & Company Inc. Phil Jones jones@morgenevan.com 

Netherlands Holland Corporate Finance Robert Boersma rboersma@hcfinance.nl 

Norway Bridgehead AS Odd Paulsen op@bridgehead.no 

Poland Poland Corporate Finance Bill Fawkner-Corbett w.corbett@mergers.pl 

Romania Capital Partners Doru Lionachescu doru.lionachescu@capitalpartners.ro 

Russia Avanko Capital Nataliya Laba natalia.laba@avanko.com 

Slovania Publikum d.d. Primož Karpe pumoz.karpe@publikum.si 

Spain Closa Corporate Finance Advisors Manuel Beca Solo mbs@closa.com 

Sweden Avantus Corporate Finance Sven-Åke Lewin lewin@avantus.se 

Switzerland Binder Corporate Finance Limited Peter Binder peter.binder@binder.ch 

Turkey PDF Corporate Finance Poyraz Kogacioglu poyrazkogacioglu@pdf.com.tr 

United Kingdom Cavendish Corporate Finance Limited John Doree jdoree@cavendish.com 

Smith & Williamson Corporate Finance Limited Brian Livingston brian.livingston@smith.williamson.co.uk 

USA 

Boston Boston Corporate Finance, Inc Murray Beach mbeach@bostoncf.com 

Chicago MASI, Ltd. Arthur J. Lyman art@masiltd.com 

Cleveland The TransAction Group, Inc. Allen H. Ford aford@transactiongroup.com 

Dallas Capital Alliance Corporation Erik Slockers erik.slockers@cadallas.com 

Jacksonville Heritage Capital Group, Inc C. Don Wiggins dwiggins@heritagecapitalgroup.com 

Los Angeles Barrington Associates Alexander Faust afaust@barrington.com 

Miami Ladenburg Thalmann James S. Cassel jcassel@ladenburg.com 

New York TM Capital Corp. Michael Goldman mgoldman@tmcapital.com 

Richmond Matrix Capital Markets Group, Inc. C. Bryan Johnson bjohnson@matrixcapitalmarkets.com 

Seattle Alexander Hutton, Inc. Scott Hardman shardman@alexanderhutton.com 

46


www.mergers.net 

47


Affiliated Members Located in: 

Argentina • Australia • Baltic Region • Belgium • Brazil • Canada • Chile 

China • Czech Republic • Denmark • France • Germany • Hong Kong 

Hungary • India • Ireland • Italy • Japan • Netherlands • Norway • Poland 

Romania • Russia • Slovenia • Spain • Sweden • Switzerland • Turkey 

United Kingdom • United States of America 

M&A International Inc. 2007. All rights reserved. 

48

Healthcare and Distribution Services - Audon Trap & Partners

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?