LOS ANGELES, CA (January 19, 2007) – Platinum Equity announced today it has completed the acquisition of the Healthcare Marketing Services (HMS) unit of Cardinal Health (NYSE: CAH). Terms of the transaction, which was announced in November, were not disclosed.
A transition is now underway to separate the business from Cardinal Health and establish it as a standalone company. The new company will be renamed, and details about the new name and brand image will be announced as the transition process unfolds.
“HMS delivers vital services in a rapidly growing market, and has strong relationships with major pharmaceutical and biotech customers,” said Matt Young, principal lead on Platinum Equity’s transaction team. “We believe that’s a very solid platform for future growth.”
HMS provides sales and marketing communications services and materials to the pharmaceutical and biotechnology industries. The business, which generated close to $200 million in revenue in 2005, delivers promotional and strategic communications, certified education and event data management services, and contract sales services to some of the world’s largest pharmaceutical and biotechnology companies. It has more than 700 employees and offices in California, Illinois, New Jersey, Ohio and Virginia.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing, and entertainment distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has acquired more than 65 businesses with more than $15.5 billion in aggregate annual revenue at the time of acquisition.