Printer Friendly

EVERGREEN PURCHASES MAJORITY STAKE IN NATIONAL HERITAGE; NAMES NEW CHAIRMAN

 EVERGREEN PURCHASES MAJORITY STAKE IN NATIONAL HERITAGE;
 NAMES NEW CHAIRMAN
 DALLAS AND INDIANAPOLIS, Oct. 14 /PRNewswire/ -- National Heritage, Inc. (NYSE: NHR) announced today that it has completed its previously announced transaction resulting in a transfer of majority ownership in the nursing home management company to Evergreen Healthcare, Ltd. and its affiliate, Evergreen Retirement Partners. Under the terms of the purchase agreement, Evergreen HealthCare will have management responsibility for the corporate and long-term care operations of National Heritage.
 In conjunction with the Evergreen transaction, National Heritage repurchased the 11,075,000 shares of common stock owned by Pacific Standard Life Insurance Company and Southmark Corporation for the redemption price of $1.00 per share, payable 75 percent in cash and 25 percent in three year notes. National Heritage simultaneously sold 8 million shares of its common stock to Evergreen for an aggregate cash purchase price of $8.25 million, or approximately $1.03 per share, representing a 58 percent majority ownership interest in the company. As a result of the transaction, National Heritage reduced its total number of shares outstanding from 16,890,000 to 13,815,000, which increased the equity ownership interest of the company's minority shareholders from 34 percent to 42 percent of its shares outstanding.
 At its board of directors meeting today, National Heritage named William G. Petty Jr., chairman, president and chief executive officer, and Donald D. Finney was appointed vice president and chief operating officer.
 Petty, who has served as president and chief executive officer of Evergreen since 1988 commented, "We are very enthusiastic about this acquisition. The expertise that Evergreen has developed in specialty care units and programs will allow National Heritage to more fully address the healthcare needs of the communities it serves."
 The following individuals were elected directors following the resignation of four former directors who were affiliated with Southmark and Pacific Standard Life:
 William G. Petty Jr. -- Petty has served as president and chief executive officer of Evergreen since 1988, and has been a managing director of Omega Capital, Ltd., a private healthcare investment fund, since 1986. Petty has spent the last 15 years in numerous financial and operating roles within the long-term care and retirement living industries. Omega Capital, Ltd. is an affiliate of Evergreen.
 Essel W. Bailey Jr. -- Since March, 1992, Bailey has served as president and chief executive officer and a director of Omega Healthcare Investors, Inc., a healthcare real estate investment trust. He has also served as managing director of Omega Capital, Ltd. since 1986.
 Thomas F. Franke -- Franke has been chairman of Cambridge Partners, Inc., a real estate development firm, since 1985 and has served as a managing director of Omega Capital, Ltd. since 1986. Franke is also a director of Omega Healthcare Investors, Inc.
 Ronald G. Kenny -- Since 1990, Kenny has served as vice president- finance for Huizenga Capital Management, Inc., a privately held investment management company. Kenny is a member of the board of advisors of Evergreen Retirement Partners.
 In addition to the above-named individuals, Robert M. Galecke, James A. Verbrugge, and David G. Herzer will continue to serve as directors.
 Evergreeen currently manages 16 long-term care facilities with 2,600 licensed beds in Indiana, Illinois, and West Virginia, and has focused on the development of specialized care units including Alzheimer's Care, Ventilator Care, Huntington's Disease, and Adult Day Care. Evergreen was founded in 1987.
 National Heritage, Inc. is a leading manager/operator of long-term care facilities for the elderly. In 1992, the company managed, leased, owned, and provided accounting services to 57 facilities in 15 states with a total of 6,607 beds.
 The First National Bank of Chicago initiated this transaction and acted as financial advisor to Evergreen Healthcare, Ltd.
 -0- 10/14/92
 /CONTACT: Vicki A. Bolton, investor relations of National Heritage, Inc., 214-233-3900/
 (NHR) CO: National Heritage, Inc.; Evergreen Healthcare, Ltd. ST: Texas, Indiana IN: HEA SU: TNM


AH -- NY089 -- 0103 10/14/92 17:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 14, 1992
Words:657
Previous Article:GRUMMANITES RECEIVE NASA SPACE STATION AWARD
Next Article:KANSAS CITY POWER & LIGHT ISSUES MEDIUM-TERM NOTES; REPORTS DECREASE IN REVENUES AND NET INCOME
Topics:


Related Articles
EVERGREEN HEALTHCARE LTD. TO ACQUIRE CONTROLLING INTEREST IN NATIONAL HERITAGE, INC.
NATIONAL HERITAGE ANNOUNCES PLAN TO TRANSFER CONTROL
NATIONAL HERITAGE ANNOUNCES MANAGEMENT AGREEMENT WITH EVERGREEN HEALTHCARE
NATIONAL HERITAGE REPORTS FIRST QUARTER RESULTS
NATIONAL HERITAGE REPORTS FIRST QUARTER RESULTS
NATIONAL HERITAGE REPORTS SECOND QUARTER AND SIX MONTH RESULTS
NATIONAL HERITAGE AND EVERGREEN HEALTHCARE AGREE TO CONSOLIDATE BUSINESSES
NATIONAL HERITAGE AND EVERGREEN HEALTHCARE CONSOLIDATE BUSINESSES
U Can't Touch This: EverGreen Copyrights Acquires MC Hammer Music Catalog, Crutchfield/Glitterfish Music Catalog and Integrated Copyright Group.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters