FOR IMMEDIATE RELEASE
DRESNER PARTNERS RECEIVES TURNAROUND MANAGEMENT ASSOCIATION CHICAGO/MIDWEST CHAPTER MIDDLE-MARKET TRANSACTION OF THE YEAR AWARD FOR MRI TRANSACTION
CHICAGO – May 17, 2010 – Dresner Partners, a leading FINRA-registered, middle-market investment bank and IMAP member, received the Middle Market Transaction of the Year Award by the Turnaround Management Association (TMA), Chicago/Midwest Chapter, for its breakup and sale of Medical Resources, Inc. (MRI).
Substantially all the assets of MRI were sold in twelve separate transactions to ten separate buyers including RadNet, Inc. (NASDAQ GM: RDNT), InSight Health Corp. and Tri-State Imaging Consultants, LLC. Prior to its sale, MRI was a leading provider of multi-modality outpatient imaging services in 10 states in the Northeast, Midwest and South. The company provided its imaging and associated services through freestanding facilities and (depending on the market) its services included Magnetic Resonance Imaging, Computed Tomography (CT), X-ray and Fluoroscopy, Ultrasound, Nuclear Medicine, Mammography, Stereotactic Needle Biopsy, Bone Densitometry and Positron Emission Tomography (PET).
Steven Dresner, President of Dresner Partners, commented, “Our healthcare team did an outstanding job of taking a company that was experiencing difficulty, performed extraordinary due diligence and created a transaction that realized significant value for its shareholders. I want to thank the Turnaround Management Association, Chicago/Midwest Chapter, for recognizing our team’s efforts in completing the MRI transaction with such positive results.”
John Valla, MRI’s President and Chief Executive Officer, commented, “The professionalism, skills and persistence that Dresner Partners contributed to the strategy and process were critical in closing this unique transaction.”
John M. Codd, MRI’s Associate General Counsel, added, “Dresner Partners’ presence at the table was necessary in order to proceed with an orderly liquidation of the company at the highest possible value. They exceeded all expectations.”
About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank headquartered in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial advisory services to business owners and managers throughout the world, including institutional private placements of debt and equity, merger and acquisitions, valuations and strategic consulting services. Dresner Partners is also a member of IMAP, an exclusive global organization of leading merger and acquisition advisory firms. Its affiliate company, Dresner Corporate Services, is a strategic communications firm specializing in public and investor relations. More information is available at www.dresnerpartners.com or www.imap.com/locations/office.cfm?OfficeID=416.
About Medical Resources, Inc.
Founded in 1979, Medical Resources, Inc., operated and managed fixed-site outpatient diagnostic imaging centers in the United States, with imaging centers in 10 states. The company's diagnostic imaging centers provided a wide range of imaging services in a comfortable, service-oriented environment to patients referred by physicians.
About the Turnaround Management Association Chicago/Midwest Chapter
The Turnaround Management Association Chicago/Midwest Chapter (www.chicago.turnaround.org) is one of 32 Turnaround Management Association chapters in North America. The Turnaround Management Association (TMA) is the only international non-profit association dedicated to corporate renewal and turnaround management. Its international headquarters is in Chicago. Established in 1988, TMA has more than 9,000 members in 46 chapters, including 32 in North America, and one each in Australia, Brazil, the Czech Republic, Finland, France, Germany, Italy, Japan, the Netherlands, Southern Africa, Spain, Sweden, Taiwan and the UK, with a chapter in formation in Hong Kong/China.
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