By Agnieszka Opalka
Founded in 1969 and headquartered in Costa Mesa, CA, Global Dosimetry Solutions, Inc. ("Dosimetry") is one of the world's largest providers of radiation dosimetry services. Global Dosimetry Solutions, Inc. offers a full range of products and services for the detection and monitoring of radiation exposure in various occupational environments. With over 30 years experience, the company has grown through its strong technological competency and high quality services and products. Known for its technical expertise, Dosimetry was involved in the pilot studies leading to the development of the accreditation process by the Nuclear Regulatory Commission for its National Voluntary Laboratory Accreditation Program. Dosimetry attained and has maintained full accreditation since 1986. In addition, the company was accredited through DOELAP sites by the U.S Department of Energy in 1996 and the Health and Safety Executive of the United Kingdom in 2001.
On September 30, 2003, American Capital invested $49 million in the buyout of ICN Worldwide Dosimetry Services, a subsidiary of ICN Pharmaceuticals, Inc. (NYSE: ICN), a research-based pharmaceutical company with worldwide operations that develops, manufactures and distributes a range of prescription and non-prescription pharmaceuticals under the ICN name. American Capital's investment took the form of senior term notes, senior and junior subordinated debt, preferred and common equity. GMAC Commercial Finance provided a revolving credit facility and senior term loan. The business will now operate under the new name, Global Dosimetry Solutions, Inc.
"American Capital is investing in one of the leading actors in a small, profitable industry," said Principal Robert Klein. "Its large, diverse customer base, a significant portion of it obligated by government regulation, generates strong cash flows. In addition, the company is capitalizing on outsourcing trends within its targeted industries. As a stand-alone company, it can apply the marketing focus necessary for significant future growth."
"Our capability to provide a one stop source of financing made it possible for us to differentiate American Capital from the other buyers in a very competitive process to acquire an outstanding company," said American Capital Principal Brian Graff.
Dosimetry's product offering includes a variety of thermo-luminescent dosimeter and film badges. Each dosimeter badge is configured based on customer use and then shipped to the customer where the badges are worn by the employees for intervals of one week to one year. When the monitoring cycle ends, the customer sends back the used badges to Dosimetry for processing to evaluate radiation exposure of the returned badge. This information is then complied into a radiation report that complies with all applicable state and government regulations and sent to the customer.
Extremely critical to the detection and analytical monitoring of occupational exposure to ionizing radiation, Dosimetry's products and services are used by over 500,000 individuals working in nuclear power plants, hospitals, universities, research labs, and medical and dental offices, many of which are obligated to monitor radiation exposure for regulatory purposes, as well as for health safety purposes. The company's extremely diverse customer base includes Exelon, First Energy, Dominion Power, NMC, Mallinckrodt, SONGS, Amersham, UCLA, Interfaith Hospital System, American Electric, Universal Health and Pfizer. In recent years, Dosimetry has added numerous large accounts, thereby increasing sales between 1998 and 2002 at a compounded annual growth rate of over 8%.
Global Dosimetry Solutions, Inc. joins American Capital's portfolio of more than 80 middle-market companies and investments of approximately $2 billion.
For more information about American Capital's portfolio companies click here.
A leader in its industry, Global Dosimetry Solutions will continue to shine well into the future with its excellent technical expertise and dedication to high quality.
