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GRANCARE COMPLETES MICHIGAN FACILITIES ACQUISITION; EXPANDS BASE BY 25 PERCENT

 GRANCARE COMPLETES MICHIGAN FACILITIES ACQUISITION;
 EXPANDS BASE BY 25 PERCENT
 CULVER CITY, Calif., Oct. 28 /PRNewswire/ -- GranCare Inc. (NASDAQ: GRNC) announced today the completion of its previously announced acquisition of Professional Health Care Management Inc., which owns and operates 17 long-term health care facilities in Michigan. The facilities expand GranCare's operations network by 25 percent, increasing the total to 85 facilities with 11,389 beds in seven states.
 The acquisition not only brings new facilities into the GranCare network, but also includes the acquisition of a provider of certain ancillary services for these facilities, as well as an interest in a provider of X-ray services.
 Gene E. Burleson, GranCare president and chief executive officer, said the transaction significantly expands GranCare's operations and also adds the ancillary services company for a relatively modest capital investment.
 The transaction includes GranCare stock, seller financing and the assumption of existing indebtedness for a total value of $78 million. Professional Health Care Management Inc. reported revenues of approximately $65 million for the 12 months ended June 30, 1992.
 GranCare operates 85 long-term health care facilities located in California, Wisconsin, Colorado, Arizona, Illinois, South Dakota and Michigan as well as four institutional pharmacies.
 The company reported revenues of $175 million and net income of $3.8 million for the year ended Dec. 31, 1991, and revenues of $201.1 million and net income of $6.6 million for the nine months ended Sept. 30, 1992.
 -0- 10/28/92
 /CONTACT: Gene E. Burleson, president and CEO, or Catherine I. Greany of GranCare, 310-645-1555; or Craig A. Parsons or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for GranCare/
 (GRNC) CO: GranCare Inc.; Professional Health Care Management Inc. ST: California, Michigan IN: HEA SU: TNM


JB-LS -- LA013 -- 5804 10/28/92 09:06 EST
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Publication:PR Newswire
Date:Oct 28, 1992
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