Business Briefs: BioScrip Closes Acqusition With Home Solutions
BioScrip Completes Home Solutions Acquisition
Following the announcement of the acquisition of HS Infusion Holdings, Inc. (Home Solutions), by BioScrip, Inc, (Nasdaq: BIOS) in June, the deal has been finalized. BioScrip, a national provider of infusion and home care management solutions will now integrate Home Solutions, also a provider of home infusion and home nursing products and services for patients with chronic and acute medical conditions.
The transaction was able to be completed earlier than expected after an agreement was made to amend the asset purchase agreement. The agreement eliminated the condition to closing that BioScrip receive stockholder approval to increase its authorized share capital, according to a press release.
The acquisition, which was $80 million in cash and subject to $5 million in BioScrip common stock, will allow the company to bring a larger focus to its core infusion therapy services. BioScrip expects to bring in more than $1 billion in annual revenue by the end of next year.
Effective with the completion of the transaction,the president and CEO of BioScrip is Daniel Greenleaf, and vice chairman of the board of directors is Rick Smith, who previously was the company’s CEO.
Drive DeVilbiss Teams Up With CD&R
Global manufacturer of medical products Drive DeVilbiss Healthcare has partnered with private equity company, Clayton, Dubliner & Rice (CD&R) to help further the company’s manufacturing capabilities and market presence worldwide.
Drive’s products are sold into the home care, long-term care, retail and e-commerce channels. The products include mobility, respiratory, sleep, bath and personal care, specialty beds, pressure prevention, rehabilitation and other related products.
“Drive’s management team has done an exceptional job of identifying and capitalizing on the increasing demand for its products across multiple channels,” Richard J. Schnall, partner at CD&R, said in a prepared statement. “We intend to play a constructive role by supporting a very talented management team as it continues to grow the business organically and through acquisitions, pursue operation excellence and serve its customers with the highest quality of products.”
This partnership comes after Drive acquired DeVilbiss Healthcare, a global manufacturer of respiratory and sleep products, in July 2015.
“We look forward to partnering with CD&R and tapping into the Firm’s capabilities as we continue to execute our strategy based on expanding our product lines and geographic reach, providing rewarding career opportunities, and, most importantly, enhancing the quality of life of the people we touch,” Harvey Diamond, chairman and CEO of Drive, said in a prepared statement.
SCA and New Jersey Health System Partner with Bergen-Passaic Cataract
Outpatient surgery provider Surgical Care Affiliates, Inc.(Nasdaq: SCAI) and New Jersey-based, Virtua Health, have been chosen to partner with Bergen Passaic Cataract Laser and Surgery Center (BPSC), located in Fair Lawn, New Jersey. The partnership brings the services of SCA and Virtua to 20 surgery centers in New Jersey.
“We are excited that the physician partners of BPSC chose to partner with SCA and Virtua, and we are thrill to further advance SCA’s partnership with Virtua,” Jack Pocorobba, vice president of operations for SCA, said in a press release. “SCA continues to seek out opportunities to make strategic investments that will enhance our alignment with the best physicians in New Jersey, and this transaction clearly moves us in that direction.”
The partnership brings the services of SCA and Virtua to 20 surgery centers in New Jersey.
“Virtua is very pleased to partner with a reputable center that includes physician partners committed to providing the highest quality services, as is evident at BPSC,” Richard Miller, president and CEO of Virtua, said in a press release. “Partnerships between organizations that offer outstanding care to patients provide an easy choice for health and wellness services to the people in the communities we serve across the state of New Jersey.”
New Owner Takes Over Always Best Care in Tennessee
Non-medical in-home care franchise system Always Best Care announced new owners of its Franklin, Tennessee franchise. Previously owned by Doug Kidd, the franchise is now owned by Steve and Francie Logan. The location in Tennessee provides care to seniors in the greater Nashville West area and surrounding communities.
Both Steve and Francie come from business and health care backgrounds. Steve has years of experience as a business consultant and director in the area, and Francie is a doctor of audiology and specializes in working with veterans and their families.
“We are very please to welcome Steve and Francie Logan as our newest franchise owners,” Jake Brown, president of Always Best Care, said in a press release. “Steve brings extensive business expertise to the Always Best Care family and a deep passion for helping seniors, veterans and their families. We welcome them aboard and have no doubt they will serve as exemplary ambassadors for Always Best Care.”
Always Best Care has more than 200 independently owned and operated franchise territories thought the U.S., Canada and the United Kingdom.
Home Health Provider Receives $8 Million Credit From Gemino
An Ohio-based non-profit health care services provider has received an $8 million senior secured credit facility by Philadelphia based-Gemino Healthcare Finance. The loan proceeds will be used to refinance existing debt for working capital purposes, according to a press release.
The home health company, which is not named, has a long history of over 100 years and provides skilled home health, hospice and attendant care to Ohio residents. Services include home health care, medication management, assistance with diet and exercise, mental health treatment, monitoring for chronic diseases like diabetes or hypertension, rehabilitation therapies and companionship.
Gemino Healthcare provides financing ranging from $2 million to $20 million in the form of revolving lines of credit and term loans for health care service providers throughout the country.
Written by Alana Stramowski