BLOOMINGTON, IN and EAST BRUNSWICK, NJ -Jan 23, 2007 – Whitestone Corporation (“Whitestone”) and Humanicare International (“Humanicare”) today announced that Whitestone has acquired Humanicare to form a leading provider of products for the adult incontinence care markets. Terms of the transaction were not disclosed.
The combined company will provide products and services to enhance the quality of life for incontinence sufferers and their caregivers, and will distribute several market-leading incontinence care brands, including Dignity®, Compose®, Ultrashield® and Disposeze®.
Jamie Better, currently president and chief executive officer of Whitestone, who will retain his titles in the combined entity, said, “Humanicare’s products and customers are very complementary to Whitestone’s. The majority of our business historically has been in the long-term care segment, and this acquisition greatly strengthens our presence in the home healthcare segment where Humanicare’s Dignity® brand is a recognized market leader. We believe that by combining these two companies we will create meaningful operational synergies, which will allow us to excel in an increasingly challenging industry environment.”
Tony Gegelys, Humanicare’s founder and chief executive officer and a former Whitestone sales executive, will become a director of Whitestone.
The demand for disposable adult incontinence care products continues to increase as life expectancy rates rise and the baby boom generation ages. The combined company will design, manufacture and distribute a complete line of market-leading products to provide a higher level of comfort and quality of life for this growing segment of the population.
ABOUT WHITESTONE CORP.
Based in Bloomington, Indiana and founded in 1949, Whitestone Corp. is a privately held company owned by Capricorn Investors II, L.P., a Connecticut-based private investment group. Whitestone manufactures and sells a comprehensive line of industry-leading incontinence care products, including disposable briefs, underwear, activewear and skincare under its own brands and for private label. Whitestone also offers excellent distributor programs and a variety of facility in-service seminars and training programs, which are designed to educate caregivers in ways to improve skin health and increase the quality of care of residents.
Principals of Fairmount Partners acted as advisors to Humanicare in this transaction.