SUBURBAN OSTOMY SUPPLY CO INC
SC 13G/A, 1999-02-12
MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES
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<PAGE>   1
                                                           OMB APPROVAL
                              UNITED STATES            OMB Number: 3235-0145
                   SECURITIES AND EXCHANGE COMMISSION  Expires: August 31, 1999
                         WASHINGTON, D.C. 20549        Estimated average burden
                                                       hours per response..14.90

                                  SCHEDULE 13G


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 2 )*

                         Suburban Ostomy Supply Co. Inc.
                                (Name of Issuer)

                           Common Stock, no par value
                         (Title of Class of Securities)

                                    008644711
                                 (CUSIP Number)

                                December 31, 1998
             (Date of Event Which Requires Filing of this Statement)

      Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

         [ ]  Rule 13d-1(b)
         [ ]  Rule 13d-1(c)
         [x]  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                               Page 1 of 32 Pages
<PAGE>   2
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     2   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Summit Ventures III, L.P.

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware limited partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
    SHARES        6  SHARED VOTING POWER
 BENEFICIALLY
   OWNED BY                0 shares
     EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                 *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 2 of 32 Pages
<PAGE>   3
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     3   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Summit Partners III, L.P.

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware limited partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                 *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 3 of 32 Pages
<PAGE>   4
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     4   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Stamps, Woodsum & Co. III

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Massachusetts general partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 4 of 32 Pages
<PAGE>   5
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     5   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Summit Investors II, L.P.

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware limited partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                 *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 5 of 32 Pages
<PAGE>   6
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     6   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Summit Subordinated Debt Fund, L.P.

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware limited partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                 *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 6 of 32 Pages
<PAGE>   7
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     7   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Summit Partners SD, L.P.

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware limited partnership

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           PN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 7 of 32 Pages
<PAGE>   8
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     8   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           E. Roe Stamps, IV

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                 *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 8 of 32 Pages
<PAGE>   9
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE     9   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Stephen G. Woodsum

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                          0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                               Page 9 of 32 Pages
<PAGE>   10
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    10   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Gregory M. Avis

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
     EACH
   REPORTING     --------------------------------------------------------------
    PERSON        7  SOLE DISPOSITIVE POWER
     WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 10 of 32 Pages
<PAGE>   11
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    11   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           John A. Genest

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares

   NUMBER OF     --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares
      EACH
   REPORTING     --------------------------------------------------------------
     PERSON       7  SOLE DISPOSITIVE POWER
      WITH
                           0 shares

                 --------------------------------------------------------------
                  8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 11 of 32 Pages
<PAGE>   12
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    12   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Martin J. Mannion

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares
   NUMBER OF
                 --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares

                 --------------------------------------------------------------
      EACH        7  SOLE DISPOSITIVE POWER
   REPORTING
     PERSON                0 shares

                 --------------------------------------------------------------
      WITH        8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 12 of 32 Pages
<PAGE>   13
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    13   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Bruce R. Evans

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares
   NUMBER OF
                 --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares

                 --------------------------------------------------------------
      EACH        7  SOLE DISPOSITIVE POWER
   REPORTING
     PERSON                0 shares

                 --------------------------------------------------------------
      WITH        8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 13 of 32 Pages
<PAGE>   14
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    14   OF   32
- ---------------------                                     ----------------------

- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Thomas S. Roberts

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares
   NUMBER OF
                 --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares

                 --------------------------------------------------------------
      EACH        7  SOLE DISPOSITIVE POWER
   REPORTING
     PERSON                0 shares

                 --------------------------------------------------------------
      WITH        8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 14 of 32 Pages
<PAGE>   15
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    15   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Walter G. Kortschak

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares
   NUMBER OF
                 --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares

                 --------------------------------------------------------------
      EACH        7  SOLE DISPOSITIVE POWER
   REPORTING
     PERSON                0 shares

                 --------------------------------------------------------------
      WITH        8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                              Page 15 of 32 Pages
<PAGE>   16
- ----------------------                                    ----------------------
CUSIP NO. 008644711                   13G                 PAGE    16   OF   32
- ---------------------                                     ----------------------


- -------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Joseph F. Trustey

- -------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                       (a) [ ]
                                                                       (b) [ ]

- -------------------------------------------------------------------------------
 3   SEC USE ONLY

- -------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

           United States

- -------------------------------------------------------------------------------
                  5  SOLE VOTING POWER

                           0 shares
   NUMBER OF
                 --------------------------------------------------------------
     SHARES       6  SHARED VOTING POWER
  BENEFICIALLY
    OWNED BY               0 shares

                 --------------------------------------------------------------
      EACH        7  SOLE DISPOSITIVE POWER
   REPORTING
     PERSON                0 shares

                 --------------------------------------------------------------
      WITH        8  SHARED DISPOSITIVE POWER

                           0 shares

- -------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           0 shares

- -------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]


- -------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           0%

- -------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON *

           IN

- -------------------------------------------------------------------------------


                              Page 16 of 32 Pages
<PAGE>   17
                                  Schedule 13G

Item 1(a).  Name of Issuer:  Suburban Ostomy Supply Co., Inc.

Item 1(b).  Address of Issuer's Principal Executive Offices:
            75 October Hill Road, Holliston, MA 01746


            Item 2(a). Names of Persons Filing: Summit Ventures III, L.P.,
            Summit Partners III, L.P., Stamps, Woodsum & Co. III, Summit
            Investors II, L.P., Summit Subordinated Debt Fund, L.P., Summit
            Partners SD, L.P. and Messrs. E. Roe Stamps, IV, Stephen G. Woodsum,
            Gregory M. Avis, John A. Genest, Martin J. Mannion, Bruce R. Evans,
            Thomas S. Roberts, Walter G. Kortschak, and Joseph F. Trustey.

            Summit Partners III, L.P. is the sole general partner of Summit
            Ventures III, L.P. Stamps, Woodsum & Co. III is the sole general
            partner of Summit Partners III, L.P. Summit Partners SD, L.P. is the
            sole general partner of Summit Subordinated Debt Fund, L.P. Stamps,
            Woodsum & Co. III is the sole general partner of Summit Partners SD,
            L.P. Messrs. Stamps, Woodsum, Avis, Genest, Mannion, Evans, Roberts
            and Kortschak are individual general partners of Stamps, Woodsum &
            Co. III, Summit Investors II, L.P. and Summit Partners SD, L.P. Mr.
            Trustey is an individual general partner of Summit Subordinated Debt
            Fund, L.P.

            As of December 31, 1998, Ernest K. Jacquet was no longer affiliated
            with any of the "Entities" (as defined below).


Item 2(b).  Address of Principal Business Office or, if None, Residence: The
            address of the principal business office of Summit Ventures III,
            L.P., Summit Partners III, L.P., Summit Investors II, L.P., Stamps,
            Woodsum & Co. III, Summit Subordinated Debt Fund, L.P., Summit
            Partners SD, L.P. and Messrs. Stamps, Woodsum, Mannion, Genest,
            Evans, Roberts and Trustey is Summit Partners, 600 Atlantic Avenue,
            Boston, Massachusetts 02210. The address of the principal business
            office of Messrs. Avis and Kortschak is Summit Partners, 499
            Hamilton Avenue, Palo Alto, California 94301.

Item 2(c).  Citizenship: Each of Summit Ventures III, L.P., Summit Partners III,
            L.P., Summit Investors II, L.P., Summit Subordinated Debt Fund, L.P.
            and Summit Partners SD, L.P. is a limited partnership organized
            under the laws of the State of Delaware. Stamps, Woodsum & Co. III
            is a general partnership organized under the laws of the
            Commonwealth of Massachusetts. Each of Messrs. Stamps, Woodsum,
            Avis, Mannion, Genest, Evans, Roberts, Kortschak and Trustey is a
            United States citizen.

Item 2(d).  Title of Class of Securities: Common Stock, no par value per share.


                              Page 17 of 32 Pages
<PAGE>   18
Item 2(e).  CUSIP Number:    008644711

Item 3.     If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
            check whether the person filing is a:

            Not Applicable.

Item 4.     Ownership.

            Not Applicable

Item 5.     Ownership of Five Percent or Less of a Class.

            [ X ] Each of Summit Ventures III, L.P., Summit Partners III, L.P.,
            Summit Investors II, L.P., Stamps, Woodsum & Co. III, Summit
            Subordinated Debt Fund, L.P. and Summit Partners SD, L.P.
            (individually an "Entity" and collectively the "Entities") and
            Messrs. Stamps, Woodsum, Avis, Genest, Mannion, Evans, Roberts,
            Kortschak and Trustey may be deemed to own beneficially 0 shares of
            Common Stock as of December 31, 1998, which is five percent or less
            of the Common Stock of Suburban Ostomy Supply Co., Inc.

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

            Not Applicable.

Item 7.     Identification and Classification of the Subsidiary which Acquired
            the Security Being Reported on By the Parent Holding Company.

            Not Applicable.

Item 8.     Identification and Classification of Members of the Group.

            Not Applicable.  The reporting persons expressly disclaim
            membership in a "group" as defined in Rule 13d-1(b)(ii)(H).

Item 9.     Notice of Dissolution of Group.

            Not Applicable.

Item 10.    Certification.

            Not Applicable.  This statement on Schedule 13G is not
            filed pursuant to Rule 13d-1(b).


                              Page 18 of 32 Pages
<PAGE>   19
                                   SIGNATURES

    After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct. We also hereby agree to file this statement jointly pursuant to the
Agreement listed on Exhibit 1 hereto.

Dated:  February 9, 1999

SUMMIT VENTURES III, L.P.                 SUMMIT SUBORDINATED DEBT
                                          FUND, L.P.
By: Summit Partners III, L.P.             By:   Summit Partners SD, L.P.

By: Stamps, Woodsum & Co. III             By:   Stamps, Woodsum & Co. III

                                          By:               *
                                             ------------------------------
    By:             *                           E. Roe Stamps, IV
       ----------------------------             General Partner
         E. Roe Stamps, IV
         General Partner
                                          SUMMIT PARTNERS SD, L.P.
SUMMIT INVESTORS II, L.P.
                                          By:   Stamps, Woodsum & Co. III

By:      /s/ John A. Genest                     By:            *
    -------------------------------                ----------------------------
         General Partner                           E. Roe Stamps, IV
                                                   General Partner

SUMMIT PARTNERS III, L.P.                 STAMPS, WOODSUM & CO. III

By: Stamps, Woodsum & Co. III

    By:             *                     By:               *
       ----------------------------            ----------------------------
         E. Roe Stamps, IV                     E. Roe Stamps, IV
         General Partner                       General Partner


                              Page 19 of 32 Pages
<PAGE>   20
                                                             *
                                                -------------------------------
                                                Walter G. Kortschak


                                                             *
                                                -------------------------------
                                                E. Roe Stamps, IV


                                                             *
                                                -------------------------------
                                                Stephen G. Woodsum


                                                             *
                                                -------------------------------
                                                Gregory M. Avis


                                                             *
                                                -------------------------------
                                                Martin J. Mannion


                                                      /s/ John A. Genest
                                                -------------------------------
                                                John A. Genest


                                                             *
                                                -------------------------------
                                                Bruce R. Evans


                                                             *
                                                -------------------------------
                                                Thomas S. Roberts

                                                             *
                                                -------------------------------
                                                Joseph F. Trustey


                                                *By:  /s/ John A. Genest
                                                    ---------------------------
                                                    John A. Genest,
                                                    Attorney-in-Fact


- --------------------------------------------------------------------------------
* Pursuant to Powers of Attorney on file with the Commission, which Powers of
Attorney are incorporated herein by reference. Copies of such Powers of Attorney
are attached hereto as Exhibit 2.


                              Page 20 of 32 Pages

<PAGE>   1
                                                 Exhibit 1

                                    AGREEMENT

    Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, the
undersigned hereby agree that only one statement containing the information
required by Schedule 13G need be filed with respect to the ownership by each of
the undersigned of shares of Common Stock of Suburban Ostomy Supply Co. Inc.

    This agreement may be executed in any number of counterparts, each of which
shall be deemed an original.

    EXECUTED this 9th day of February, 1999.


SUMMIT VENTURES III, L.P.                 SUMMIT Partners SD, L.P.

By: Summit Partners III, L.P.             By:   Stamps, Woodsum & Co. III

By: Stamps, Woodsum & Co. III
                                          By:               *
                                             ------------------------------
    By:             *                           E. Roe Stamps, IV
       ----------------------------             General Partner
         E. Roe Stamps, IV
         General Partner


SUMMIT INVESTORS II, L.P.                 SUMMIT PARTNERS III, L.P.

                                          By:   Stamps, Woodsum & Co. III

By:      /s/ John A. Genest                     By:            *
    -------------------------------                ----------------------------
         General Partner                           E. Roe Stamps, IV
                                                   General Partner

SUMMIT SUBORDINATED DEBT                  STAMPS, WOODSUM & CO. III
FUND, L.P.

By: Summit Partners SD, L.P               By:               *
                                               ----------------------------
By: Stamps, Woodsum & Co. III                  E. Roe Stamps, IV
                                               General Partner
    By:             *
       ----------------------------
         E. Roe Stamps, IV
         General Partner

                              Page 21 of 32 Pages
<PAGE>   2
                                                             *
                                                -------------------------------
                                                E. Roe Stamps, IV


                                                             *
                                                -------------------------------
                                                Stephen G. Woodsum


                                                             *
                                                -------------------------------
                                                Gregory M. Axis


                                                             *
                                                -------------------------------
                                                Martin J. Mannion


                                                      /s/ John A. Genest
                                                -------------------------------
                                                John A. Genest


                                                             *
                                                -------------------------------
                                                Bruce R. Evans


                                                             *
                                                -------------------------------
                                                Walter G. Kortschak


                                                             *
                                                -------------------------------
                                                Thomas S. Roberts


                                                             *
                                                -------------------------------
                                                Joseph F. Trustey


                                                *By:  /s/ John A. Genest
                                                    ---------------------------
                                                    John A. Genest,
                                                    Attorney-in-Fact

- --------------------------------------------------------------------------------
*   Pursuant to Powers of Attorney on file with the Commission, which Powers of
    Attorney are incorporated herein by reference. Copies of such Powers of
    Attorney are attached hereto as Exhibit 2.


                              Page 22 of 32 Pages

<PAGE>   1
                                                                       Exhibit 2

                                POWER OF ATTORNEY


      KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below hereby constitutes and appoints each and any of E. Roe Stamps, IV, Stephen
G. Woodsum and John A. Genest his true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities (until revoked in writing) to sign
any and all instruments, certificates and documents required to be executed on
behalf of himself individually or on behalf of each or any of Summit Ventures,
L.P., Summit Partners, L.P., Stamps, Woodsum & Co., Summit Partners' Holdings,
L.P., Summit Ventures II, L.P., Summit Partners II, L.P., Stamps, Woodsum & Co.
II, SV Eurofund C.V., SV International, L.P., Stamps, Woodsum International &
Co., Summit Investors, L.P., Summit Investors II, L.P., Summit Investors III,
L.P., Summit Ventures III, L.P., Summit Partners III, L.P., Stamps, Woodsum &
Co. III, Summit Ventures IV, L.P., Summit Partners IV, L.P., Stamps, Woodsum &
Co., IV, Summit Subordinated Debt Fund, L.P., Summit Partners SD, L.P., SW
Management Corp., Summit Management Co., Summit Subordinated Debt Fund II, L.P.,
and Summit Partners SD II, LLC, pursuant to sections 13 and 16 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and any and all
regulations promulgated thereunder, and to file the same, with all exhibits
thereto, and any other documents in connection therewith, with the Securities
and Exchange Commission, and with any other entity when and if such is mandated
by the Exchange Act or by the By-laws of the National Association of Securities
Dealers, granting unto said attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite and necessary fully to
all intents and purposes as she might or could do in person thereby ratifying
and confirming all that said attorney-in-fact and agent, or her substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.


                              Page 23 of 32 Pages
<PAGE>   2
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  E. Roe Stamps, IV
                                    -----------------------------------
                                    E. Roe Stamps, IV

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came E. Roe
Stamps, IV, known to me to be the person described and who executed the
foregoing instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           --------------------


                              Page 24 of 32 Pages
<PAGE>   3
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Stephen G. Woodsum
                                    -----------------------------------
                                    Stephen G. Woodsum

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came Stephen G.
Woodsum, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           ------------------


                              Page 25 of 32 Pages
<PAGE>   4
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Martin J. Mannion
                                    -----------------------------------
                                    Martin J. Mannion

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came Martin J.
Mannion, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           ------------------


                              Page 26 of 32 Pages
<PAGE>   5
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  John A. Genest
                                    -----------------------------------
                                    John A. Genest

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came John A.
Genest, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           ------------------


                              Page 27 of 32 Pages
<PAGE>   6
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Gregory M. Avis
                                    -----------------------------------
                                    Gregory M. Avis

State of California                 )
                              ) ss:
County of Santa Clara               )

      On this 3rd day of February, 1997, before me personally came Stephen G.
Woodsum, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Katherine C. Ely
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  May 28, 2000
                                                           ------------------


                              Page 28 of 32 Pages
<PAGE>   7
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Thomas S. Roberts
                                    -----------------------------------
                                    Thomas S. Roberts

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came Thomas S.
Roberts, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           ------------------


                              Page 29 of 32 Pages
<PAGE>   8
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Bruce R. Evans
                                    -----------------------------------
                                    Bruce R. Evans

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came Bruce R.
Evans, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20, 2000
                                                           ------------------


                              Page 30 of 32 Pages
<PAGE>   9
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Walter G. Kortschak
                                    -----------------------------------
                                    Walter G. Kortschak

State of California         )
                            ) ss:
County of Santa Clara       )

      On this 3rd day of February, 1997, before me personally came Walter G.
Kortschak, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/ Katherine C. Ely
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  May 28, 2000
                                                           ------------------


                              Page 31 of 32 Pages
<PAGE>   10
      IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.


                                    /s/  Joseph F. Trustey
                                    -----------------------------------
                                    Joseph F. Trustey

Commonwealth of Massachusetts )
                              ) ss:
County of Suffolk             )

      On this 10th day of February, 1997, before me personally came Joseph F.
Trustey, known to me to be the person described and who executed the foregoing
instrument that he acknowledged that he executed the same.

[Notary Seal]
                                    /s/  Cynthia R. Freidman
                                    -----------------------------------
                                    Notary Public


                                    My Commission expires:  October 20,  2000
                                                           ------------------


                              Page 32 of 32 Pages


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