Behrman Capital Acquires 35 Post-Acute Care Facilities for New Platform, Ark Holdings, Inc.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that it has acquired a portfolio of 35 post-acute care facilities from a group of private investors in a transaction valued at approximately $250 million. The 35 facilities, which collectively have more than 3,500 patient beds, will be owned by a newly created entity, Ark Holdings, Inc., which Behrman intends to use as a platform for a build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. strategy in the post-acute care sector. This transaction follows Behrman's successful investment in Tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem Health Care, Inc., a provider of post-acute health care services. Behrman initially invested in Tandem in 1998 and in 2006 sold the company in a transaction valued at $620 million. Lawrence Deering, 50, an Operating Partner of Behrman Capital who previously served as Chairman and Chief Executive Officer of Tandem, will serve as Chairman of Ark Holdings. Grant G. Behrman, Managing Partner of Behrman Capital, said, "Our objective in launching Ark Holdings is to replicate the tremendous success of Tandem Health Care. Under Larry Deering's leadership, Tandem grew from an initial platform which had $25 million in revenue into one of the nation's leading regional providers of post-acute care with almost $600 million in revenue. Ark will have a similar mandate, and we are pleased that it will begin with a strong, much larger platform." Mr. Deering said, "Since joining Behrman Capital as an Operating Partner in August 2006, I have been actively reviewing investment opportunities for the firm in the health care services sector. My colleagues and I are very excited about the opportunity to use Ark Holdings as a platform in the post-acute care sector, beginning with the outstanding group of facilities Behrman has acquired. At Ark, we intend to use the same playbook as at Tandem - pursuing a tightly focused strategy of providing high quality, cost effective health care services while sustaining a strong competitive position in our markets - to create value for our investors." Financing for Behrman Capital's acquisition includes a senior term loan arranged by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Capital. Goodwin Procter Goodwin Procter LLP is a law firm based in the United States, with a team of 750 attorneys serving clients through offices in Boston, Los Angeles, New York City, San Diego, San Francisco, Washington, D.C. and Palo Alto. LLP LLP - Lower Layer Protocol served as legal advisor to Behrman Capital for the transaction. About Behrman Capital: Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company's investments are primarily focused in five industries: health care, defense, specialty manufacturing, outsourcing, and information technology. The firm currently has a combined capital base in excess of $1.8 billion. For more information, please visit www.behrmancap.com. |
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