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Case Studies


MTS Medication Technologies


MTS Medication Technologies (“MTS”) is a leading international provider of pharmaceutical adherence packaging solutions focused on the long term care, retail and nutraceutical markets. MTS designs, develops and manufactures proprietary pharmaceutical adherence packaging along with a complete line of highly specialized automated equipment to assist institutional pharmacies and long term care facilities with pharmaceutical dispensing, inventory management, and storage. MTS serves more than 8,000 customers in the United States, Canada, Europe, Australia, and the Middle East.


In December 2009, we participated in the take private of MTS, in which management retained a significant ownership stake. The transaction was financed with sponsor equity along with senior debt.

Our Involvement

The buyout was structured in order to meet the founding family’s financial objectives, along with management’s desire to retain a meaningful stake in the company. We along with the sponsor group adopted a plan to refocus MTS in its core and most highly profitable end markets. In addition, the sponsor group designed an acquisition growth plan that would complement the company’s core activities. We were involved in helping to upgrade the MTS management team, including the recruitment of several seasoned executives to the company.


MTS’s business grew significantly during our ownership period. Revenue increased, driven by organic growth, and EBITDA grew dramatically, reflecting economies of fixed cost absorption and a comprehensive repositioning of products and pricing. MTS also enhanced its profitability by refocusing its international operations on a core set of products. The industry took notice of MTS’s much improved financial and competitive position. Based on an unsolicited inquiry, a review of strategic alternatives was undertaken which resulted in the acquisition of the company by Omnicell.


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