Take Care Health Systems(SM) Announces the Completion of a $77 Million Equity Financing.CONSHOHOCKEN, Pa. -- Announcement Signals the Largest Capital Raise in the Health Care Services Industry in Two Years; The Largest of its Kind for This Retail Health Care Space Take Care Health Systems, a leader in retail-based health care delivery, today announced it has completed a $77 million round of financing. It is the largest capital raise in the health care services industry in two years, and the largest such funding to date in the retail health care space. Beecken Petty O'Keefe & Company ("BPOC BPOC Bar Code Point of Care BPOC Bedside Point of Care BPOC Barcode-enabled Point of Care (technology/device) BPOC Bell Point of Contact BPOC Beef Promotion Operating Committee BPOC Before Proceeding on Course "), a Chicago-based private equity management firm focused exclusively on health care investing, its affiliates, and Take Care management and founding shareholders, provided the funding. With this capital, the Company will continue its expansion in select geographic markets in partnership with several of the nation's leading retailers. Take Care Health Systems utilizes Take Care Nurse Practitioners(SM) to offer quality, convenient health care for common family illnesses, wellness screenings and vaccinations. Take Care Nurse Practitioners are highly trained and experienced medical professionals who can prescribe medications in most states. Care is administered in Take Care Health Centers(SM), state-of-the-art neighborhood care centers located inside high-traffic retail pharmacy stores. Open seven days a week with no appointment necessary, Take Care accepts the majority of commercial insurance plans and HMO's, and Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. , in order to offer more consumers access to high quality, affordable care. The Company emphasizes best-in-class customer service and innovative technologies, including a proprietary electronic medical record system and touch-screen sign-in kiosks. Take Care is working with Brooks Eckerd Brooks Eckerd Pharmacy was a chain of approximately 2,000 pharmacies operating in 18 states on the Eastern half of the United States in Midwest, Southeast and East Coast regions. It was the 4th largest drugstore chain in the country. Pharmacy, owned by The Jean Coutu Group The Jean Coutu Group (PJC) Inc. TSX: PJC is a Canadian company headquartered in Longueuil, Quebec with its Jean Coutu Group (PJC) U.S.A. Inc. in Warwick, Rhode Island. (PJC PJC Permanent Joint Council (forum for NATA-Russia Consultations) PJC Prayer for Judgment Continued (legal term) PJC Pioneer Junior College (Singapore) ), Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : PJC.SV.A); Osco Drug Osco Drug is a chain of pharmacy stores which operate under Supervalu Pharmacies. Most Oscos currently can be found in Jewel supermarkets. Since 2006, Osco is a wholly owned subsidiary of Supervalu Pharmacies of Eden Prairie, Minnesota-based Supervalu. and Sav-on Drugs, owned by Albertson's Inc. (NYSE NYSE See: New York Stock Exchange : ABS); and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. Corporation (NYSE, PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. : RAD), with contracts in place to open nearly 200 centers within the next 12 months, and establish over 1,400 centers in over 70 markets by the end of 2008. This latest financing will be used for Take Care's continued roll-out across the country. In late 2005, Take Care opened centers with Rite Aid in Portland, Oregon and Osco Drug in Greater Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). . The Company anticipates introducing centers on the east coast with Brooks Eckerd Pharmacies. In addition, the company's 2006 strategic plan calls for the opening of multiple centers in major mid-western cities. "We are humbled to have received backing from one of the most knowledgeable investors in the health care industry. The funding received by Beecken Petty O'Keefe & Company illustrates true confidence, conviction and credibility in Take Care's model of health care delivery," said Hal Rosenbluth, Co-Founder and Chairman of Take Care Health Systems. "Today's funding allows Take Care to fulfill our long-term vision and achieve what we know we are capable of achieving - fundamental change in the delivery of health care in America." "Since our founding, we have built our infrastructure to support the substantial demand that exists for Take Care's services. The experience in our initial two markets confirms our operating assumptions and provides the foundation for accelerated growth," said Peter Miller, Co-Founder, President 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. of Take Care Health Systems. "Our funding by Beecken Petty O'Keefe & Company further validates our business model and provides adequate capital to execute our growth strategy. We are excited to realize our vision and focus on entering each new market with impeccable customer service, innovative technology, and compassionate patient care by our Take Care Nurse Practitioners. Take Care is now in a position to impact health care in a big way." "We are pleased to provide capital to Take Care and its exceptional management team," said Greg Moerschel, a Partner at Beecken Petty O'Keefe & Company. "Our investment in Take Care represents a commitment to the Company and its leadership in the retail-based health care sector. Take Care provides the right care, in the right setting and at the right price. The Company addresses critical challenges facing our health care system today: access, quality and cost. We look forward to providing strategic counsel and support as management creates a sizable and successful enterprise." Take Care is delighted to welcome two prominent health care thought leaders to their Board of Directors, Fred Brown Frederick or Fred or Freddy or Freddie Brown may refer to:
n.pr the United States body that accredits healthcare organizations. Joint Commission on Accreditation of Healthcare Organizations (JCAHO/TJC), n. , Immediate Past Chairman of the National Kidney Foundation Not to be confused with American Kidney Fund. The National Kidney Foundation, Inc. (NKF) is a major voluntary health organization in the United States. Its mission is to prevent kidney and urinary tract diseases, improve the health and well-being of individuals and and former chair of the American Hospital Association American Hospital Association (AHA), n.pr a nonprofit national organization of individuals, institutions, and organizations engaged in direct patient care. The association works to promote the improvement of health care services. . Mike Smith is the former Executive Vice President and Chief Financial Officer of Anthem, Inc., a Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. licensee health insurance company that merged with WellPoint Health Networks, Inc. to create the nation's leading health benefits company. Mr. Brown and Mr. Smith join the Board along with Bill Petty and Greg Moerschel, both Partners at Beecken Petty O'Keefe & Company. Peter Miller, Co-founder, President and CEO of Take Care Health Systems, and Co-founder and Chairman Hal Rosenbluth will remain on the Board of Directors. "This exciting financial support will allow Take Care to clearly address one of the major issues in health care today - the provision of quality health care that is affordable and accessible. I have been particularly impressed with the Company's focus on quality and its commitment to hiring and retaining the most qualified and experienced care givers," said Brown. "Take Care, with the strong support of their investors and new board members, is in a unique position to execute upon an established vision and plan to do great things for many Americans," said Smith. "I am excited to be part of this leading force to change the health care landscape." Hal Rosenbluth will remain the largest single shareholder of Take Care Health Systems. The Company was advised in the financing by Viant Group of 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 Blank Rome, LLP LLP - Lower Layer Protocol of Philadelphia. About Take Care Health Systems, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Take Care Health Systems of Conshohocken, PA is bringing high-quality, convenient and affordable health care to all Americans by working with national retail pharmacies, focusing on collaboration with traditional health care channels and leveraging best-in-class technology,. Take Care's vision is to combine best practices in medicine and the expertise and personal care of Take Care Nurse Practitioners with world-class customer service, filling a critical need in America by providing easy access to health care. The Company's nurse practitioners focus exclusively on diagnosis, treatment, screenings and vaccinations for common family illnesses. From providing an easy entry point to health care to a pathway to electronic medical records, Take Care believes its care model has the potential to revolutionize health care delivery - both by bringing more individuals into health care and ultimately lowering costs within the system. Take Care is a complement to the comprehensive care of a primary care physician, not a substitute for that care. The Company strongly supports the concept of a medical home, the idea that each individual should have a primary care physician who is aware of and coordinates all of that individual's care. Take Care operates through an integrated, team-based approach with the medical communities where they operate to maintain optimal referral networks and integration of patient care. The firm was co-founded by Hal Rosenbluth, past president and CEO of six billion dollar global travel company Rosenbluth International, and Peter Miller, former executive at Johnson & Johnson, most recently as president of a $3 billion pharmaceutical company and previously as worldwide president of a $400 million consumer health care company. For more information on Take Care Health Systems, please visit www.takecarehealth.com. About Beecken Petty O'Keefe & Company Beecken Petty O'Keefe & Company ("BPOC") is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC focuses exclusively on the health care industry, one of the largest and fastest growing sectors of the economy. For more information, visit www.bpoc.com. About Viant Group Viant Group is a leading provider of financial advisory, M&A and private capital financing services to growth companies. Viant professionals cover a broad array of industries including the healthcare, technology, consumer products, financial services and business services sectors. Viant has offices in 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 and San Francisco. For more information visit www.viantgroup.com. About Blank Rome LLP Blank Rome LLP is one of America's largest law firms. With nearly 500 attorneys serving clients across the United States, Blank Rome is a national law firm representing businesses and organizations ranging from Fortune 500 companies to start-up entities. More information about the firm is available at http://www.blankrome.com. |
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