News

Release No. 0506-98
June 6, 2006

BALLAST POINT VENTURE PARTNERS
ANNOUNCE INVESTMENT
IN BLUE MEDICAL SUPPLY, INC.

ST. PETERSBURG, Fla. – Ballast Point Ventures L.P. (BPV), a venture capital firm affiliated with Raymond James Financial, Inc., today announced it has closed an equity investment in Blue Medical Supply, Inc. (Blue Medical). BPV led the $5 million financing, which will be used to fund Blue Medical’s market expansion. Spring Bay Ventures also participated in the financing.

Blue Medical, based in Marietta, Ga., is a supply-chain solutions company providing consumable medical and surgical supplies, diagnostic equipment, and pharmaceutical-related products. Through its distribution network, diverse product offering and expertise in technology, logistics and supply-chain management, Blue Medical serves hundreds of physicians throughout the Southeast.

Blue Medical is led by its founder and chief executive officer, Todd LaVelle. LaVelle has spent his career in the healthcare industry. Prior to Blue Medical, LaVelle co-founded Provider Links, a healthcare IT company that merged with Embion, Inc. LaVelle also served as president and CEO of Gulf South Medical Supply, a subsidiary of PSS/World Medical. Prior to his role at Gulf South, LaVelle served as Vice President of Sales and Marketing at PSS/World Medical.

Pat Kelly, the founder and former chairman and CEO of PSS/World Medical, will also join Blue Medical as chairman of the company’s board of directors.

“We are pleased to welcome Ballast Point Ventures to the Blue Medical team,” said

LaVelle. “The partners at BPV have an impressive background in the healthcare industry and a successful track record of investing in high-quality growth companies. With this investment we have the additional resources that will enable us to execute on our growth plan and take advantage of the opportunities we see in the Southeast.”

Dick Brandewie, managing partner of Ballast Point Ventures, will join the company’s board of directors. Brandewie, who has invested in numerous private companies throughout the Southeast, remarked, “We are pleased to have the opportunity to invest in Blue Medical. Todd and his team have done an outstanding job building the company to date without outside capital. This infusion of capital will allow Blue Medical to accelerate its growth and aggressively pursue additional opportunities.”

The investment in Blue Medical reflects the Ballast Point Ventures strategy of providing expansion capital to rapidly growing, well-managed companies in the Southeast and Texas.

About Blue Medical Supply, Inc.
Blue Medical is a supply-chain solutions company providing consumable medical and surgical supplies, diagnostic equipment, and pharmaceutical-related products. Through its distribution network, diverse product offering and expertise in technology, logistics and supply-chain management, Blue Medical serves hundreds of physicians throughout the Southeast. Blue Medical was founded to fill a need for an "old-fashioned" service company in the Physician Market distribution segment. The company’s mission is to improve the operating results of its healthcare partners. Simply put, Blue Medical wants to make its customers more profitable and time efficient while providing great patient care.
www.bluemedsupply.com

About Ballast Point Ventures, L.P.
Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail. The Fund seeks to make equity investments ranging in size from $2 million to $5 million.
www.ballastpointventures.com

For additional information, please contact
Dick Brandewie at 727-567-1500 or rbrandewie@ballastpointventures.com
Please visit ballastpointventures.com