CARY – A Chicago private equity firm announced plans Tuesday to buy Cary-based Sage Products.
Madison Dearborn Partners said that it had signed an agreement to acquire Sage Products Inc., a disposable health care products maker and one of the largest area employers with more than 700 employees.
Sage officials said they remain committed to the village and the larger McHenry County community.
"With Madison Dearborn Partners, Sage will be looking to grow and expand our workforce here in Cary as well as our sales force domestically and internationally," Sage Products President and Chief Operating Officer Scott Brown told the Northwest Herald in an email Tuesday evening. "Sage was attractive to Madison Dearborn Partners because of our company’s growth, innovative products, leadership team, our culture and our relationships within the community."
In 2010, Sage spent $7.5 million to expand its headquarters and production facility at 3909 Three Oaks Road in Cary. The McHenry County Board voted in late 2010 to issue $5.68 million in stimulus bonds to the company to finance the 170,000-square-foot addition, which the county said was expected to create up to 250 jobs.
"Sage’s recent expansion already has helped us to accelerate our growth, and it has given us even greater capacity to grow well into the future," Brown said. "We look forward to growing, investing, innovating, hiring and giving back to our community. Sage will remain in Cary and Sage will continue to be a good neighbor in McHenry County for years to come.”
Sage officials couldn't immediately answer questions Tuesday night about the sale price or how long a deal had been in the works.
The acquisition is expected to be completed by the end of the year.
"Madison Dearborn Partners looks forward to completing the investment and working with Sage’s current management team to capitalize on what they believe are numerous and attractive growth opportunities for the company worldwide," according to a joint statement from the two companies released Tuesday.
Cary Village President Tom Kierna said the village would work with officials from both companies as needed.
Madison Dearborn Partners is a private equity firm with more than $18 billion in total capital. It has invested in companies such as CDW, Fieldglass, MetroPCS, Nuveen Investments, Sirona Dental, Team Health, TransUnion and VWR International.
Sage Products makes a variety of health care products – many of which are marketed to hospitals and clinics. Its brands include Q”Care oral care; Sage 2% Chlorhexidine Gluconate Cloths for patient preoperative skin preparation, Comfort Bath prepackaged bathing, Comfort Shield all-in-one incontinence care, Prevalon pressure-relieving heel protection, and the Prevalon Turn and Position System.
Sage Products CEO Vincent Foglia is one of the region's best-known philanthropists. He has given to a variety of charities and local institutions. Among other organizations, he has donated to McHenry County College, the local YMCA, and the Pioneer Center for Human Services.