MTS Health Investors, Oaktree Capital Management And Senior Home Care Announce The Acquisition Of Synergy
New York, April 3, 2007 – Senior Home Care, Inc., a leading provider of home healthcare services (“Senior Home Care”), today announced its acquisition of Synergy, Inc. (“Synergy”) from Synergy Healthcare Systems, Inc. Terms were not disclosed. Synergy, with headquarters in Baton Rouge, Louisiana, is the leading provider of home nursing services targeting the Medicare population in Louisiana, with 17 branch offices.
Funds managed by MTS Health Investors, LLC (“MTS”), a healthcare private equity firm, and a fund managed by Oaktree Capital Management, LLC (“Oaktree”), an investment management firm, who together own Senior Home Care, provided equity financing for the acquisition. GMAC RFC, the healthcare lending unit of GMAC, provided the debt financing.
The senior managers of Synergy, all of whom have extensive experience in the home care business, will remain with Synergy. The Braff Group, headquartered in Pittsburgh, represented Synergy Healthcare Systems, Inc. in the sale.
Senior Home Care, headquartered in Clearwater, Florida, is one of the leading privately-held home nursing companies targeting the Medicare population in the U.S., and is the largest provider in Florida. Funds managed by MTS and a fund managed by Oaktree co-sponsored the acquisition of Senior Home Care in March, 2006.
Bob Fusco, Chief Executive Officer of Senior Home Care, said, “The acquisition of Synergy reflects Senior Home Care’s strategy of rapid expansion through internal growth, targeted acquisitions and excellent patient care.”
Kenton Rosenberry, a Managing Director at MTS and director of Senior Home Care, added, “With the initial add-on of Synergy, Senior Home Care is now one of the largest privately-held Medicare home nursing companies in the Southeast, with over $125 million in revenues, and substantial opportunities to grow within its region.”
MTS Health Investors, LLC, located in New York, is a healthcare private equity firm that makes equity investments in the buyout, recapitalization or growth financing of healthcare operating companies. MTS focuses on businesses that operate in services sectors of the healthcare industry – managed care/health insurance, providers of healthcare services, distributors of medical products and providers of outsourced services to the healthcare industry. The firm also invests in manufacturers of low-technology medical products. For further information, please visit: www.mtshealthinvestors.com.
Oaktree was founded in 1995 and is headquartered in Los Angeles, California. It is an independent investment management firm with over $37 billion of assets under management in specialized investment strategies. These strategies include private equity, distressed debt, high yield bonds, convertible securities, Asian and emerging market equities, real estate, and mezzanine debt. Oaktree Capital’s institutional clients include Fortune 100 companies, large public pension funds, university endowments, private foundations and high net worth individuals. In addition to Los Angeles, Oaktree has offices in New York, Stamford, Tokyo, Singapore, Hong Kong, Beijing, London, Frankfurt and, through fund affiliates, Luxembourg.
Owen Blicksilver Public Relations, Inc.