Kinetic Concepts, Inc. and a consortium comprised of investment funds advised by Apax Partners and controlled affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board today announced the completion of discussions regarding a retention and compensation program for KCI executive management following the contemplated merger transaction.
In connection with these discussions, Catherine M. Burzik has agreed to continue serving as President, CEO and Director through June 30, 2012. Burzik plans to transition her responsibilities to new leadership during 2012 before moving on to future opportunities. The terms of the program with other members of senior management include significant co-investment as well as long-term incentives.
“We are happy to have developed a new program to support the continuity of an experienced and highly effective management team,” said Buddy Gumina, partner and co-head of the Apax Healthcare Team. “We look forward to partnering with management to continue a history of success and pursue new growth opportunities at KCI.”
“I look forward to delivering strong business performance to wrap up 2011, and leading KCI into 2012 – a year in which we will build on the great success that our company has enjoyed,” said Burzik.
“Our executive management team is pleased to have this excellent opportunity to co-invest and participate meaningfully in KCI’s bright future,” said Martin J. Landon, KCI Executive Vice President and CFO. “Our history of innovation and strong cash flows combined with the business acumen and shared vision of the financial sponsors will help us to build on leadership positions across our business units and around the world.”
The transaction involving the merger of KCI with Chiron Merger Sub, Inc. closed on Friday, November 4, 2011.