Terms of the recapitalization transaction were not disclosed. The company’s management team, led by President and Chief Executive Steven Simpson, also will invest in Spheris and continue to lead operations, according to the company.
Spheris was formed in June 2003 when Total eMed acquired EDiX. As part of the recent transaction, Parthenon Capital has sold both its original investment in Total eMed made in 2001, as well as its follow-on investment made in 2003 to finance the acquisition.
Joining the Spheris board of directors are Warburg Pincus Managing Directors Joel Ackerman and David Wenstrup, along with Soros’ Co-Head of Private Equity Neal Moszkowski and Partner Jonathan Bilzin. Simpson will retain his position as a director.
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