Broomfield, CO, February 27, 2012 –
ProNerve, LLC ("ProNerve") of Broomfield, Colorado has acquired Northwest Neurodiagnostics Incorporated ("NNI"), of Seattle, Washington. The acquisition establishes ProNerve as the leading provider of intraoperative neurophysiologic monitoring ("IONM") services in the Western United States. NNI represents the premiere provider of IONM services in the Pacific Northwest and brings excellent clinical talent and a devout commitment to customer service, consistent with ProNerve's core principles. The combination, based on common business cultures, positions ProNerve to further its mission of delivering consistent, high quality and reliable IONM services to its network of valued customers.
Brent Ness, Chief Commercial Officer of ProNerve, commented, "Our acquisition of NNI represents a great start to 2012. In addition to expanding our team of experienced and dedicated neuroscience health care professionals, we expect this acquisition will yield incremental capabilities that will enable us to better serve large healthcare systems in the region that are concerned with regulatory, supply chain and clinical quality variation. We plan to continue to increase the number of our dedicated employees to meet the needs of hospital systems, surgeons and patients in the markets we serve."
Shawn Anderson, President and CEO of NNI, commented, "Over the course of the past year, we were approached by several industry IONM companies. We chose to partner with ProNerve based on their obvious commitment to employee development and retention, their focus on customer service and their established commitment to clinical excellence. We wanted our values to live on with whomever we partnered and we found that ProNerve shares those same values. We expect our service capabilities to increase with the additional resources ProNerve will provide in the months and years to come."
ProNerve is one of the leading providers of intraoperative neuromonitoring ("IONM") services in the U.S. IONM involves the use of a variety of electro-physiological monitoring procedures during surgery to allow early warning and avoidance of injury to nervous systems structures. ProNerve provides real-time onsite technologists combined with remote physician oversight to deliver a comprehensive IONM solution to acute care hospitals, specialty hospitals and ambulatory surgery centers.
For additional information on ProNerve, visit www.pronerve.com.
About Waud Capital Partners
Waud Capital Partners ("WCP") is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has completed more than 100 acquisitions since its founding and currently has approximately $1 billion of capital under management.
For additional information on WCP, visit www.waudcapital.com.
For Further Information:
David Neighbours, Partner
Waud Capital Partners
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