EXHIBIT 99.1

                        MAXXIM MANAGEMENT TEAM TO ACQUIRE
                    MAXXIM MEDICAL FOR $26 PER SHARE IN CASH

                    FOX PAINE TO PROVIDE THE EQUITY FINANCING

                TRANSACTION VALUED AT APPROXIMATELY $800 MILLION

For immediate release

         Clearwater, FL and San Francisco, CA (June 14, 1999) Maxxim Medical,
Inc. (NYSE - MAM) announced today that a management group, led by Kenneth W.
Davidson, the Company's Chairman, Chief Executive Officer and President, with
equity financing provided by investment funds managed by Fox Paine & Company,
LLC, have entered into a definitive merger agreement to acquire the Company in a
recapitalization transaction. Under the terms of the merger agreement, holders
of all of the outstanding shares of Maxxim, except senior executive officers and
certain other current shareholders of Maxxim ("Rollover Shareholders"), will
receive $26.00 per share in cash. Based upon Maxxim Medical's closing price of
$19.875 on Friday, June 11, 1999, this represents a premium of 30.8%. In
connection with the merger, the existing debt of the Company will be refinanced,
with the Company making a consent solicitation and tender offer for all of its
outstanding 10 1/2% Senior Subordinated Notes, due 2006.

         Kenneth W. Davidson, Chairman, President and Chief Executive Officer of
the Company stated, "We are pleased to have found a financial partner in Fox
Paine which is equally committed to our long-stated goal of being a leading
developer, manufacturer and distributor of a diversified range of single-use
medical specialty products."

         Saul Fox, Chairman and Chief Executive Officer of Fox Paine said, "We
are delighted to be working with Ken Davidson, his energetic management team and
the over 5,000 talented Maxxim Medical employees to support their initiatives."
"Investing in medical products companies will continue to be an important focus
for our firm," added Dexter Paine, President of Fox Paine.

         The proposed transaction is subject to certain conditions, including
shareholder approval, regulatory approvals, the availability of funding under
the existing equity and debt financing commitments and other customary closing
conditions. The merger has a total value in excess of $800 million, including
equity and debt. The transactions will be funded by equity and debt commitments
from Fox Paine and a debt commitment from The Chase Manhattan Corporation
providing the balance of the financing necessary to complete the transactions.
The commitments are subject to customary closing conditions.

         Lazard Freres & Co. LLC acted as financial advisor to the Special
Committee of the Board of Directors of Maxxim Medical, which negotiated the
transaction. Chase Securities Inc. acted as financial advisor to Fox Paine.

         The Rollover Shareholders, who will continue as shareholders of the
Company, have entered into voting agreements with the acquiror pursuant to which
they have agreed to vote all of their shares, representing approximately 8.0% of
Maxxim's outstanding common stock, in favor of the



merger. The Company will call a special meeting of its shareholders as soon as
practicable to consider the approval of the merger.

         Maxxim Medical, Inc. is a major, diversified developer, manufacturer
and marketer of specialty medical products for use in acute and alternate care
settings such as custom procedure trays, medical gloves, endoscopic and
laproscopic systems as well as electrosurgical and video systems for general
surgery, urology, gynecology, interventional radiology and critical care.

         Fox Paine manages investment funds in excess of $500 million providing
equity capital to growth-oriented management-led buyouts and company expansion
programs. Fox Paine engages exclusively in friendly transactions developed in
cooperation with a company's management, shareholders and board of directors.
The Fox Paine funds' participants include the long-term equity arms of leading
domestic and international public and corporate pension funds, endowments and
financial institutions.

         Certain statements in this release are "forward-looking statements"
within the meaning of the Private Litigation Reform Act of 1995. All
forward-looking statements involve risks and uncertainties. In particular, any
statements contained herein regarding the consummation and benefits of future
acquisitions, as well as expectations with respect to future sales, operating
efficiencies and product expansion, are subject to known and unknown risks,
uncertainties and contingencies, many of which are beyond the control of the
Company, which may cause actual results, performance or achievements to differ
materially from anticipated results, performance or achievements. Factors, that
might affect such forward-looking statements include, among other things,
overall economic and business conditions, the demand for the Company's goods and
services, competitive factors in the industries in which the Company competes,
changes in government regulation and the timing, impact and other uncertainties
of future acquisitions.

         Contacts:

               Maxxim Medical, Inc.            Fox Paine & Company, LLC
               Mary Lugris                     c/o Abernathy, MacGregor & Frank
               727-561-2100                    Andrew Brimmer
                                               Loren Iati
               Katherine Mittelbusher          (212) 371-5999
               Morgen Walke
               (212) 850-5600