Max Well Medical
In 2005, Iroquois’ founders, Jack Jacques and Mike Koban, were both serving as Directors of Max Well Medical, an institutional pharmacy company. Max Well had been struggling for months, and losses were increasing when its founder, Chairman and CEO unexpectedly resigned in mid 2005. As the Board of Directors took control of the company, it became clear to them that decisive action was needed, and they chose Mike Koban to be Max Well Medical’s new Chairman and CEO. Further, the Board asked Koban and Jacques to form a special committee to evaluate strategic alternatives for the company. Working closely with management, the special committee identified dialysis patients to be the largest consumers of the company’s products and believed that several proprietary technologies that Max Well possessed would be attractive to dialysis companies. Based on the special committee’s report, the company’s Board of Directors approved a plan to pursue the sale of Max Well to a strategic buyer, and Jack Jacques was elected to manage the sale process. In mid 2006, after a targeted auction, the company was sold to Fresenius Medical Care, a large German dialysis company, for over $13 million.
This successful collaboration led Koban and Jacques to found Iroquois Capital Group.