MINNEAPOLIS – November 27, 2018 – Universal Hospital Services, Inc. (“UHS” or the “Company”) a leading, nationwide provider of healthcare technology management and service solutions, announced today that UHS will launch its new name and brand identity on Monday, December 3. The Company will be known as Agiliti, reflecting its comprehensive offerings that enable safer and more efficient medical equipment management processes for healthcare providers.
“Agiliti is a new name for a known and trusted leader in healthcare services,” said Tom Leonard, Chief Executive Officer of UHS, soon to be Agiliti. “We are proud to serve more than 7,000 customers with an end-to-end solution called Equipment Value Management that helps providers reduce the cost and complexity of owning and maintaining medical equipment, streamline operating workflows, and free clinicians to spend more time with patients. Agiliti represents our shared team belief that every interaction has the power to change a life—a promise demonstrated in our everyday approach to serving customers and their patients.”
UHS was originally founded in Minneapolis in 1939 as the ABC Oxygen Tent Rental Company, and subsequently renamed Universal Hospital Services, Inc. in 1969. Today, the Company delivers services that include on-demand medical equipment rental, biomedical equipment repair, testing and maintenance, and the full-service onsite management of equipment within healthcare facilities. Headquartered in Minneapolis, its more than 3,000 employees operate through a network of 86 local market service and repair centers and five biomedical maintenance and repair Centers of Excellence.
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“The name Agiliti celebrates our 80-year history of round-the-clock service to healthcare providers, powered by a nationwide logistics and repair network of highly trained technicians who rapidly respond to customer needs with an integrated solution for the management and maintenance of medical equipment,” said Tom Leonard. “With Agiliti, providers are assured the patient-ready technology and equipment they need, when and where needed, with the confidence it is maintained to the highest industry standard.”
On August 13, 2018, Federal Street Acquisition Corp. (NASDAQ: FSACU, FSAC, FSACW) (“FSAC”), a special purpose acquisition company sponsored by an affiliate of Thomas H. Lee Partners, L.P., and UHS Holdco, Inc., the holding company of UHS and a portfolio company of Irving Place Capital Management, L.P., announced that they had entered into a definitive merger agreement. Under the terms of the merger agreement, FSAC and UHS will combine under a new holding company named Agiliti, Inc., which has applied to have its common stock and warrants listed on the Nasdaq Stock Market under the ticker symbols “AGTI” and “AGTIW,” respectively. Completion of the transaction is subject to customary and other closing conditions, including FSAC stockholder approval.