Loading
Canadian simulation company buys Medical Education Technologies
CAE Healthcare, a division of Saint-Laurent, Quebec City-based CAE, has acquired Sarasota-based Medical Education Technologies Inc. for $130 million.
CAE Healthcare touted that the deal offers it global market access, significantly expands its product and services offering and makes it one of the top providers of simulation technology to the healthcare industry.
The Canadian firm acquired all the shares of METI, whose main operations are located in a 76,000-square-foot Sarasota building as well as in Hungary and Germany.
“The acquisition of METI is an important step in the advancement of our healthcare strategy because it expands CAE Healthcare's product portfolio and gives it much greater market access,” Marc Parent, CAE's president CEO, says in a press release. “With this acquisition, our new core markets segment, comprised of CAE Healthcare and CAE Mining, achieves greater critical mass. We expect this segment to achieve more than C$120 million of revenue and to be profitable in fiscal 2013. METI is a premier organization with a global customer footprint and distribution channels, an extensive portfolio of products and services, a solid management team and a proven track-record of profitability and customer service.”
Michael Bernstein, CEO of METI, will become president of CAE Healthcare.
The more than 232-employee METI reported gross revenue of $58 million in 2010, an 11.5% increase over its revenue in 2009.
“The opportunity to become part of CAE, the de facto standard in the world of simulation, is great for our employees, our customers and for the healthcare community as a whole,” Bernstein says in a press release. “By joining a world-leading company with CAE's credibility and a track record of improving quality, safety and efficiency with simulation-based training, we will be able to take the healthcare simulation industry to an entirely new level.”
METI builds simulators, including baby, pediatric and adult, designed to mimic human medical scenarios including trauma, heart attack, drug overdose and effects of bioterrorism. Some 6,000 METI simulators are in use worldwide. The company has a network of more than 40 distributors in 40 countries.
CAE has issued $150 million of senior notes in a private placement to fund the acquisition and to replace other existing obligations at lower interest costs.
CAE Healthcare offers learning tools and simulation products to healthcare professionals. Its parent, CAE, is a global firm focused on modeling, simulation and training for civilian aviation and defense. The company employs more than 7,500 people at more than 100 sites and training locations in more than 20 countries.
Tampa's HealthPlan Holdings buys Zenith Administrators
Tampa-based HealthPlan Holdings Inc. has acquired Zenith Administrators Inc. The company will merge the Mokena, Ill.-based Zenith with HealthPlan Holdings' subsidiary, American Benefit Plan Administrators Inc. The combination creates a national third-party administrator of health care, retirement and other benefits to Taft-Hartley trust funds, and state and municipal plans.
Together, the two firms will have more than 1,200 employees providing benefit administration services to nearly 2 million plan participants across the United States.
The merger will reportedly significantly increase HealthPlan Holdings geographic reach.
Art Schultz will serve as CEO of the combined company. He previously was executive vice president and chief operating officer of HealthPlan Services. John Corapi will continue to serve as president of Zenith.
“Together, we have the best resources available to address the increasingly complicated technical and compliance issues related to Taft-Hartley benefit plans,” Corapi says in a press release.
Since its founding in 1986, Zenith has expanded to 25 offices across the United States.
HealthPlan, a Walter Street Healthcare Partners affiliate, is the nation's largest independent company providing outsourced solutions to insurers focused on the individual, union trust and voluntary benefits markets.
Sykes Enterprises buying back 11% of its shares
The board of directors of Tampa-based Sykes Enterprises Inc. has approved a buyback of up to 5 million shares of its outstanding common stock. This new share repurchase authorization plan is in addition to the 3 million-share repurchase program started in 2002. The company previously purchased about 2.8 million shares in that July 29 buyback. The company had 47.1 million shares of common stock outstanding.
The buyback program would call for acquiring 11% of the company's outstanding shares.
Chuck Sykes, the company's president and CEO, said the effort was driven by the company's healthy cash flow and strong balance sheet.
Infrax Systems plans reverse split one for 500 shares
Infrax Systems Inc. of St. Petersburg has filed with the Financial Industry Regulatory Authority to reverse split the company's common stock.
The one for 500 reverse stock-split is scheduled to take effect Sept. 9 with a record date of Aug. 26. Upon approval of the reverse split, the regulatory authority is expected to change the company's symbol from IFXY to IFXYD.
The board plans to file with the state of Nevada to decrease the number of authorized shares of the company's common stock from 5 billion to 200 million shares. The reverse will also affect all series of preferred stock.
“Deciding on this event was not an easy decision and a very hard pill to swallow, but the clarity became more apparent with the overall market condition and our declining stock price in which we believe showed only a resemblance of our net tangible and intangible book value hence exposing us to a potential hostile takeover,” Sam Talari, Infrax co-chairman, says in a press release.
Lee Memorial Health System adds two new administrators
The Lee Memorial Health System has added two new hospital administrators. Joshua DeTillio has been appointed chief administrative officer for Gulf Coast Medical Center and Scott Kashman has been made chief administrative officer for Cape Coral Hospital.
Chief administrative officers oversee the day-to-day operations of the hospital and are responsible for its overall performance.
DeTillio joins Lee Memorial Health System from West Palm Beach where he served as chief operating officer at St. Mary's Medical Center. He also previously served as chief operating officer at North Shore Medical Center in Miami.
Kashman joins Lee Memorial Health System from St. Joseph Medical Center in Kansas City, Mo., where he served as the chief executive officer. Kashman has an extensive background in hospital management having served in leadership positions at Mercy Hospital Anderson in Cincinnati and St. Mary's of Michigan Medical Center in Saginaw, Mich.
Coral Hospitality to manage Savoy Hotel on South Beach
Naples-based Coral Hospitality has been awarded the management contract for The Savoy Hotel on Miami's South Beach. The 75-suite hotel was recently acquired by Allied Partners, N.Y., and will undergo a multi-million dollar refurbishment.
“The Savoy is a classic South Beach property that enjoys one of the best locations on Ocean Drive,” Lee Weeks, CEO of Coral Hospitality says in a press release.
“We are looking forward to managing this property as it undergoes a multi-million dollar renovation and re-positioning in the coming months that will restore the charm, quality and excellence of service that guests expect in a South Beach hotel,” he says.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
