Category: M&A-Provider

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-Hackensack Meridian Health to merge with Englewood Health


Hackensack Meridian Health commits $400M to Englewood Health in proposed merger

Hackensack Meridian Health and Englewood Health have signed a definitive agreement to merge, the not-for-profit New Jersey health system and hospital announced Tuesday.
Hackensack pledged a $400 million capital investment in Englewood, which executives hope will further Englewood’s position as a tertiary academic hub in northern New Jersey. Those investments include new operating rooms, additional ambulatory care facilities and expanded cardiac catheterization labs, among others.
State and federal officials will need to sign off on the deal, which is expected to be completed in a year.
“We recognize that more and more healthcare is delivered outside of the four walls of a hospital,” said Robert Garrett, CEO of Hackensack Meridian Health.
An expanded ambulatory network will increase access and lower costs, he added.
Hackensack, which has 17 hospitals and an affiliation with Memorial Sloan Kettering Cancer Center, has had a clinical and academic partnership with Englewood since 2015. Englewood Health includes Englewood Health Physician Network, Englewood Health Foundation and Englewood Hospital and Medical Center, which deliver cardiovascular care, neurosciences, oncology, robotic surgery, women’s health and neonatal intensive care, stroke care, thoracic surgery and ambulatory care. They both operate on the Epic electronic health record.
“Hackensack recently opened its first behavioral health urgent care center—those are areas where on your own you could really just scratch the surface, but together you can make the investments necessary to create access and address affordability at the same time,” said Warren Geller, president and CEO of Englewood Health.
Hackensack and Englewood plan to create a regional cardiac surgery program, but that doesn’t mean those services will cease at Englewood, Geller said. It means they will link the patient to the right care in the most effective setting, he said.
The number of independent hospitals, in New Jersey and across the country, continues to wane. Nearly three-quarters of all hospitals were part of multihospital systems in 2017, up from 70.4% in 2012, according to Modern Healthcare Metrics data.
Lower reimbursement rates, declining inpatient admissions, and higher staffing, pharmaceutical and technology costs are weakening margins. More than half the nation’s stand-alone hospitals (53.2%) have lost money on an operating basis each year spanning 2012 to 2017, which is more than twice the share of system-owned hospitals (25.9%), Metrics data show.
Meanwhile, health systems are looking to acquire hospitals in the same or adjacent markets as they claim that scale is necessary to contain costs, improve access to capital, bolster care and boost their leverage with payers and vendors. Economists maintain that health systems often raise prices following mergers and so-called efficiencies are seldom reached given the complexity of integration.
Fellow New Jersey health system RWJBarnabas Health announced a deal to acquire Trinitas Regional Medical Center last week.
“There is no question that many of the independent hospitals in New Jersey have either merged with a larger health network or affiliated to receive the benefits that a large network can bring,” Garrett said, citing potential supply chain savings, better pricing on drugs and supplies, and clinical alignment. But one size does not fit all, he added.
Hackensack, which formed a clinical partnership with St. Joseph’s Health last month, reported an operating income of $274.4 million on revenue of $5.4 billion in 2018, down from $228.2 million of operating income on $4.4 billion of revenue in 2017, according to Modern Healthcare’s financial database.
Englewood’s operating revenue was cut in half in 2018, dropping to $14.5 million on operating revenue of $665.9 million. It reported $32.5 million in operating revenue on $629.9 million of operating revenue in 2017.
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-Community Health Systems Announces Definitive Agreements to Sell Three Virginia Hospitals | Community Health Systems, Inc.


Community Health Systems Announces Definitive Agreements to Sell Three Virginia Hospitals

10/28/19
FRANKLIN, Tenn.–(BUSINESS WIRE)–Oct. 28, 2019– Community Health Systems, Inc. (NYSE: CYH) announced today that affiliates of the Company have signed a definitive agreement to sell three Virginia hospitals – 300-bed Southside Regional Medical Center in Petersburg, 105-bed Southampton Memorial Hospital in Franklin and 80-bed Southern Virginia Regional Medical Center in Emporia, and their associated assets to subsidiaries of Bon Secours Mercy Health, Inc. The transaction is expected to close by the end of 2019, subject to customary regulatory approvals and closing conditions.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 102 affiliated hospitals in 18 states with an aggregate of approximately 17,000 licensed beds. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.
Forward-Looking Statements
Statements contained in this news release regarding potential transactions, operating results, and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191028005620/en/
Source: Community Health Systems, Inc.
Investor Contacts:
Thomas J. Aaron, 615-465-7000
Executive Vice President and Chief Financial Officer
or
Ross W. Comeaux, 615-465-7012
Vice President – Investor Relations
Media Contact:
Tomi Galin, 615-628-6607
Senior Vice President, Corporate
Communications, Marketing and Public Affairs
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-California AG rejects Adventist-St. Joseph merger


California AG rejects Adventist-St. Joseph merger

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California Attorney General Xavier Becerra
California regulators have rejected a proposed merger between Adventist Health System/West and St. Joseph Health System that would have created a joint operating company to manage nine hospitals in six largely rural counties in Northern California.
The California Justice Department issued a denial letter Thursday citing concerns that the transaction is not in the public interest, has the potential to increase healthcare costs, and could limit access and availability of healthcare services.
The health systems said the merger would boost access to quality care throughout Northern California, with a focus on vulnerable and underserved populations. They also said the merger would enable their facilities to compete more effectively against Kaiser Permanente, which has a large market share in those six counties even though it has no hospital there.
But the state Justice Department did not agree.
“After careful review, we found this proposal falls short of protecting consumers,” said Sean McCluskie, chief deputy to Attorney General Xavier Becerra.
The health systems indicated they were blindsided by the decision.
“Both Adventist Health and St. Joseph Health are very disappointed in the outcome of this decision,” the systems said in a joint written statement. “Our intent has always been to better serve our communities, increase access to services, and create a stronger safety net for families in northern California. At this time, our organizations will need to take a step back and determine implications of this decision. The well-being of our communities remains our top priority.”
Consumer advocacy groups had objected to the merger, warning that it would raise prices and could limit access to certain services that are prohibited by the Ethical and Religious Directives for Catholic Health Care Services, such as tubal ligations, contraception, gender transition care and physician aid-in-dying.
A transgender patient has a lawsuit pending against St. Joseph, claiming he was discharged from the St. Joseph Hospital in Eureka minutes before a scheduled hysterectomy in 2017, after hospital officials learned he was transgender.
In its response to the suit, St. Joseph said it has a constitutional right to refuse to perform procedures barred by Catholic religious doctrine.
The American Civil Liberties Union of Northern California applauded the state’s decision to bar the merger.
“This is a strong statement by the attorney general that healthcare should be available and accessible to patients,” said Phyllida Burlingame, the group’s reproductive justice and gender equity director. “More than one in six hospital beds in California are already in hospitals like those in the St. Joseph network that deny patients needed reproductive healthcare and gender-affirming care based on doctrine established by Catholic bishops. Californians, particularly those in the rural areas where these hospitals are primarily located, need more access to these essential healthcare services, not less. This decision helps move our state in a positive direction.”
The merger denial contrasts with the same agency’s decision last November to approve the much larger merger of CHI and Dignity Health, two Catholic-affiliated systems which formed CommonSpirit Health earlier this year. That deal also was opposed by the ACLU and a number of other advocacy groups on the grounds that it would raise costs and limit access to certain types of care.
Adventist and St. Joseph had sought to reassure regulators and their religious sponsors that the merger would not change either organization’s mission or religious operating rules. Under the deal, each partner would retain management and control over its own facilities. Neither would be allowed to cause the other to violate its religious rules.
Unlike Catholic-sponsored St. Joseph, Adventist permits contraception, sterilization, in vitro fertilization, and calls itself LGBTQ-friendly. But Adventist, like St. Joseph, does not offer gender transition surgery or participate in physician aid-in-dying.
Anthony Wright, executive director of Health Access California said the proposed merger raised other concerns as well, including potentially higher costs in the already highly concentrated California market.
“Bigger is not often better with hospital chains and health care in general, as consolidation is closely correlated with much higher costs for consumers,” he said.
Correction: The proposed merger involved only nine hospitals. The attorney general’s statement listed one hospital under two names.
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-Sanford Health, UnityPoint Health call off merger


Sanford Health, UnityPoint Health call off $11 billion merger

Watertown SD Nurse photos
Sanford Health and UnityPoint Health nixed their proposed merger that would have formed an $11 billion, 76-hospital system, the organizations said late Tuesday.
The not-for-profit health systems announced their letter of intent to merge in June. The combined entity would have ranked among the top 15 not-for-profit health systems by revenue, with operations across 26 states and more than 83,000 employees.
Kelby Krabbenhoft, the president and CEO of Sanford, said in a statement that the UnityPoint board failed to embrace the vision of a new health system of national prominence.
“We were excited at the opportunity our combination would have provided to create a new health system of national prominence,” he said. “The executive management teams and physicians worked diligently for 18 months to provide a merger recommendation to the boards. We are disappointed that the UnityPoint Health board failed to embrace the vision. Our focus now is on the patients and communities we serve and the 50,000 people working tirelessly to support them.”
Vision represents a long-term view of how the business will operate and how the culture will manifest both within the organization and as it faces patients and stakeholders, said Joe Lupica, chairman of Newpoint Healthcare Advisors.
“When one party says visions don’t align, this means it is not a failure that happened in the trenches,” said Lupica, explaining that it’s something more fundamental than disparate IT systems or fragmented supply chains.
Executives hoped that the merger would have allowed the combined organization to become a world leader in personalized primary care.
“Our organization concluded we can most effectively fulfill our mission by maintaining our existing corporate structure,” Kevin Vermeer, president and CEO of UnityPoint Health, said in a statement.” As a leader in the delivery of value-based care, UnityPoint Health remains strong and competitively positioned for the future.”
It is hard to imagine spending a year and a half on a transaction and having it fall apart, said Robert Creighton, managing partner at Farrell Fritz.
“It makes me think that the preliminary work maybe was not as thorough,” said Creighton, adding that they may have never come to an understanding of what the vision was.
The deal may have been related to a culture clash, mismatched or unmet expectations when it comes to estimated savings benchmarks, their relationships with physicians or other labor-related issues, he said.
“These are incredibly complex (and costly) transactions,” Creighton said. “You have to get all the pieces to fit, and it is not surprising that some deals will fail.”
Sioux Falls, S.D.-based Sanford reported an operating income of $117.1 million on $4.59 billion of operating revenue through the first nine months of fiscal year 2019, up from $92.3 million of operating income on operating revenue of $3.53 billion over the same period last year, according to Modern Healthcare’s financial database.
Last month, Sanford agreed to pay the federal government $20.25 million to settle allegations that one of its neurosurgeons received kickbacks for using implantable devices distributed by his physician-owned distributorship. The settlement also involved hiring a compliance officer and setting up a compliance committee, implementing a risk-assessment program and hiring an independent review organization to oversee Medicare and Medicaid claims at Sanford Medical Center. Sanford denied any wrongdoing.
Des Moines, Iowa-based UnityPoint reported an operating income of $49.4 million on revenue of $2.26 billion through six months of fiscal year 2019—the most recent financial statement available. That was up from $32.8 million of operating income on $2.19 billion of revenue over the same period the year prior. UnityPoint recorded a $21.5 million operating loss in 2017.
While this dismantled deal may throw up a caution flag to other providers exploring mergers, Creighton still expects significant consolidation in the hospital sector given the potential cost and quality benefits of a smaller organization joining a bigger system, he said.
As health systems continue to pursue massive regional and national networks in search of the highly touted benefits of scale, economists and policy experts have cautioned about consolidation’s tendency to raise prices.
Hospital mergers and acquisitions have seemingly cooled in 2019 after several years of significant activity, possibly in part because the projected synergies of scale have not met expectations, hospital M&A experts said. In some cases, health systems rushed into a letter of intent, they said.
Baylor Scott & White Health and Memorial Hermann Health System called off their merger in February, about five months after the Texas-based health systems signed a letter of intent.
M&A experts expected there had been some concern regarding the alignment of their academic missions as well as a mismatch of their physician-management models.
Atrium Health (formerly Carolinas HealthCare System) and UNC Health Care scuttled their deal last year, about six months after the letter of intent was signed.
Cone Health and Randolph Health, also based in North Carolina, called off their deal in May 2018 after more than a year of talks as Cone Health was unwilling to “scale back projects or put them on hold,” Cone Health executives said.
“The savings executives thought they were getting from eliminating redundancies haven’t panned out,” Lupica said.
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Quorum Health considering buyout offer from KKR

MM 1 Sentence Summary- Quorum Health and, private equity firm, KKR talking about buyout which would help Quorum with their debt and decrease in value. 

Quorum Health considering buyout offer from KKR

Quorum Health could be the latest healthcare provider to be gobbled up by private equity investors, if the beleagured chain accepts a buy-out proposal from KKR.
The 24-hospital, publicly traded company has struggled since it was formed in 2016, posting more than $300 million in net losses in 2017 and 2018 combined. Quorum said it’s considering private equity firm KKR’s offer to buy out its public shares held by minority owners for $1 per share. That would value the company at about $33 million, based on the number of outstanding shares as of Nov. 6.
“The fact that they’re being approached with a potential solution, I would think their board would take that very serious, and it sounds like they are,” said Frank Morgan, an analyst with RBC Capital Markets.
The deal would mean that Brentwood, Tenn.-based Quorum join the ranks of other privately held hospital companies, such as Boston-based Steward Health Care.
Quorum’s stock fell 5.6% on Wednesday and has plummeted 80% in the past two years.
“The company’s board of directors will, together with its financial and legal advisors, carefully consider this letter as part of its ongoing engagement with its debt and equity holders,” Quorum wrote in a statement.
KKR currently owns more than 9% of Quorum’s common stock, according to a letter the company wrote to Quorum’s board. The letter also said KKR is the largest holder of Quorum’s outstanding debt. It said the two companies have been in discussions over a potential deal.
In addition to the buy-out, KKR says the deal should include restructuring Quorum’s debt, equitizing the par value of the senior notes and injecting new capital by raising equity from participating noteholders. New capital would be issued as common stock in the recapitalized company and offered to participating noteholders, the letter says. KKR declined to comment beyond the letter.
RBC’s Morgan said Quorum would benefit from having a strong financial partner as opposed to having to renegotiate its debt covenants with banks on its own. He noted the $1 per share offer equates to about 8.4 times Quorum’s projected 2019 earnings before interest, taxes, depreciation and amortization.
“In today’s world, looking at it purely from a valuation perspective, that would seem to be pretty good,” he said.
Quorum, which operates in rural and mid-sized markets, spun off from Franklin, Tenn.-based Community Health Systems in April 2016. Since then, it’s been working to sell off underperforming hospitals to pay down its debt. The company had 38 hospitals when it was spun off.
Quorum has struggled in recent years, posting a $200.2 million net loss in 2018 on nearly $1.9 billion in net operating revenue, compared with a $114.2 million net loss in 2017 on $2 billion in operating revenue, according to Modern Healthcare’s financial database.
Meanwhile, the company’s stock price has shed 73% of its value since the beginning of the year, about 80% in the past two years. It’s currently valued at 85 cents per share.
Quorum’s high debt load and interest expenses severely constrain its cash flow, Moody’s Investors Service wrote in its November downgrade and negative outlook for the company. Difficulty selling off hospitals and implementing efficiency programs will limit Quorum’s ability to improve its near-term performance, the agency said.
KKR is among a long list of private equity firms that have increasingly invested in healthcare assets, especially physician specialty groups. There were 181 private equity deals for all types of physician practices last year, according to a Bloomberg Law analysis.
KKR bought physician staffing company Envision Healthcare Corp. last year in a deal valued at $9.9 billion in cash and debt. Envision had previously been a public company.
Another physician staffing firm, TeamHealth, was purchased by affiliates of the Blackstone Group, one of the country’s largest private equity firms, in 2016.
More broadly, healthcare assets attracted private equity investors at record levels last year, with disclosed deal values surging almost 50% to $63.1 billion in 2018, compared with $42.6 billion in 2017, according to an April report from Bain & Company.
The outsized presence of private equity in healthcare service companies is one reason S&P Global Ratings tends to rate healthcare service providers lower than medical device and pharmaceutical companies, the agency wrote in a January 2018 report. That’s partly because of private equity owners’ tendency to aggressively use debt leverage. S&P noted that private equity investors owned 60% of the health care services companies it rated at the time, compared with just 10% of its pharmaceutical companies and 30% of healthcare equipment companies.
Quorum announced earlier this year it would outsource its revenue cycle management to Chicago-based R1 RCM. Moody’s said that change was one factor behind its negative outlook for the company, as such moves come with high execution risk. Another factor was the difficulty of divestitures and the potential operating disruption that could come from migrating IT and other systems away from the agreement Quorum still holds with CHS over the next 12 to 18 months.
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-Addus HomeCare Completes Purchase Of Hospice Partners Of America | Addus HomeCare


Addus HomeCare Completes Purchase Of Hospice Partners Of America

October 1, 2019 at 7:00 AM EDT
Transaction Adds Hospice Services through 21 Locations Across Six States, Producing Annualized Revenue of Approximately $55 Million 
FRISCO, Texas, Oct. 1, 2019 /PRNewswire/ — Addus HomeCare Corporation (NASDAQ: ADUS), a provider of comprehensive home care services, today announced that it has completed the purchase of Hospice Partners of America, LLC, a multi-state provider of hospice services headquartered in Birmingham, Alabama, for a cash purchase price of $130.0 million, representing $118.4 million of value, net of the present value of $11.6 million of estimated tax benefits.  Hospice Partners of America currently serves an average daily census of approximately 1,000 patients through 21 locations across Idaho, Kansas, Missouri, Oregon, Texas and Virginia with annualized revenue of approximately $55.0 million.  Addus funded the acquisition with proceeds from the Company’s recent stock offering completed on September 9, 2019.
Dirk Allison, President and Chief Executive Officer of Addus, commented, “We are very pleased to complete the purchase of Hospice Partners of America, an established provider of hospice services in multiple states.  This acquisition represents a significant step in our strategy to add hospice services in markets where we already have a personal care presence and also provides a key strategic entry into the Texas market.  We are delighted to welcome the experienced management team and clinical staff of Hospice Partners of America to the Addus family and we look forward to a smooth integration of our operations. 
“We expect this transaction to be immediately accretive to our 2019 financial results.  This is our fourth completed acquisition for 2019 and brings our total acquired annualized revenues to approximately $130.0 million to date.  We commend the hard work of our team, which has led to the continued success of our acquisition strategy, and we are excited about the additional opportunities within our acquisition pipeline.  We remain focused on expanding our market presence and enhancing our home care services offering, as we work to reach more consumers and create greater value for our shareholders,” added Allison.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, anticipated transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2019, and our other filings with the SEC, including our prospectus supplement, filed on September 5, 2019, which is available at www.sec.gov. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized.
About Addus
Addus is a provider of comprehensive home care services that include, primarily, personal care services that assist with activities of daily living, as well as hospice and home health services. Addus’ consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus’ payor clients include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Addus currently provides home care services to approximately 42,000 consumers through 186 locations across 26 states.  For more information, please visit www.addus.com.
SOURCE Addus HomeCare Corporation
Brian W. Poff, Executive Vice President, Chief Financial Officer, Addus HomeCare Corporation, (469) 535-8200, in***************@***us.com; Dru Anderson, Corporate Communications, Inc., (615) 324-7346, dr**********@****ir.com
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-Towerbrook, Ascension Health to Acquire Compassus for $1 Billion – Hospice News


Towerbrook, Ascension Health to Acquire Compassus for $1 Billion

By Jim Parker | October 1, 2019October 1, 2019
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Private equity firm Towerbrook Capital Partners and health system Ascension Health have agreed to purchase the Nashville-based hospice provider Compassus at a valuation of $1 billion, with multiples of EBITDA in the low teens, PEHub.com reported. 
The two companies will split ownership of Compassus down the middle, each holding an equal stake, according to PEHub.com.
Compassus operates more than 125 community-based hospice, palliative and home health care services locations in 30 states. The company’s previous investors, Formation Capital and Audax Private Equity will no longer hold stakes in Compassus following the transaction’s closure. These two private equity owners began exploring M&A transaction opportunities in January.
Compassus had no comment for Hospice News on the transaction.
A number of firms are providing financing for the purchase, including Barclays, Merrill Lynch, Capital One, Jefferies and Houlihan Lokey.
This is the second time that Towerbook and Ascension partnered on an investment, the first being the 2016 purchase of health care management technology firm Trimedix.
The hospice M&A market is continuing to heat up despite record-high multiples in the space, largely driven by demographic tailwinds and availability of capital.
“Hospice made a big jump in the second quarter, which isn’t shocking at all, given the growing demand among home health agencies and some of the newer hospice private-equity backed portfolio companies in the marketplace,” according to Cory Mertz, managing partner at M&A advisory firm Mertz Taggart.
The second quarter of 2019 saw 14 hospice transactions. Eight major hospice acquisitions took place during the first quarter of 2019, up from seven transactions during Q1 2018 as well as Q4 2018, which also saw seven transactions, according to a report from Mertz Taggart. 
Among the most significant transactions in the second quarter occurred in May with the purchase of Texas-based Resolutions Hospice by Cornerstone Healthcare Inc., a subsidiary of The Ensign Group (NASDAQ: ENSG), for an undisclosed amount.
Also this week, Addus HomeCare Corporation (NASDAQ: ADUS), which provides hospice in addition to other a home care services, completed the purchase of Hospice Partners of America, LLC, a multi-state provider of hospice services headquartered in Birmingham, Ala., for a cash purchase price of $130.0 million.
A number of other high-profile companies, including Amedisys (NASDAQ: AMED) and LHC Group (NASDAQ: LHCG] have said they are actively seeking new acquisitions, focusing more of their efforts on building their hospice segments.

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-Alpine Investors’ TEAM Services Group Completes Investment in AmeriBest, a Leading Home Care Agency | Business Wire


Alpine Investors’ TEAM Services Group Completes Investment in AmeriBest, a Leading Home Care Agency

October 02, 2019 11:28 AM Eastern Daylight Time
SAN DIEGO & PHILADELPHIA–(BUSINESS WIRE)–TEAM Services Group (“TEAM”), a portfolio company of Alpine Investors (“Alpine”), today announced that it has partnered with AmeriBest Home Care, Inc. (“AmeriBest”), a market-leading home care agency that provides home and community-based services in the greater Philadelphia region.
TEAM Services Group, a portfolio company of @AlpineInvestSF, today announced that it has partnered with home care agency AmeriBest Home Care, Inc.
AmeriBest will continue to operate under its current brand name within TEAM Public Choices (“TPC”), a division of TEAM that serves clients through Medicaid and other state-sponsored disability programs. Omar Khanataev will remain as AmeriBest’s CEO.
Both AmeriBest and TPC are committed to providing high-quality patient and caregiver services to seniors and people with disabilities in the comfort of their own homes and focus on providing care that empowers individuals and families to work with whom they want.
“We couldn’t be more excited about entering this new partnership with AmeriBest Home Care,” said Cullen Knights, CFO and COO of Team Services Group. “From the start, it was clear that TEAM and AmeriBest shared similar values, including a commitment to quality in service of their clients. These efforts have earned AmeriBest a well-deserved positive reputation in Pennsylvania, and we look forward to supporting them in their mission going forward.”
“We are absolutely thrilled to partner with TEAM,” said Khanataev. “It was clear from the onset that we shared the same vision, strategy, and philosophy for home and community-based services in helping our patients lead dignified and independent lives. We look forward to becoming the provider of choice with this newly formed partnership.”
Lincoln International LLC served as financial advisor to AmeriBest.
About TEAM Public Choices
TEAM Public Choices is a leading facilitator of supports for the elderly and people with disabilities, with an emphasis on empowering self-direction and consumer choice. TPC understands that programs that allow individuals to receive care in settings of their own choosing result in lower costs, better health outcomes, and an improved quality of life. TPC currently operates in 23 states. For more information, visit http://www.teampublicchoices.com.
About Alpine Investors
Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program where Alpine partners with CEOs first and places them into companies as part of the transaction. This provides a distinct solution for situations where additional or new management is desired post-transaction. For more information, visit http://www.alpineinvestors.com/.
About AmeriBest
AmeriBest is a market-leading home care agency that provides home and community- based services in the greater Philadelphia region. With a mission centered on patient advocacy, AmeriBest provides personal care attendant services to over 1,000 clients. It operates under Pennsylvania’s managed Medicaid program.

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-Revelstoke Completes Investment in The Care Team | Business Wire


Revelstoke Completes Investment in The Care Team

October 16, 2019 09:09 AM Eastern Daylight Time
DENVER–(BUSINESS WIRE)–Revelstoke Capital Partners (“Revelstoke”), a Denver-based healthcare services private equity firm, and The Care Team (“TCT” or the “Company”), one of the largest home health and hospice agencies in the Great Lakes region, announced Revelstoke’s investment in TCT to support its growth objectives and continued focus on delivering the highest quality care.
“Over the last four years, The Care Team has grown into a leading regional provider of home health and hospice care, serving patients across Michigan”
The Care Team offers a full spectrum of home care services including nursing services, therapy services and hospice care across central and eastern Michigan. The Company employs top industry professionals including physical therapists, skilled nurses, medical social workers, home health aides, and occupational and speech therapists. TCT’s hospice team provides specialized care that addresses the patient’s physical, emotional, social and spiritual needs while providing reprieve and comfort for patients’ families.
“This investment is the result of a multi-year outbound search in the home health and hospice industry for providers that can offer excellent outcomes for patients in the lowest cost-of-care setting. Our partnership with TCT, a leading home health and hospice agency that is well-positioned for growth and consolidation, achieves this objective,” said Russell Cassella, Managing Partner at Revelstoke.
“TCT’s management team has developed the infrastructure and capabilities needed to provide patients and families with exceptional and cost-efficient care. With consolidation in the industry expected to accelerate, we are seeking other leading agencies to partner with so we can further expand the Company’s reach and capabilities,” added Jonny Miller, Vice President at Revelstoke.
Founder and CEO Jason Laing will continue to serve as CEO and remain a significant shareholder in the Company. “Over the last four years, The Care Team has grown into a leading regional provider of home health and hospice care, serving patients across Michigan,” said Mr. Laing. “Partnering with Revelstoke will provide us with the expertise, capital and guidance needed to expand our presence in Michigan and enable our entry in new markets.”
Winston & Strawn LLP acted as legal counsel to Revelstoke. Howard & Howard LLP acted as legal counsel, and Greenwich Capital Group acted as a financial advisor, to The Care Team.
About The Care Team
The Care Team is a leading home health and hospice provider based in Farmington Hills, Michigan that is licensed to provide services throughout the state. TCT provides skilled care for homebound patients, as well as end-of-life care for older adults. With three locations across eastern Michigan, The Care Team offers instant access to comprehensive home health care, including physical therapy, occupational therapy, speech therapy, nursing, social workers, home health aides and bereavement.
About Revelstoke
Revelstoke is a private equity firm formed by experienced investors who focus on building industry-leading companies in the healthcare and related business services sectors. Revelstoke partners with entrepreneurs and management teams to execute on a disciplined organic and acquisition growth strategy to build exceptional companies. Since the firm’s inception in mid-2013, Revelstoke has raised approximately $1.9 billion of equity and has completed 64 acquisitions, which includes 16 platform companies and 48 add-on acquisitions.

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Amanda Isaacson (612) 229-3407
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-Seaside Healthcare | North Carolina Services Expanding – Strategic Interventions Acquired by Seaside Healthcare

North Carolina Services Expanding – Strategic Interventions Acquired by Seaside Healthcare

SHREVEPORT, LA:  Seaside Healthcare, a behavioral healthcare service corporation headquartered in Shreveport, Louisiana, has acquired the North Carolina mental health service company, Strategic Interventions,  Inc. adding the multi county organization to the growing Seaside Healthcare family of behavioral health and substance use programs serving communities across Louisiana, North Carolina, Georgia, and Texas. The acquisition became effective November 1, 2019. Franklin Roemer, CEO and co-founder of Seaside Healthcare announced the corporation’s expansion in North Carolina, “Seaside Healthcare’s ability to further provide high quality and vital mental health services to an even greater number of families in North Carolina has been further enhanced by our acquisition of Strategic Interventions. Their multi-county clinic locations and the proven services they provide fit well with Seaside Healthcare’s approach to delivering accessible, high quality, patient & family centric, community-based mental health and substance use treatment services.”
Donna Duggins, MBA, who joined Strategic Interventions in 2010, will serve as Executive Director of Strategic Interventions. She has 25 years experience working in the Mental Health field in various capacities and holds a Degree in Psychology and an MBA. Duggins commented on becoming a member of the Seaside Healthcare family, “Being part of Seaside Healthcare brings with it a greater pool of resources and organizational strengths. Our ability to provide an even higher level of mental health services to the people of the counties we serve will be greatly enhanced as a result. This is a most positive change for Strategic Interventions and to the families who come to us for help.”
As the newest member of the growing Seaside Healthcare family, Strategic Interventions will now share in Seaside’s focus of providing evidence-based treatment services that are compliant with all state and national regulations for mental healthcare delivery. Seaside’s goal is to provide community-based treatment in the least restrictive environment for patients and their families. As a large deliverer of mental health services in Louisiana, Georgia, Texas, and North Carolina, Seaside has the resources to continue meeting the needs of the people it serves across its growing network of providers.
Strategic Interventions is headquartered in Marion, North Carolina and provides community mental health services in Yadkinville, Morganton, Greensboro, Warrenton and Marion. In these locations, Strategic Interventions provides Assertive Community Treatment Teams, (ACTT), to help those with serious mental illness obtain adequate care in their communities, and to live a life not dominated by their mental illness. Using a team approach that consists of psychiatrist, nurses, mental health professionals, employment specialists, and substance use specialists, a very personalized level of care is available to patients in their homes 24 hours a day, 7 days a week. ACTT helps individuals with medication management, locating housing, findind educational opportunities or jobs, among other basic needs.
In addition to ACTT services, Strategic Interventions provides a Psychosocial Rehabilitation (PSR) program. The PSR Program helps mental health patients improve the quality of their life through skill development assistance, pre-vocational training, supported employment, supportive rehabilitation counseling, skills teaching & practice, resource development, and peer support. The objective of PSR is to maximize the persons ability to function in all aspects of their lives.
Roemer commented on the expanding service network of the Seaside Healthcare family, “Seaside Healthcare’s strong model for patient first care as initially developed in Louisiana then expanded into North Carolina, Georgia and Texas serves as the foundation for our expansion of services in North Carolina as we move to help even more people in their own communities. Seaside Healthcare is most pleased to welcome Strategic Interventions into the Seaside family.
Seaside Healthcare is a dynamic and growing organization that is currently expanding its mental healthcare delivery system across the south through acquisitions and new site and program development. More information on Seaside Healthcare can be found through their website at www.seasidehc.com. Questions concerning program development or acquisition referrals can be made to Patrick Doyal, VP of Development at pd****@*******hc.com. More information on Strategic Interventions can be obtained by contacting their corporate office at 828-655-3105. 
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