Industry News • July 12, 2016
Geneva Glen Capital has recapitalized Bristol, Pennsylvania-based Southeastern Home Health Services, a Medicare home health provider. No financial terms were disclosed for the transaction that was done in partnership with Southeastern management.
Chicago, July 12, 2016 – Geneva Glen Capital (“GGC”), a private equity firm headquartered in Chicago, IL, is pleased to announce its partnership with management in the recapitalization of Southeastern Home Health Services (“Southeastern” or the “Company”). Headquartered in Bristol, PA, Southeastern is one of the largest independent Medicare home health providers in Pennsylvania.
Founded in 1987, Southeastern operates in 16 offices across Eastern Pennsylvania and Eastern Virginia. In addition to providing traditional home health care services, the Company offers a full suite of specialty services to address patients’ needs, including Heart Failure Disease Management, Palliative Care, Wound Care, Lymphedema, Tele-Health, Geriatric Care Management, Gero-Psychiatric, and Oncology Home Health Care programs. The Company’s dedication to the care of its patients and growth and professional development of its employees serve as the foundation of its success.
GGC completed the recapitalization of Southeastern via its previously announced partnership with GGC Operating Partner Rick Gandersman. Rick has 25 years of experience in the homecare and hospice industry, most recently serving as President of Kindred at Home, the homecare, hospice, and private duty services division of Kindred Healthcare (NYSE: KND). He maintained full development, execution, and operational responsibility for the launch and growth of this division, growing it from zero to over $225 million of revenue through acquisitions and de novo activity across 11 states and over 100 sites of service. Rick will join Southeastern’s board of directors and will work closely with the Company’s CEO, George Pinel, and COO, Bill Giammaruti, who both will also serve on the board of directors.
“The investment in Southeastern provides us with an excellent platform upon which to build,” said Rick Gandersman. “Southeastern is a first-class organization with talented employees and a dedicated team and we look forward to working with, and investing in, the organization.”
George Pinel commented, “We chose to partner with GGC and Rick based on their deep industry expertise, their intimate family office culture that makes quick decisions, and their support of us and our employees.” Bill Giammaruti added, “Geneva Glen and Rick together bring considerable value-added resources to help us meet our goals while growing our business organically and via acquisition; we are thrilled to partner with them.”
Southeastern is the fourth platform investment for GGC. Terms were not disclosed. Southeastern seeks to acquire complementary homecare and hospice businesses as part of its strategic growth plan.
This article originally appeared in an article on PE Hub Network.