American HomePatient acquires the home health care division of Happy Harry's, Inc.; Adds $10 million in annualized revenues, four home health care centers.BRENTWOOD, Tenn.--(BUSINESS WIRE)--Sept. 17, 1996--Edward K. Wissing, president and chief executive officer of American HomePatient, Inc., (Nasdaq:AHOM) today announced the acquisition of Happy Harry's Happy Harry's, a Walgreens Pharmacy, is a division of the Walgreens Company which operates 76 locations in Delaware, Pennsylvania, Maryland and New Jersey. It was founded in 1962 by entrepreneur Harry Levin. Health Care, Inc., a home medical equipment and respiratory division of Happy Harry's, Inc., based in Newark, Del. Happy Harry's Health Care has four home health care centers located in West Chester West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Penn., and Wilmington, Newark, and Dover, Del. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues are approximately $10 million. Happy Harry's also operates a chain of retail drug stores throughout Delaware and an institutional pharmacy which were not involved in this transaction. The acquisition of Happy Harry's Health Care further expands American HomePatient's presence in the northeastern region of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and gives the company its first locations in the state of Delaware. "Fifteen months ago, we embarked on our `northward strategy' to expand operations into the northeast and upper midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. ," said Wissing. "Today, nearly a third of our centers are located in these regions, giving us a strong foothold for future expansion through strategic acquisitions and start-up operations. The acquisition of Happy Harry's Health Care enables us to enter Delaware with a company that is highly respected and very well known throughout the state." Happy Harry's, Inc., President and Chief Executive Officer Alan Levin Alan Levin can refer to a number of notable people including:
Since January, American HomePatient has acquired 28 home health care companies with 77 centers and annualized revenues of $79 million. Today, the company is one of the nation's largest diversified home health care providers with 286 centers in 32 states. Its primary product and service offerings include home respiratory services, home infusion therapy home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. and home medical equipment and supplies. American HomePatient's common stock is traded in the Nasdaq Market System under the symbol AHOM. CONTACT: American HomePatient, Inc., Brentwood Ed Wissing or Kathey Palmer, 615/221-8884 |
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