Behrman Capital Portfolio Company Tandem Health Care to Acquire Diakon Lutheran Long Term Care Facilities.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 & MAITLAND, Fla. -- Behrman Capital, a private equity investment firm based in New York and 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 , announced today that its portfolio company Tandem Health Care, Inc., a provider of long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. services, has signed a definitive agreement to acquire fifteen skilled nursing care, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and independent living facilities at nine service locations from Diakon Lutheran Social Ministries, a provider of retirement, health care, congregationally focused, and children and family services in Pennsylvania, Maryland, and Delaware. The acquired facilities are located in Pennsylvania and Maryland. Based in Maitland, Florida Maitland is a city in Orange County, Florida, United States. The population was 12,019 at the 2000 census. As of 2006, the population recorded by the U.S. Census Bureau is 14,172[1]. , Tandem Health Care was founded in 1997 to create regional networks of health care that provide a broad range of long-term care services in selected markets. Behrman Capital acquired Tandem in 1998, and since that time has worked with founders Lawrence Deering and Joseph Conte to implement Tandem's growth strategy. Tandem has 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 of approximately $530 million. Services provided by Tandem include short-term transitional care This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , long-term nursing care, Alzheimer's care, assisted living, rehabilitation rehabilitation: see physical therapy. , mobile diagnostic imaging and hospice services. The Tandem Health Care System operates facilities and ancillary service operations in twelve states. "We are very pleased to support Tandem as they make this important add-on transaction, one which will significantly expand its network of superior long-term healthcare facilities," said Grant G. Behrman, Managing Partner of Behrman Capital. "Since its founding in 1997 as a build-up, we are proud of Tandem's reputation for quality and its strong track record of growth. With a highly regarded management team and a strong balance sheet, Tandem is well positioned to expand its tradition of quality care." "Tandem Health Care's operating strategy is to provide high quality, cost effective health care services to our residents while achieving and sustaining a strong competitive position within carefully chosen regional markets," said Lawrence R. Deering, Chairman and Chief Executive Officer of Tandem Health Care. "Both Diakon and Tandem have a strong culture that emphasizes quality of care, fiscal responsibility, careful maintenance of our facilities to the highest standards, and valuing the contributions of all of our employees. We welcome our new Diakon residents and employees to Tandem and look forward to our new relationship." The transaction, subject to customary regulatory approvals, is expected to close by April 30, 2005. 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 1992 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies. The company's investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare. The firm currently has a combined capital base of $1.8 billion. |
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