ROCHESTER, N.Y., June 10 — Carestream announced today that it has recapitalized its balance sheet and is well positioned for future growth.
Carestream evaluated various strategic alternatives earlier this year. Due to the company’s strong performance and attractive future prospects, Onex (TSX: OCX) and Carestream’s Board of Directors chose to refinance the company’s debt and continue to invest in long-term growth.
“Based on Carestream’s improving market position, strong cash flow and proven management team, we determined that a recapitalization would be the most attractive alternative,” commented Robert Le Blanc, Carestream’s Chairman of the Board and a Senior Managing Director of Onex. “We are excited to continue working with the management team and employees to support the long-term growth of the business.”
In the six years since its founding, Carestream has delivered an attractive 2.6x multiple of invested capital to its shareholders while simultaneously increasing its investments in research and development and customer support. These investments have resulted in successful and award-winning new product introductions that have contributed to recent growth and improved prospects.
“We have a strong business and a bright future,” said Kevin Hobert, CEO of Carestream. “With an employee base passionate about delivering high-quality solutions to our customers, a portfolio of market leading products and the financial strength to invest in our future, we are poised to build on our past success and continue to innovate and grow. Our management team couldn’t be more excited about continuing to work with Onex, our Board and our customers to build our business.”
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About Carestream Health
Carestream is a worldwide provider of dental and medical imaging systems and IT solutions; X-ray imaging systems for non-destructive testing and advanced materials for the precision films and electronics markets. For more information about the company’s broad portfolio of products, solutions and services, please contact your Carestream Health representative or visit www.carestream.com.
About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $16 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds. Onex’ businesses have assets of $44 billion, generate annual revenues of $37 billion and employ approximately 243,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
CARESTREAM is a trademark of Carestream Health.