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Tower Three Partners Announces Controlling Investment in Nurse Assist, LLC



Tower Three Partners Announces Controlling Investment in Nurse Assist, LLC

Kevin Seifert Named Chief Executive Officer of Nurse Assist

Tower Three Partners (“Tower Three”), a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies, today announced that it has made a controlling investment in Nurse Assist, LLC (“Nurse Assist” or the “Company”), a privately-held, certified and FDA-registered manufacturer of medical devices and products that help improve the quality of care and life for patients.

In connection with the investment, Kevin Seifert has assumed the role of Chief Executive Officer of Nurse Assist. Nurse Assist’s founder and previous CEO, Kevin Kile, will remain on the Company’s Board of Directors.

Founded in 1999 and headquartered in Haltom City, Texas, Nurse Assist is a fully-integrated medical device manufacturer focused on providing the highest quality of products and services to patients across the world. With superior quality, low-cost and consistent manufacturing capabilities, Nurse Assist has established itself as an innovative leader in the production of United States Pharmacopeia (USP) sterile water and normal saline. The Company’s products currently extend to four principal categories of medical devices, including USP water and saline and infusion care products, convenience kits, interconnecting cables and patient safety. With significant investment in automation and product development and an established platform in the dynamic and emerging pre-filled syringe market, the Company is well-positioned to meet the needs of its customers in the expanding senior population and continue on its trajectory of growth and strong performance.

Kevin Seifert, Chief Executive Officer of Nurse Assist, said, “As Nurse Assist continues to expand its operations and gain market share as a full-service provider of leading and trusted medical devices, including our USP sterile water and saline pre-filled syringe business, we will work aggressively to scale our business and expand distribution while leveraging our strong customer relationships and product development capabilities. With a loyal customer base, best-in-class manufacturing and an experienced management team, our fully-integrated business is uniquely positioned to capture the compelling infusion care product and patient care market opportunities ahead.”

Kevin Kile said, “We are thrilled to partner with Tower Three as Nurse Assist enters its next phase of growth servicing multiple high-volume, fast-growth markets. With automated production and in-house capabilities to maintain high capacity and quality, Nurse Assist is built on integrated manufacturing, from concept and design to validation and verification. I am confident our stakeholders – including customers, patients and employees – will benefit from Tower Three’s experience and expertise in helping companies broaden their infrastructure, strengthen operations and create greater scale as Nurse Assist continues to increase capacity and drive growth.”

William D. Forrest, Managing Partner of Tower Three, said, “We see enormous long-term potential in Nurse Assist and believe this is the ideal time to facilitate accelerated growth of a proven business. With this investment, Tower Three will leverage our deep operational experience and capital to help Nurse Assist build on its existing market position and further establish itself as a leading medical device provider. With Tower Three’s support, we are confident that Nurse Assist’s outstanding management team, led by Kevin Seifert, will capitalize on the Company’s tremendous market opportunities and continue to drive growth and profitability across the business.”

Terms of the transaction, which was completed in June 2018, were not disclosed.

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Bleak budget outlook leaves Merkel’s conservatives no choice on debt



Bleak budget outlook leaves Merkel's conservatives no choice on debt 1

BERLIN (Reuters) – Germany’s bleak budget outlook is pushing Chancellor Angela Merkel’s conservatives towards supporting another suspension of national rules on debt next year, with the man in pole position to succeed her advocating another waiver.

The coalition is currently discussing when Berlin should end massive deficit-spending triggered by the COVID-19 pandemic, and return to the fiscal rules of the constitutionally enshrined debt brake. Parliament suspended those rules for 2020 and 2021 to allow combined new borrowing of up to 310 billion euros in both years.

Finance Minister Olaf Scholz, who is expected to present the draft budget for 2022 next month, has already hinted it could be difficult to keep new borrowing below the ceiling of 0.35% of gross domestic product as required by the rules.

“The numbers are just brutal. Everyone who has looked at the budget in detail can’t help but demand another exception from the debt brake again,” a coalition source told Reuters on Thursday on condition of anonymity.

The source said it was simply impossible to cut 60 billion to 80 billion euros in the budget just to get public finances in line with the rules again – especially with Germany heading towards a federal election in September.

Armin Laschet, the new leader of Merkel’s Christian Democratic Union (CDU), said in a newspaper interview that there was probably no other way than to suspend the debt brake again.

“Next year, we will surely have to use Article 115 of the Basic Law again for an exception to the debt brake”, Laschet told Stuttgarter Zeitung.

Laschet even suggested that it could be difficult to stick to the fiscal rules beyond next year.

“Nobody today can reliably predict how what the financial needs will look like after 2022. Whether we’ll still have to declare the fiscal emergency then depends on the further development of the pandemic,” Laschet said.

The comments increase the chances for Germany will continue its debt-financed fiscal splurge next year. This would set the tone for the wider debate in the euro zone on how much longer governments should keep spending to fight the crisis.

In January, Merkel’s chief of staff Helge Braun opened the door for continued deficit spending with a proposal to soften Germany’s debt issuance law, because Berlin would not be able to stick to the strict limits on borrowing for several more years.

But a reform of the rules would need a two-thirds majority in both chambers of parliament – a tricky task given Germany’s increasingly splintered political landscape with seven parties.

(Reporting by Michael Nienaber, editing by Larry King)

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UK eager to restart U.S. talks on tariff removal



UK eager to restart U.S. talks on tariff removal 2

LONDON (Reuters) – British trade minister Liz Truss said on Thursday she would urgently seek a meeting with U.S. Trade Representative nominee Katherine Tai to discuss the removal of punitive tariffs.

Britain wants the United States to remove tariffs on exports like Scotch whisky which were imposed during its membership of the European Union as part of a long running dispute over aircraft subsidies.

Tai will appear at a confirmation hearing before the Senate Finance Committee on Thursday.

“As soon as that is finished I will be on the phone to her seeking an early resolution of these issues,” Truss told parliament.

Last year Britain unilaterally decided that it would drop tariffs it imposed on U.S. goods in a bid to de-escalate the conflict and provide impetus to ongoing discussion to resolve the row.

“This is the way forward, not escalating the tariff battle,” Truss said on Thursday.

(Reporting by William James, editing by Elizabeth Piper and Andy Bruce)

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Aston Martin says back on the road to profitability after 2020 loss



Aston Martin says back on the road to profitability after 2020 loss 3

By Costas Pitas

LONDON (Reuters) – Aston Martin expects to almost double sales and move back towards profitability this year after sinking deeper into the red in 2020, when the luxury carmaker was hit by the pandemic, changed its boss and was forced to raise cash.

The British company’s shares jumped 9% in early Thursday trading after it kept a forecast for around 6,000 sales to dealers this year as new management turns around its performance.

The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash, prompting it to seek fresh investment from billionaire Executive Chairman Lawrence Stroll.

The firm made a 466-million pound ($660 million) loss last year, compared with a 120 million pound loss in 2019, as sales to dealers fell by 42% to 3,394 vehicles, hit by the closure of showrooms and factories due to COVID-19.

For 2021, it expects “to see the first steps towards improved profitability” but is still likely to post a pre-tax loss, the carmaker said.

“I am extremely pleased with the progress to date despite operating in these most challenging of times,” Stroll said.

Aston said demand for its first sport utility vehicle, the DBX, which rolled off the production line at its Welsh plant in 2020, was strong in a lucrative segment of the market it entered to widen its appeal.

The model accounted for 1,516 of deliveries to dealers last year and the company expects further growth in its first full-year of sales, including in the key market of China, where rivals such as Bentley are also seeing high demand.

“We had not even a half-year DBX production in wholesome so probably we are going to see over-proportional growth in China,” Chief Executive Tobias Moers, who took over in August, told Reuters.

($1 = 0.7065 pounds)

(Reporting by Costas Pitas. Editing by Estelle Shirbon and Mark Potter)

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