Geneva Glen Capital Announces Partnership with Rick Gandersman in Pursuit of Homecare and Hospice Acquisitions
FOR IMMEDIATE RELEASE
Chicago, January 5, 2016 – Geneva Glen Capital, LLC ("GGC"), a private equity firm headquartered in Chicago, IL, is actively targeting investment opportunities in the homecare and hospice industry in partnership with Rick Gandersman, a highly accomplished industry executive.
Mr. Gandersman, a 25 year veteran of the homecare and hospice industry, most recently served 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 $0 to over $225 million of revenue through acquisitions and de novo activity across 11 states and over 100 sites of service. Mr. Gandersman built the organizational structure to meet current and future operational demands of the business, and today Kindred at Home is the largest homecare and hospice provider in the U.S. Prior to joining Kindred, Mr. Gandersman served as President and CEO of Deaconess Associations, a $300 million holding company of three operating subsidiaries including a diversified homecare services provider covering 13 states, an acute care hospital, and a long-term care division.
“We are very excited to partner with Rick to build a leading homecare and/or hospice platform,” said GGC managing director Jeff Gonyo. “Rick has an exceptional track record over the course of his career, with a stellar history of driving organic and acquisition growth. Rick’s industry expertise, strategic vision and operational capabilities make him an ideal partner as GGC commits to building a leading platform in this rapidly evolving industry.”
“I am thrilled to be working with Geneva Glen to acquire and build a leading platform in the industry,” said Rick. “For business owners seeking a capital partner, GGC offers a compelling value proposition: a unique fund structure that enables the firm to singularly focus on creating long-term sustainable value; a small, nimble team that makes quick decisions; and an intimate knowledge of the homecare industry.”
Adam Schecter, Managing Director of Geneva Glen, added, “Our partnership with Rick reflects our strong desire to build a sizable platform company in the homecare and hospice industry. We are actively seeking acquisitions, and with Rick’s expertise on our team we are uniquely positioned to quickly evaluate and pursue opportunities in the industry.”
GGC and Mr. Gandersman are interested in reviewing acquisition opportunities with the following characteristics:
- Providers of skilled home health, unskilled personal care, private duty, and hospice services, or any combination thereof
- Track record of successful acquisition integration and/or de novo development
- Hospice census weighted towards shorter-than-average LOS metrics
- Strong, stable management team with a culture of accountability
- Same-store sales growth with a diverse referral base
- Culture of proactive compliance
- Platform acquisition with at least $3 million in EBITDA
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 targets companies headquartered in the U.S. or Canada with EBITDA between $3 million and $20 million. GGC invests up to $50 million of equity in each investment and 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 unique evergreen fund structure that allows us to pursue control and minority investments, employ creative deal structures, and optimize liquidity decisions without being beholden to fundraising considerations.
Geneva Glen Capital, LLC
123 North Wacker Drive, Suite 820 Chicago, IL 60606