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Transcription firm plans IPO: MRC Group to raise cash for acquisitions. (medical transcription firm MRC Group Inc.)
- Article from:
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Crain's Cleveland Business
- Article date:
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June 29, 1998
- Author:
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Copyright informationCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The MRC Group Inc. in Beachwood has filed for an initial public offering of $69 million in stock with an eye toward buying other companies in the consolidating medical transcription business.
With 50 service centers in 24 states and 2,825 employees, MRC Group is the largest company in what it estimates to be a $6.6 billion medical transcription market. In its June 23 registration statement filed with the Securities and Exchange Commission for the IPO, The MRC Group said it "expects to continue a strategy of identifying and selectively acquiring medical transcription businesses."
The company will use $6.7 million of the proceeds to repay a bank loan and other debt incurred ...
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