SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
SCHEDULE 13D
(RULE 13d-101)
(AMENDMENT NO. 4)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
MAXXIM MEDICAL, INC.
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(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE
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(Title of Class of Securities)
57777G105
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(CUSIP Number)
SAUL A. FOX
FOX PAINE & COMPANY, LLC
950 TOWER LANE, SUITE 1150
FOSTER CITY, CALIFORNIA 94404
(650) 525-1300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 12, 1999
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(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) and 13d-1(g), check the following
box / /.
(Continued on following pages)
<PAGE>
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CUSIP No. 57777G105 13D Page 2 of 21 Pages
- ----------------------------
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1 NAME OF REPORTING PERSON
FOX PAINE & COMPANY, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
3,988,534 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
3,988,534 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,988,534 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
69.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 3 of 21 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE CAPITAL, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
4,850,824 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
4,850,824 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,850,824 (SEE ITEM 5)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
84.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
HC, OO
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<PAGE>
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CUSIP No. 57777G105 13D Page 4 of 21 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE CAPITAL FUND, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
3,930,217 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
3,930,217 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,930,217 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
68.1% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
PN
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<PAGE>
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CUSIP No. 57777G105 13D Page 5 of 21 Pages
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1 NAME OF REPORTING PERSON
FPC INVESTORS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
58,317 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
58,317 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,317 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
PN
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<PAGE>
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CUSIP No. 57777G105 13D Page 6 of 21 Pages
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1 NAME OF REPORTING PERSON
FOX PAINE MEDIC ACQUISITION CORPORATION
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO - SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
0 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 7 of 21 Pages
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1 NAME OF REPORTING PERSON
MAXXIM COINVESTMENT FUND I, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
97,864 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
97,864 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,864 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 8 of 21 Pages
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1 NAME OF REPORTING PERSON
MAXXIM COINVESTMENT FUND II, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
109,204 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
109,204 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
109,204 (SEE ITEM 5)
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 9 of 21 Pages
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1 NAME OF REPORTING PERSON
MAXXIM COINVESTMENT FUND III, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
109,204 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
109,204 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
109,204 (SEE ITEM 5)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 10 of 21 Pages
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1 NAME OF REPORTING PERSON
MAXXIM COINVESTMENT FUND IV, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO -- SEE ITEM 3
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
218,407 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
218,407 (SEE ITEM 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
218,407 (SEE ITEM 5)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
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CUSIP No. 57777G105 13D Page 11 of 21 Pages
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1 NAME OF REPORTING PERSON
MAXXIM COINVESTMENT FUND V, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO -- SEE ITEM 3
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF SHARES 0
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
327,611 (SEE ITEM 5)
OWNED BY EACH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING PERSON 0
--------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
327,611 (SEE ITEM 5)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
327,611 (SEE ITEM 5)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7% (SEE ITEM 5)
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14 TYPE OF PERSON REPORTING
CO
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<PAGE>
This Amendment No. 4 amends Items 2, 3, 4, 5 and 7 of the Statement
on Schedule 13D filed by (i) Fox Paine Capital Fund, L.P., a Delaware limited
partnership ("FPCF"), (ii) Fox Paine Capital, LLC, a Delaware limited liability
company ("FPC") and the general partner of FPCF, (iii) Fox Paine Medic
Acquisition Corporation, a Texas corporation ("FPMAC"), and (iv) Fox Paine &
Company, LLC, a Delaware limited liability company ("Fox Paine," and, together
with FPCF, FPC and FPMAC, the "Original Reporting Entities"), on June 26, 1999,
as previously amended by Amendment No. 1 filed on July 9, 1999, Amendment No. 2
filed on August 10, 1999, and Amendment No. 3 filed on October 13, 1999
(collectively, the "Existing Statement"). Capitalized terms used and not defined
herein have the definitions given such terms in the Existing Statement.
ITEM 2. IDENTITY AND BACKGROUND.
The information contained in Item 2 of the Existing Statement is
hereby amended with the following:
This statement is filed jointly by (i) the Original Reporting
Entities, (ii) FPC Investors, L.P., a Delaware limited partnership ("FPC
Investors"), (iii) Maxxim Coinvestment Fund I, LLC, a Delaware limited liability
company ("Fund I"), (iv) Maxxim Coinvestment Fund II, LLC, a Delaware limited
liability company ("Fund II"), (v) Maxxim Coinvestment Fund III, LLC, a Delaware
limited liability company ("Fund III"), (vi) Maxxim Coinvestment Fund IV, LLC, a
Delaware limited liability company ("Fund IV"), and (vii) Maxxim Coinvestment
Fund V, LLC, a Delaware limited liability company ("Fund V" and, together with
Fund I, Fund II, Fund III, Fund IV, FPCF and FPC Investors, the "Funds"). FPC,
Fox Paine, FPMAC and the Funds are herein referred to collectively as the
"Reporting Persons."
For purposes of this Amendment No. 4, FPC may be deemed to own
beneficially 4,850,824 shares of Common Stock through the Funds of which FPC is
the general partner or manager and Fox Paine may be deemed to own beneficially
3,988,534 shares of Common Stock through FPCF and FPC Investors, of which Fox
Paine is the manager. A joint filing agreement among the Reporting Persons
relating to the joint filing of this Amendment No. 4 is attached as Exhibit 7
hereto.
Fox Paine and FPC each disclaim ownership of the shares of Common
Stock beneficially owned by the Funds to the extent of the partnership or
limited liability company interests in the Funds held by persons other than Fox
Paine and FPC, respectively.
FPMAC was formed on June 9, 1999 solely for the purpose of engaging
in the transactions contemplated by the Merger Agreement, dated as of June 13,
1999, as amended, between FPMAC and Maxxim (the "Merger Agreement"). On November
12, 1999, as a result of the recapitalization transactions more fully described
in Item 4 herein (the "Recapitalization"), FPMAC was merged with and into Maxxim
(the "Merger") and the separate corporate existence of FPMAC terminated.
Accordingly, FPMAC ceased to be the beneficial owner of any shares of Common
Stock as of the effective time of the Merger (the "Effective Time").
Fund I, Fund II, Fund III, Fund IV and Fund V were formed on October
26, 1999 solely for the purpose of investing in the equity securities of Maxxim
through the purchase of
Page 12 of 21 Pages
<PAGE>
shares of common stock of FPMAC, which were converted in the Merger into shares
of Common Stock. FPC is the sole manager of each of Fund I, Fund II, Fund III,
Fund IV and Fund V.
FPCF and FPC Investors are investment funds managed by Fox Paine,
and FPC is the general partner of each of FPCF and FPC Investors. FPCF and FPC
Investors invest equity capital in management-led acquisitions and company
expansion programs and restructurings. The principal business of FPC is being
the general partner of FPCF and FPC. The principal business of Fox Paine is
managing FPCF and FPC Investors. Saul A. Fox and W. Dexter Paine, III are the
sole members of FPC and the managing members of Fox Paine. The principal
executive offices of each of the Reporting Persons are located at 950 Tower
Lane, Suite 1150, Foster City, California 94404.
Annex 1 to the Existing Statement ("Annex 1"), which is incorporated
herein by reference, sets forth with respect to each individual who is an
executive officer, director or managing member of each of the Reporting Persons
such person's name, business address and principal employment, the name and
address of any business corporation or other organization in which such
employment is conducted and such person's citizenship.
During the past five years, none of the Reporting Persons or, to the
best knowledge of the Reporting Persons, any of the persons named in Annex 1 as
an executive officer, director or managing member of any of the Reporting
Persons (i) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information contained in Item 3 of the Existing Statement is
hereby amended with the following:
The approximately $127.5 million used by the Funds to purchase the
shares of FPMAC common stock which were converted in the Merger into shares of
Common Stock (as described below under Item 4) were obtained by such entities
from capital contributions by their partners or members and from the available
funds of such entities.
In connection with the Merger, Maxxim and/or its subsidiaries
entered into several related financing transactions, including (i) the sale to
certain third party investors of $98,473,000 aggregate principal amount at
maturity of Maxxim's Senior Discount Notes due 2010 and warrants to purchase
shares of Common Stock, (ii) the sale to certain third party investors by Maxxim
and Maxxim Medical Group, Inc., a Delaware corporation and wholly owned
subsidiary of Maxxim ("Group"), of $144,552,000 aggregate principal amount at
maturity of Group's Senior Subordinated Discount Notes due 2009 and warrants to
purchase shares of Common Stock, (iii) a consent solicitation and tender offer
(the "Debt Offer") for up to all of Maxxim's $100.0 million outstanding 10 1/2%
Senior Subordinated Notes due 2006, (iv) borrowings by Group of $261.6 million
under new senior secured credit facilities of Group with
Page 13 of 21 Pages
<PAGE>
Chase Securities Inc. as lead arranger and book manager, The Chase Manhattan
Bank as administrative agent and collateral agent, Bankers Trust Company and
Merrill Lynch Capital Corporation as co-syndication agents, and Canadian
Imperial Bank of Commerce and Credit Suisse First Boston as co-documentation
agents, (v) the Circon Sale (as defined in Item 4) and (vi) the sale of new
shares of Common Stock to certain management investors (the "Management
Investors") for an aggregate of approximately $4.4 million. The Management
Investors and certain other existing shareholders also retained an equity
interest in Maxxim of approximately $13.8 million. The Management Investors and
such other existing shareholders are herein referred to collectively as the
"Rollover Shareholders."
ITEM 4. PURPOSE OF TRANSACTION.
The information contained in Item 4 of the Existing Statement is
hereby amended with the following:
On November 12, 1999, pursuant to the Merger Agreement, FPMAC was
merged with and into Maxxim, with Maxxim continuing as the surviving
corporation. In the Merger, each outstanding share of Common Stock (except for
certain shares held by the Rollover Shareholders) was converted into the right
to receive a cash payment of $26.00 without interest. Shares of FPMAC were
converted into shares of Common Stock on a one-for-one basis. Certain shares of
Common Stock held by the Rollover Shareholders were retained by them, and the
proceeds received in the Merger by the Rollover Shareholders in respect of
certain other shares of Common Stock held by them were used to purchase a
proportionate interest in the company that acquired Circon Corporation (as
described below). As part of the Recapitalization, Maxxim Medical, Inc., a
Delaware corporation and wholly owned subsidiary of Maxxim ("Maxxim Delaware"),
sold to an affiliate of Fox Paine all of the outstanding capital stock of Circon
Corporation ("Circon"), which prior to such sale was a wholly-owned subsidiary
of Maxxim Delaware (the "Circon Sale"). In connection with the Merger, Maxxim
contributed all its assets and liabilities, other than those relating to its
Third Amended and Restated Credit Agreement, dated as of January 4, 1999 (the
"Existing Credit Facility"), to Group in exchange for shares of common stock of
Group. The Existing Credit Facility was repaid as part of the Recapitalization.
Following the Merger, the Common Stock was delisted from trading on
The New York Stock Exchange, Inc., on which it previously traded under the
symbol "MAM," and Maxxim filed a Form 15 with the Securities and Exchange
Commission suspending Maxxim's duty to file reports under Sections 13 and 15(d)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
seeking to deregister the Common Stock under the Exchange Act.
As of the Effective Time, the members of the Board of Directors of
Maxxim include Saul A. Fox, W. Dexter Paine, III, Jason B. Hurwitz, Kenneth W.
Davidson and Ernest J. Henley. Messrs. Fox, Paine and Hurwitz were designated by
the Reporting Persons and Messrs. Davidson and Henley were designated by the
Rollover Shareholders. The composition of the Board of Directors of Maxxim is
subject to change from time to time, but representatives or employees of the
Reporting Persons are expected to constitute a majority of the Board of
Directors of Maxxim. In that capacity, such persons will be consulted, and will
vote, on matters that are presented to the Board of Directors, including sales
of assets, extraordinary corporate transactions and changes to Maxxim's
capitalization, dividend policy, business or corporate
Page 14 of 21 Pages
<PAGE>
structure. Pursuant to the Merger Agreement, the bylaws of FPMAC in effect
immediately prior to the Effective Time became, at the Effective Time, the
bylaws of Maxxim as the surviving corporation in the Merger, until amended in
accordance with their terms and applicable law.
As previously reported, in connection with the Merger Agreement,
Maxxim entered into the Voting Agreements, as later amended. The Voting
Agreements expired pursuant to their terms on November 12, 1999, upon the
completion of the Merger.
The Reporting Persons (other than FPMAC) acquired shares of FPMAC
common stock for the purpose of acquiring an equity interest in Maxxim by virtue
of the shares of FPMAC common stock being converted into shares of Common Stock
in the Merger. The Reporting Persons (other than FPMAC) intend to review on a
continuing basis their investment in Maxxim, and each reserves the right to
change its plans and intentions at any time, as it deems appropriate.
Accordingly, each Reporting Person may decide to increase or decrease its
investment in Maxxim depending upon subsequent developments affecting Maxxim,
other investment and business opportunities available to the Reporting Person,
general market and economic conditions, tax considerations and other factors.
Other than as described above, none of the Reporting Persons or, to
the best knowledge of the Reporting Persons, any of the persons listed on Annex
1, has any plans or proposals that relate to or would result in any of
the actions described in subparagraphs (a) through (j) of Item 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The information contained in Item 5 of the Existing Statement is
hereby amended with the following:
(a) As of November 12, 1999, (i) FPCF may be deemed to own
beneficially and directly 3,930,217 shares of Common Stock, or approximately
68.1% of the shares of Common Stock issued and outstanding, (ii) FPC Investors
may be deemed to own beneficially and directly 58,317 shares of Common Stock, or
approximately 1.0% of the shares of Common Stock issued and outstanding, (iii)
Fund I may be deemed to own beneficially and directly 97,864 shares of Common
Stock, or approximately 1.7% of the shares of Common Stock issued and
outstanding, (iv) Fund II may be deemed to own beneficially and directly 109,204
shares of Common Stock, or approximately 1.9% of the shares of Common Stock
issued and outstanding, (v) Fund III may be deemed to own beneficially and
directly 109,204 shares of Common Stock, or approximately 1.9% of the shares of
Common Stock issued and outstanding, (vi) Fund IV may be deemed to own
beneficially and directly 218,407 shares of Common Stock, or approximately 3.8%
of the shares of Common Stock issued and outstanding, and (vii) Fund V may be
deemed to own beneficially and directly 327,611 shares of Common Stock, or
approximately 5.7% of the shares of Common Stock issued and outstanding.
As of November 12, 1999, for the purposes of this Schedule 13D, (i)
FPC may be deemed to own beneficially and indirectly, 4,850,824 shares of Common
Stock, or approximately 84.1% of the shares of Common Stock issued and
outstanding, through the Funds and (ii) Fox Paine may be deemed to own
beneficially and indirectly 3,988,534 shares of Common Stock, or approximately
69.1% of the shares of Common Stock issued and outstanding,
Page 15 of 21 Pages
<PAGE>
through FPCF and FPC Investors. FPC and Fox Paine disclaim beneficial ownership
of the shares of Common Stock beneficially owned by the Funds to the extent of
partnership or limited liability company interests in the Funds held by persons
other than Fox Paine and FPC, respectively.
None of the Reporting Persons, and to the best knowledge of each of
the Reporting Persons, none of the other persons listed on Annex 1 hereto,
beneficially owns any shares of Common Stock other than as set forth herein.
(b) Each Reporting Person shares the power to vote or direct the
voting of, and to dispose or direct the disposition of, shares of Common Stock
beneficially owned by such Reporting Person as indicated in pages 2 through 11
above.
(c) Other than the transactions relating to the Recapitalization as
described herein, no transactions involving the Common Stock were effected by
the Reporting Persons or, to the best knowledge of each of the Reporting
Persons, any of the persons listed on Annex 1 hereto, within the 60 days
preceding November 12, 1999.
(d) No persons other than the Reporting Persons have the right to
receive dividends from, or the proceeds from the sale of, the shares of Common
Stock beneficially owned by such Reporting Persons.
(e) Pursuant to the Merger, FPMAC ceased to be the beneficial owner
of more than five percent of the Common Stock at the Effective Time on November
12, 1999.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The information contained in Item 7 of the Existing Statement is
hereby amended and replaced in its entirety with the following.
The following Exhibits are filed as part of this Schedule 13D:
Exhibit 1* - Agreement and Plan of Merger, dated as of June 13, 1999,
between Fox Paine Medic Acquisition Corporation and Maxxim
Medical, Inc. (incorporated by reference to Exhibit 2.1 of
Maxxim Medical, Inc.'s Current Report on Form 8-K filed with
the Securities and Exchange Commission on June 16, 1999).
Exhibit 2* - Form of individual Voting Agreement, dated as of June 13,
1999, by and between Fox Paine Medic Acquisition Corporation
and each of 10 shareholders of Maxxim Medical, Inc.
Exhibit 3* - Investor Participation Agreement, dated as of June 13, 1999,
by and among Fox Paine Medic Acquisition Corporation and 10
shareholders of Maxxim Medical, Inc., in their individual
capacities.
Exhibit 4* - Amended and Restated Investor Participation Agreement, dated
as of September 30, 1999, by and among Fox Paine Medic
Acquisition Corporation and 10 shareholders of Maxxim Medical,
Inc., in their
Page 16 of 21 Pages
<PAGE>
individual capacities (incorporated by reference to Exhibit
(c)(3) of the Schedule 13E-3 filed with the Securities and
Exchange Commission on October 5, 1999).
Exhibit 5* - Amendment No. 1 to Merger Agreement, dated as of October 1,
1999, by and between Fox Paine Medic Acquisition Corporation
and Maxxim Medical, Inc. (incorporated by reference to
Appendix A to the Proxy Statement filed by Maxxim Medical,
Inc. on October 5, 1999 under cover of Schedule 14A).
Exhibit 6* - Form of First Amendment to Voting Agreements, dated as of
October 1, 1999, by and between Fox Paine Medic Acquisition
Corporation and each of 10 shareholders of Maxxim Medical,
Inc. (incorporated by reference to Appendix D to the Proxy
Statement filed by Maxxim Medical, Inc. on October 5, 1999
under cover of Schedule 14A).
Exhibit 7 - Joint Filing Agreement, dated as of November 12, 1999, among
the Reporting Persons.
* Previously filed.
Page 17 of 21 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certify that the information set forth in
this statement is true, complete, and correct.
FOX PAINE & COMPANY, LLC
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE CAPITAL FUND, L.P.
By: Fox Paine Capital, LLC,
its general partner
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FPC INVESTORS, L.P.
By: Fox Paine Capital, LLC,
its general partner
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE CAPITAL, LLC
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
Page 18 of 21 Pages
<PAGE>
FOX PAINE MEDIC ACQUISITION CORPORATION
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND I, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND II, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND III, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND IV, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
Page 19 of 21 Pages
<PAGE>
MAXXIM COINVESTMENT FUND V, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
November 12, 1999
Page 20 of 21 Pages
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
Exhibit 1* - Agreement and Plan of Merger, dated as of June 13, 1999,
between Fox Paine Medic Acquisition Corporation and Maxxim
Medical, Inc. (incorporated by reference to Exhibit 2.1 of
Maxxim Medical, Inc.'s Current Report on Form 8-K filed with
the Securities and Exchange Commission on June 16, 1999).
Exhibit 2* - Form of individual Voting Agreement, dated as of June 13,
1999, by and between Fox Paine Medic Acquisition Corporation
and each of 10 shareholders of Maxxim Medical, Inc.
Exhibit 3* - Investor Participation Agreement, dated as of June 13,
1999, by and among Fox Paine Medic Acquisition Corporation and
10 shareholders of Maxxim Medical, Inc., in their individual
capacities.
Exhibit 4* - Amended and Restated Investor Participation Agreement, dated
as of September 30, 1999, by and among Fox Paine Medic
Acquisition Corporation and 10 shareholders of Maxxim
Medical, Inc., in their individual capacities (incorporated
by reference to Exhibit (c)(3) of the Schedule 13E-3 filed
with the Securities and Exchange Commission on October 5,
1999).
Exhibit 5* - Amendment No. 1 to Merger Agreement, dated as of October 1,
1999, by and between Fox Paine Medic Acquisition Corporation
and Maxxim Medical, Inc. (incorporated by reference to
Appendix A to the Proxy Statement filed by Maxxim Medical,
Inc. on October 5, 1999 under cover of Schedule 14A).
Exhibit 6* - Form of First Amendment to Voting Agreements, dated as of
October 1, 1999, by and between Fox Paine Medic Acquisition
Corporation and each of 10 shareholders of Maxxim Medical,
Inc. (incorporated by reference to Appendix D to the Proxy
Statement filed by Maxxim Medical, Inc. on October 5, 1999
under cover of Schedule 14A).
Exhibit 7 - Joint Filing Agreement, dated as of November 12, 1999, among
the Reporting Persons.
* Previously filed.
Page 21 of 21 Pages
EXHIBIT 7
JOINT FILING AGREEMENT
In accordance with Rule 13(k)(1) promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned agree to the joint filing of a
Statement on Schedule 13D (including any and all amendments thereto) (the
"Statement") with respect to the shares of Maxxim Medical, Inc. and further
agree to the filing of this agreement as an Exhibit thereto. In addition, each
party to this Agreement expressly authorizes each other party to this Agreement
to file on its behalf any and all amendments to the Statement.
Dated: November 12, 1999.
FOX PAINE & COMPANY, LLC
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE CAPITAL FUND, L.P.
By: Fox Paine Capital, LLC,
its general partner
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FPC INVESTORS, L.P.
By: Fox Paine Capital, LLC,
its general partner
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
<PAGE>
FOX PAINE CAPITAL, LLC
By: /s/ Saul A. Fox
----------------------------
Name: Saul A. Fox
Title: Member
FOX PAINE MEDIC ACQUISITION CORPORATION
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND I, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND II, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND III, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
<PAGE>
MAXXIM COINVESTMENT FUND IV, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
MAXXIM COINVESTMENT FUND V, LLC
By: Fox Paine Capital Fund, LLC,
its Manager
By: /s/ Jason B. Hurwitz
----------------------------
Name: Jason B. Hurwitz
Title: Director
November 12, 1999
