Genesis Health Ventures announces acquisition of therapy providers.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Jan. 10, 1996--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) ) Wednesday announced that it had acquired certain assets of Medical and Rehab Support Services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services Inc., Professional Rehabilitation Network Inc. and Healthcare Rehab Services Inc., each of which provide rehabilitation therapy in the state of Maryland. The acquired businesses generate annual revenues of approximately $14.0 million and add approximately 190 therapists and aides to the Genesis Network. The purchase price was $9.3 million, which included $3.0 million of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , of which $7.6 million was paid in cash at closing and $1.7 million was financed primarily through the issuance of notes to the principals. Genesis financed the cash portion of the purchase price with borrowings under its bank credit facility. "This acquisition further expands the Genesis Network and complements our existing therapy services in the Maryland marketplace," stated Michael R. Walker, Genesis chairman and chief executive officer. 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, outcome-oriented services in select regional markets 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. . CONTACT: Genesis Health Ventures, Kennett Square George V. Hager Jr., 610/444-6350 |
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