Conmed Healthcare Management to Be Acquired for $57.2M

Posted July 12, 2011

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HANOVER, Md.--(BUSINESS WIRE)--Conmed Healthcare Management, Inc. (NYSE Amex: CONM), a leading full service provider of correctional facility healthcare services to county and municipal detention centers, today announced that it has entered into a definitive merger agreement to be acquired by Ayelet Investments LLC, an affiliate of James H. Desnick, M.D., for $3.85 per share in cash, or an aggregate purchase price of approximately $57.2 million. The board of directors of Conmed has unanimously approved the transaction.

Richard W. Turner, Ph.D, Chief Executive Officer of Conmed, said, "The Company is well positioned for this next phase of development."

The transaction has fully committed financing to be provided by Levine Leichtman Capital Partners, a Los Angeles, California based private equity firm with approximately $5.0 billion of assets under management, and Ayelet Investments and its affiliates. The transaction is expected to close in the third quarter of 2011, subject to the satisfaction of a number of closing conditions, including the approval of Conmed's stockholders and other customary closing conditions.

Gleacher & Company Securities, Inc. is acting as the financial advisor and Kramer Levin Naftalis & Frankel LLP as the legal advisor to Conmed. Winston & Strawn LLP is acting as the legal advisor to Dr. Desnick, Ayelet and their affiliates. Honigman Miller Schwartz and Cohn LLP is acting as the legal advisor to Levine Leichtman Capital Partners.

About Conmed

Conmed has provided correctional healthcare services since 1984, beginning in the State of Maryland, and currently serves county and municipal adult and juvenile correctional facilities in nine states, including Arizona, Kansas, Maryland, New Jersey, Oklahoma, Oregon, Tennessee, Virginia and Washington. For more information, visit us at www.conmedinc.com.

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