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8-K - FORM 8-K - TLC VISION CORP | c58371e8vk.htm |
Exhibit 99.1
TLC Vision Completes Financial Restructuring
Emerges From Chapter 11 With Strong New Capital Structure; Announces New Board of Directors
ST. LOUIS, MO(Marketwire May 20, 2010) TLC Vision (USA) Corporation (the Company), North
Americas premier eye care services company, announced today that it has officially emerged from
Chapter 11 as a newly reorganized, private company. The Companys Plan of Reorganization (the
Plan), which was confirmed by the U.S. Bankruptcy Court on May 6, 2010 and subsequently
recognized by a Canadian court order, has become effective. All outstanding closing conditions have
been satisfied or waived.
In accordance with the Plan, affiliates of Charlesbank Capital Partners, LLC and H.I.G. Capital,
LLC have acquired substantially all the assets of TLC Vision Corporation, including 100% of the
equity of the Company and TLC Vision Corporations six refractive centers in Canada. It is expected
that any remaining assets of TLC Vision Corporation will be liquidated in a Canadian proceeding and
that net proceeds of such liquidation, if any, will be distributed to TLC Vision Corporations
creditors in accordance with the Plan.
James B. Tiffany, President and Chief Executive Officer of TLC Vision stated, This is an exciting
day for TLC Vision. We have successfully completed our financial restructuring in just five months
and we exit Chapter 11 with a healthier balance sheet and an improved cost structure. We look
forward to teaming with our new partners, Charlesbank and H.I.G. We are now better positioned both
competitively and financially to take advantage of opportunities within our markets and achieve our
true growth potential.
Continued Tiffany, I want to thank our employees, who worked tirelessly during the reorganization
process to ensure our success, our surgeons and our network of over 5,000 optometrists, who
continue to support TLC. Lastly, I offer a special thanks to our outgoing directors and advisors
for their valuable guidance and encouragement throughout the process.
In connection with TLC Visions completion of its financial restructuring, the Company announced a
new Board of Directors whose members are:
Brandon C. White, Managing Director, Charlesbank Capital Partners, LLC
Joshua A. Klevens, Vice President, Charlesbank Capital Partners, LLC
Tim R. Palmer, Managing Director, Charlesbank Capital Partners, LLC
Timothy B. Armstrong, Managing Director, H.I.G. Capital, LLC
Brian D. Schwartz, Managing Director, H.I.G. Capital, LLC
Joshua A. Klevens, Vice President, Charlesbank Capital Partners, LLC
Tim R. Palmer, Managing Director, Charlesbank Capital Partners, LLC
Timothy B. Armstrong, Managing Director, H.I.G. Capital, LLC
Brian D. Schwartz, Managing Director, H.I.G. Capital, LLC
We welcome our new Board of Directors and look forward to benefitting from their guidance and
experience as we set a course toward future growth, said Tiffany.
The existing directors of TLC Vision Corporation have resigned as directors in accordance with
terms of the Plan.
About TLC Vision
TLC Vision is North Americas premier eye care services company, providing eye doctors with the
tools and technologies needed to deliver high-quality patient care. Through its centers
management, technology access service models, extensive optometric relationships, direct to
consumer advertising and managed care contracting strength, TLC Vision maintains leading positions
in Refractive, Cataract and
Eye Care markets. Information about vision correction surgery can be found on the TLC Laser Eye
Centers website at www.tlcvision.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity
investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led
buyouts and growth capital financings, typically investing $50 million to $150 million per
transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to
partner with strong management teams to build companies with sustainable competitive advantages and
excellent prospects for growth. For more information, visit www.charlesbank.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 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. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well
managed service or manufacturing businesses. H.I.G. also has extensive experience with financial
restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and
managed more than 200 companies worldwide. The firms current portfolio includes more than 50
companies with combined revenues in excess of $8 billion. For more information, please refer to the
H.I.G. website at www.higcapital.com.
Contacts:
James J. Hyland
VP Investor Relations
(636) 534-2369
investor.relations@tlcvision.com
VP Investor Relations
(636) 534-2369
investor.relations@tlcvision.com
Maura M. Turner
VP, Communications
617-619-5457
mturner@charlesbank.com
VP, Communications
617-619-5457
mturner@charlesbank.com
Wendy L. Matheny
Senior Marketing Manager
(305) 379-2322
wmatheny@higcapital.com
Senior Marketing Manager
(305) 379-2322
wmatheny@higcapital.com