CHICAGO (May 31, 2011) — International law firm McDermott Will & Emery LLP today announced that it successfully represented H.I.G Capital, L.L.C., a leading private equity investment firm, and its portfolio company, Surgery Partners, in the acquisition of NovaMed, Inc. (Nasdaq: NOVA) in a going private transaction. The deal, valued at $214 million, included the assumption of approximately $105 million of indebtedness.
Under the terms of the merger agreement, NovaMed stockholders received $13.25 per share in cash, representing a premium of 54.6% over the closing price of NovaMed's common stock as of the time of Surgery Partners' initial offer on August 2, 2010; a 17.7% premium over the Company's 90 day average closing price; and a 10.7% premium over the Company's 30 day average closing price. The transaction closed on May 4, 2011.
Chicago-based NovaMed operates, develops and acquires ambulatory surgery centers in partnership with physicians and holds majority ownership interests in 37 surgery centers located in 19 states.
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small- and medium-sized companies with attractive growth potential.
The McDermott transaction team included partners Brooks B. Gruemmer, Jerry J. Sokol, Samuel W. Wales, Joel G. Chefitz, Jeffrey C. Wagner, Joseph F. Winterscheid, Daniel N. Zucker, counsel Maureen O'Brien and associates Julie R. Brillman, Danielle E. Golino, Carla A. R. Hine, Michael R. Huttenlocher, David R. Neville, Dana P. Newman and J. Cole Parker.
The McDermott finance team included partner Adam Spiegel, associate Bryan V. Swatt and advisory legal assistant Jule Rotenberg.
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McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.