Loving Care Agency Announces Appointment Of New CEO
Hasbrouck Heights, NJ, December 18, 2012 – Loving Care Agency, Inc., a leading provider of pediatric skilled nursing and home health aide services (“Loving Care”), today announced that it has appointed Glen R. Cavallo as President and Chief Executive Officer. He succeeds Bob Creamer, who will become interim chairman.
Loving Care is collectively owned by funds managed by MTS Health Investors, LLC (“MTS”), a healthcare private equity firm, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), an investment management firm.
Mr. Cavallo, age 55, comes to Loving Care after serving as President of SolAmor Hospice, a subsidiary of Sun Healthcare, where he oversaw the company’s transformation into one of the country’s most successful hospice providers. Previously, he held senior management positions with Medshares Home Health, Inc., Beverly Home Care, Inc., and Columbia / HCA Healthcare. Mr. Cavallo received a B.A. in Sociology from Duquesne University and attended the MBA Program – Business Management at Fairleigh Dickinson University.
Curtis Lane, founder and Senior Managing Director of MTS, said, “We’re thrilled that Glen is joining Loving Care. His experience in both the patient care and financial aspects of home healthcare will be key to guiding Loving Care forward through the constantly-evolving healthcare landscape and ensuring that the company maintains its commitment to providing cost-effective and high quality patient-centered services.”
Mr. Cavallo said, “I am tremendously excited to join forces with Loving Care, whose reputation in the home care arena is exemplary. With the resources of MTS and Oaktree behind the company, I am convinced we can continue to expand Loving Care’s ability to reach the growing number of patients who rely on home nursing care.”
About Loving Care
Loving Care, headquartered in Hasbrouck Heights, New Jersey, is one of the largest providers of pediatric homecare in the Country, as well as the largest provider of home health aide services throughout New Jersey. Both of Loving Care’s services enable patients to remain in the comfort of their own homes and represent a more cost-effective alternative to facility-based care. Loving Care’s pediatric division provides skilled nursing services to medically fragile and complex children in their homes and schools. The home health aide division assists patients, most of whom are either elderly or disabled, with activities of daily living, such as bathing, dressing, walking, and meal preparation. For further information, please visit www.lovingcareagency.com.
MTS Health Investors, LLC, located in New York, is a healthcare private equity firm that makes investments in operating companies within the healthcare industry. MTS targets companies that provide cost-effective solutions in the services and low-technology manufacturing sectors of the healthcare industry. Industry sectors in which MTS invests include: providers of outsourced solutions to the healthcare industry; providers of direct medical services to patients in an institutional, ambulatory, or home setting; providers of managed care and other healthcare insurance services; distributors of medical products; and manufacturers of medical devices and supplies. For further information, please visit www.mtshealthinvestors.com.
Oaktree is a leading global investment management firm focused on alternative markets, with over $81 billion in assets under management as of September 30, 2012. The firm emphasizes a contrarian, value-oriented investment philosophy across investment strategies in six asset classes: distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities. Oaktree’s institutional clients include 75 of the 100 largest U.S. pension plans, 40 states in the United States, approximately 400 corporations, over 300 university, charitable and other endowments and foundations, and over 250 non-U.S. institutional investors, including 10 sovereign wealth funds. Oaktree was formed in 1995 by a group of principals who have worked together since the mid-1980s. Headquartered in Los Angeles, the firm today has over 700 employees and offices in 13 cities worldwide. For further information, please visit www.oaktreecapital.com.