Printer Friendly

GRANCARE COMPLETES FOUR ACQUISITIONS

 CULVER CITY, Calif., April 22 /PRNewswire/ -- Consistent with its growth strategy, GranCare Inc. (NASDAQ: GRNC) today announced it has completed four acquisitions with an aggregate value of approximately $13 million, comprising two long-term care facilities and two therapy service companies. The purchases, for undisclosed cash and notes, extend GranCare's range of services as well as geographic scope.
 In addition, the company is in various stages of negotiation regarding the acquisition of 10 facilities in the Midwest, as well as a large institutional pharmacy business in the eastern United States.
 "We have continued to pursue what we consider exceptional acquisition opportunities in markets that, apart from being economically sound, further our goal of increasing the types of services we provide and the number of locations we serve," stated Gene E. Burleson, GranCare president and chief executive officer.
 Two acquisitions -- the 291-bed Colter Village complex in Glendale, Ariz., and 126-bed Bella Vita Towers in Denver -- complement GranCare's existing long-term care facilities in those states.
 "In addition, our two therapy service acquisitions -- Pacific Therapies and Patient Therapies Systems -- are also consistent with GranCare's strategy of expanding our specialty medical services," Burleson said.
 The purchase of Pacific Therapies in Huntington Beach, Calif., enhances Grancare's rehabilitation services, broadening the availability of physical, occupational and speech therapy services. In addition, this acquisition provides a model for operations in the regions where a startup is warranted.
 Pacific Therapies contracts to provide rehabilitation services to 22 long-term care facilities in Southern California and operates five outpatient therapy clinics in Southern California, with a sixth outpatient clinic opening in May. Pacific Therapies will continue to be operated by its current chief executive officer, Larry L. Frederickson, who has more than 18 years experience in health care services and by other key members of his management team.
 Grancare's developing wound care management business will be expanded through its recent acquisition of Patient Therapies Systems in Northern California. The operation provides equipment, products and services related to comprehensive wound care management, and represents an entry into the acute care hospital market as well as long-term care facilities in Northern California.
 The company currently operates 83 long-term health care facilities located in California, Michigan, Wisconsin, Colorado, Arizona and South Dakota; four institutional pharmacies; home health care operations; and a range of rehabilitation services.
 -0- 4/22/93
 /CONTACT: Gene E. Burleson, president and CEO, or Catherine I. Greany, of GranCare, 310-645-1555; or Craig A. Parsons or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300/
 (GRNC)


CO: GranCare Inc.; Pacific Therapies; Patient Therapies Systems ST: California, Arizona, Colorado IN: HEA SU: TNM

JL-BP -- LA013 -- 9214 04/22/93 09:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1993
Words:438
Previous Article:PARADISE PROMOTES POSITIVE PHYSICAL PHILOSOPHY
Next Article:DIGITAL BIOMETRICS ANNOUNCES LOS ANGELES COUNTY SHERIFF'S DEPARTMENT CONTRACT
Topics:


Related Articles
GRANCARE ACQUIRES SEVEN FACILITIES
GRANCARE SIGNS LETTER OF INTENT FOR ACQUISITION
GRANCARE TO ACQUIRE 17 FACILITIES REPRESENTING 25 PERCENT CAPACITY INCREASE
GRANCARE EXECUTES ACQUISITION AGREEMENT
GRANCARE EXPANDS PHARMACY OPERATIONS
GRANCARE COMPLETES MICHIGAN FACILITIES ACQUISITION; EXPANDS BASE BY 25 PERCENT
GRANCARE COMPLETES WISCONSIN ACQUISITIONS
GRANCARE ACQUIRES SOUTH CAROLINA INSTITUTIONAL PHARMACY OPERATIONS
GRANCARE TO ACQUIRE COMPUPHARM, A MAJOR INSTITUTIONAL PHARMACY WITH ANNUAL REVENUES EXCEEDING $70 MILLION
GRANCARE EXPANDS INDIANA MARKET WITH ACQUISITION OF JENNINGS VISITING NURSE ASSOCIATION AND HOSPICE

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