NOVACARE ACQUIRES THREE REHABILITATION COMPANIES
NOVACARE ACQUIRES THREE REHABILITATION COMPANIES VALLEY FORGE, Pa., Nov. 9 /PRNewswire/ -- NovaCare, Inc.
(NYSE: NOV), an industry leader in medical rehabilitation services, today announced it has acquired an outpatient rehabilitation practice and two contract service businesses in the western United States.
NovaCare acquired Easton & Moran Physical Therapy, Inc., an outpatient physical therapy practice with two offices in Bakersfield, Calif. "This acquisition is an important element in our expansion strategy for the hospital services business," said Francis W. "Butch" Cash, president and chief operating officer of NovaCare. "It significantly enhances our outpatient capabilities in the market served by our rehabilitation hospital in southern California." NovaCare also acquired Life Dimensions, Inc. and ASK Colorado Health Care Services, Inc. Both companies provide speech-language pathology, physical therapy and occupational therapy services on a contract basis to health care facilities. Life Dimensions focuses primarily on medical rehabilitation to the long term care industry in four key markets -- Seattle, northern California, southern California and Phoenix -- and employs more than 75 therapists. ASK Colorado serves long term care facilities with 35 therapists in the Denver metropolitan area. "It has always been our strategy to acquire rehabilitation companies that both expand the scope of our services and have a synergistic fit with out current activities," said Mr. Cash. "We acquire highly regarded, well-managed companies. We look to a variety of sources for acquisition candidates, including Foster Management and other venture capital firms that have a proven track record of developing solid, successful health care companies." NovaCare, Inc. is the largest provider of contract medical rehabilitation therapy and orthotic and prosthetic patient care services in the United States. The company also operates seven freestanding acute rehabilitation hospitals and seven community integrated programs. -0- 11/9/92 /CONTACT: Susan J. Campbell, director of investor relations of NovaCare, Inc., 215-650-0841, or Anthony J. Russo, Ph.D. of Noonan/Russo Communications, Inc., 212-979-9180, for NovaCare, Inc./ (NOV) CO: NovaCare, Inc. ST: Pennsylvania IN: HEA SU: TNM
TS-OS -- NY025 -- 8577 11/09/92 09:55 EST
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|Date:||Nov 9, 1992|
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