On November 20, 2013, Bison Capital Partners IV, LP and it’s affiliates (“Bison Capital”), together with Management, acquired the controlling interests in United Therapies (“UT” or the “Company”), a leading provider of urological services, technology and equipment, practice management and billing services, from the Company’s founding shareholders.

About United Therapies

United Therapies, through its affiliates, is a leading provider of lithotripsy services – a proven, non-invasive procedure for the treatment of kidney stones. UT, through its affiliates, performs more than 13,000 lithotripsy procedures annually at over 200 facilities in 14 states. In addition, the Company, through its affiliates, performs more than 4,500 laser procedures at over 100 facilities in 17 states. United Therapies was founded in Chicago in 1986 by Drs. Donald Norris and Marc Rubenstein and was among the first lithotripsy providers in Chicago. Since its inception the Company has been a leader in the industry.

About Bison Capital

Bison Capital, a Santa Monica, CA and New York based investment firm, makes growth capital investments in lower middle-market companies, public or private, for expansion, acquisitions and balance sheet recapitalizations. The firm’s primary investment focus is partnering with entrepreneurs and management teams seeking capital to grow their businesses.  Bison Capital has closed four private equity funds totaling over $600 million since its inception in 2001 and currently has more than $350 million of capital under management.

Transaction Role

Duff & Phelps acted as exclusive financial advisor to United Therapies’ founding shareholders.