Liberty Dialysis Holdings, Inc., a Portfolio Company of KRG Capital Partners, Completes Merger with Fresenius Medical …

DENVER--(BUSINESS WIRE)--

Liberty Dialysis Holdings, Inc. (Liberty), a leading provider of dialysis services, completed its merger with Fresenius Medical Care (Fresenius) on February 28, 2012. Liberty is the holding company for Liberty Dialysis and Renal Advantage. KRG Capital Partners, a Denver-based private equity firm, is the primary investor in Liberty, along with co-investor Bain Capital Ventures.

Based in Mercer Island, WA, Liberty provides dialysis services for patients who have been diagnosed with chronic kidney disease (CKD) or end stage renal disease (ESRD). Under the Liberty brand, the Company pioneered the physician joint venture model working collaboratively with empowered physician owners to drive excellent and cost-effective care. Under the Renal Advantage brand, the Company built a successful track record of developing and acquiring dialysis programs and working closely with market-leading physicians. Liberty has been the fastest growing dialysis company over the last five years and has grown from 15 programs in 2005 to over 280 at the end of 2011.

Libertys management team has done an outstanding job of executing on its growth plan while maintaining its focus on patient care, said Mark King, Co-founder and Managing Director of KRG Capital Partners. Throughout KRGs partnership with Liberty, the team has driven significant growth through its existing joint ventures, new programs and accretive acquisitions, including Renal Advantage.

Partnering with KRG provided the resources needed for Liberty to expand rapidly and become the worlds third largest dialysis provider while consistently providing outstanding quality care, said Mark Caputo, CEO of Liberty. We chose to partner with KRG because of its track record of supporting growth, its ability to make quick decisions and its focus on assisting management teams in building true industry leading companies.

Fresenius was advised in this transaction by Baker & McKenzie. KRG and Liberty were advised by Ropes & Gray LLP.

About Liberty Dialysis

With more than 280 dialysis programs operating under the Liberty Dialysis and Renal Advantage brands, Liberty Dialysis is dedicated to providing outstanding care for patients with kidney disease and a rewarding career experience for its 5,300 caregivers and employees. Liberty has a history of developing programs in underserved communities in conjunction with local physicians and non-profit organizations. Liberty partners with local nephrologists and hospitals in developing, owning and operating these centers. Liberty was founded in 2002 by Mark Caputo and Bob Santelli and currently generates more than $1 billion in annual revenues. In 2010, KRG Capital Partners acquired a significant stake in Liberty from Bain Capital Ventures and subsequently financed Libertys merger with Renal Advantage, adding another well respected brand to its portfolio. Liberty's primary equity sponsor is KRG Capital Partners. For more information on the company, please visit the website for Liberty Dialysis at http://www.libertydialysis.com.

About KRG Capital Partners

Founded in 1996, KRG is a Denver-based private equity buyout firm with $4.3 billion of cumulative capital either deployed or available for future investment, which includes approximately $1 billion deployed since inception on behalf of equity co-investors. The firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions. Since inception, KRG has invested in 41 platform companies and has completed 128 add-on acquisitions for those platforms. For more information on KRG, please visit http://www.krgcapital.com.

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Liberty Dialysis Holdings, Inc., a Portfolio Company of KRG Capital Partners, Completes Merger with Fresenius Medical ...