Jacksonville and Tampa, Florida, (April 25, 2012) - Lovett Miller & Co., www.lovettmiller.com , is pleased to announce that its portfolio company, Sigma International General Medical Apparatus, LLC (“Sigma”), of Medina, New York, has been purchased by Baxter International, Inc. (NYSE: BAX). The cash consideration through a two-step purchase was $259 million. Lovett Miller & Co. was Sigma’s sole institutional investor. W. Scott Miller, Co-Founder and Managing Partner of Lovett Miller & Co., served on the Board of Directors of Sigma.
“Lovett Miller has been a value-added investor and Scott Miller was particularly helpful in the process of our successful exit to Baxter. He was material in conceiving a framework for enhanced production scale up earn-out payments which expanded the ultimate purchase price significantly. Scott was also valuable in a number of other ways by providing sound business operational counsel,” commented Roger Hungerford, Sigma’s CEO and principal owner.
, based in Medina, New York, develops and manufactures smart infusion pump technology including the Spectrum large volume pump, which provides advanced safety and clinician-friendly features.
About Lovett Miller
Lovett Miller & Co., www.lovettmiller.com
., based in Florida, is a leading venture capital and private equity investor which focuses on investments in privately-held, emerging growth companies in the healthcare and technology segments.
Baxter International, Inc., www.baxter.com
, through its subsidiaries, develops, manufactures, and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.