Goldsmith Agio Helms Announces the Sale of 
Reichert, Inc. to Beecken Petty O’Keefe & Company

CHICAGO, ILLINOIS:
Goldsmith Agio Helms is pleased to announce the sale of its client, Reichert, Inc. (“Reichert” or the “Company”), to Beecken Petty O’Keefe & Company (“BPOC”), a private equity fund focused on middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry.  Reichert was owned by Summer Street Capital Partners (“Summer Street”) a private equity firm based in Buffalo, New York.  Summer Street and management acquired Reichert from Leica Microsystems, Inc. in December 2002.

TRANSACTION HIGHLIGHTS
Reichert, which is based in Depew, New York, is a leading manufacturer of high-quality screening and diagnostic devices for ophthalmologists, optometrists and retail eyecare centers.  The Company provides a broad portfolio of equipment for use by eyecare professionals in diagnosing conditions ranging from common vision problems to significant diseases such as glaucoma.  Reichert has established itself as one of the most tenured and recognizable brand names in the eyecare industry, with leading market share in many of its product lines and significant brand recognition among ophthalmologists, optometrists and other eyecare providers.  Reichert works closely with leading teaching hospitals, research centers and universities to develop groundbreaking new instruments for the diagnosis and management of diseases of the eye.

“BPOC will be an excellent partner for management.  Reichert’s strong brand name, robust product pipeline, and excellent management team has positioned the Company to make a major leap in growth, and BPOC’s experience in guiding health care companies through this phase of development will be highly valuable.   This is an excellent outcome for all parties involved,” said David Baker, Managing Director of Goldsmith Agio Helms. Ultimately, Summer Street and management chose BPOC as the ideal firm to replace Summer Street as Reichert’s financial sponsor due to BPOC’s health care focus, industry connections and track record of successful investments.

Reichert CEO Tim Levindofske stated that “the entire Reichert management team is very enthusiastic about the opportunities in front of us during a period of tremendous growth and exciting developments in the eyecare industry.  We thank Summer Street for their support over the past four years and Goldsmith Agio Helms for their efforts in helping us identify a great new partner in Beecken Petty O’Keefe & Company.”

“During Summer Street’s tenure, Reichert’s Chairman, John Burgess and the deep management team created significant value in a relatively short period of time, and now was an optimal time for this value to be realized,” commented Craig Korte, Goldsmith Agio Helms Vice President.

“We have enjoyed a tremendous relationship with Mr. Burgess and the management team and together have accomplished great things in the past four years, including a series of operational improvements, significant new product launches and a major acquisition.  We are confident that management will enjoy an equal amount of success in partnership with Beecken Petty O’Keefe & Company” said Brian D’Amico, Summer Street Managing Partner. 

Legal counsel for the transaction included Kirkland & Ellis LLP advising BPOC and Jaeckle Fleischmann & Mugel, LLP advising Summer Street.

THE SELLERS
Summer Street Capital Partners (www.summerstreetcapital.com) is a Buffalo, NY based private equity firm with $250 million in capital. Summer Street Capital Partners, L.L.C. is a private equity firm specializing in management buyouts, generation transitions, recapitalizations, divestitures, and growth financing transactions. Summer Street Capital Partners was founded in 1999 and is located in Buffalo, New York. The firm invests between $5 million and $20 million in companies having revenues between $20 million and $100 million and minimum EBITDA margins of 10 percent. The firm prefers to take majority stakes and also invests in minority stakes. Investors include the New York State Common Retirement Fund and financial institutions such as JP Morgan Chase, and HSBC Capital.

THE BUYER
Beecken Petty O’Keefe & Company (http://www.bpoc.com) is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC evaluates, structures, and manages investments on behalf of institutional and individual investors. BPOC principals manage Healthcare Equity Partners, L.P., a $150 million investment fund raised in 1997, and Beecken Petty O'Keefe & Company Fund II, L.P., a $325 million investment fund raised in 2005.

ABOUT GOLDSMITH AGIO HELMS
Goldsmith Agio Helms (www.agio.com) is one of the nation's leading independent investment banking firms providing sophisticated corporate finance advisory services  to middle-market businesses.  The firm's services include mergers and acquisitions, private placements of debt and equity, distressed advisory and restructuring, and financial advisory and opinion services.  The firm operates internationally from its offices in Minneapolis, New York, Chicago, Los Angeles, and London.

If you would like more information about this transaction, contact Craig Korte (ckorte@agio.com) at 312-928-0760.