Genesis Health Ventures acquires McKerley Health Care Centers.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Dec. 5, 1995--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) ), a leading provider of healthcare services to the elderly through healthcare networks located in five geographic regions in the Eastern 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. , has closed the previously announced acquisition of McKerley Health Care Centers, a privately-held 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. company based in Concord, N.H. McKerley Health Care Centers, founded in 1946, owns or leases 15 geriatric care facilities in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Vermont, with a total of 1,535 beds and operates a home healthcare company. McKerley is the largest long-term care provider in the state of New Hampshire and has located many of its facilities near major medical centers. Total consideration was approximately $68.7 million, including assumed debt, and was financed with long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The transaction also provides for up to an additional $6.0 million of contingent consideration payable upon the achievement of certain financial objectives through October 1997. The consideration was reduced from the previoulsy announced $82.5 million to adjust for changes in New Hampshires reimbursement rates and to reflect that Genesis did not acquire the company's pharmacy services operation. Genesis Health Ventures Inc. is a recognized innovator in the delivery of geriatric healthcare. The company, founded in 1985, develops and manages healthcare networks designed to provide cost-effective-oriented services in select regional markets in the Eastern United States. CONTACT: Genesis Health Ventures, Kennett Square George V. Hager Jr., 610/444-6350 |
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