Geneva Glen Capital Announces the Recapitalization of Southeastern Home Health Services
PRESS RELEASE
FOR IMMEDIATE RELEASE
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.
Adam Schecter, Managing Director of GGC, said, “George and Bill’s expertise and passion for the business is evident in the Company’s record of delivering quality care, maintaining a proactive compliance culture, and generating consistent growth.” Jeff Gonyo, Managing Director of GGC, added, “Southeastern’s management team members maintained significant personal investments in the recapitalization alongside us and we look forward to working with them in pursuit of the Company’s organic and acquisition initiatives.”
“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.
About Geneva Glen Capital, LLC
Geneva Glen Capital is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC will consider control buyout transactions as well as minority growth capital investments and targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $20 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. The principals of GGC have extensive private equity experience and a family office-oriented fund structure which provide the ability to be flexible, creative and, if appropriate, long-term investors.
Jeff Gonyo
Managing Director
(312) 525-8501
jgonyo@genevaglencapital.com
Tom Wuellner
Principal
(312) 525-8503
twuellner@genevaglencapital.com
Adam Schecter
Managing Director
(312) 525-8502
aschecter@genevaglencapital.com