Genesis Health Ventures Announces Closing of Multicare Revision Transaction.KENNETT SQUARE, Pa.--(BW HealthWire)--Nov. 15, 1999-- Genesis Health Ventures, Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ) announced the closing of its transaction with The Cypress Group (Cypress) and the Texas Pacific Group (TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général ) to restructure its Multicare joint venture. GHV Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Michael Walker, said, "The closure of this transaction is an important step for Genesis and its shareholders. In looking ahead, the enhanced financial flexibility for the company will strengthen our position as a leader in the provision of eldercare." Genesis Health Ventures provides eldercare in the eastern US through a network of Genesis ElderCare skilled nursing and 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. centers plus long term care support services nationwide including pharmacy, medical equipment and supplies, rehabilitation, group purchasing, consulting and facility management. The Cypress Group, 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. , manages private equity funds with more than $3.5 billion in commitments. Texas Pacific Group, based in San Francisco and Fort Worth, manages private equity funds in excess of $4 billion. Statements in this press release which are not historical facts are forward-looking statements. The company cautions investors that any forward-looking statements made by the Company involve risks and uncertainties and are not guarantees of future performance. Numerous factors exists which, in some cases have affected, and, in the future, could cause results to differ materially from these expectations, including the factors as detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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