(PRWEB) November 02, 2013
The combined company provides contract therapy, in house therapy management, staffing, compliance and reimbursement consulting services at more than 400 skilled nursing facilities, continuing care retirement, assisted and independent living communities, hospitals, and schools. The combination creates one of the largest independent therapy providers in the profession employing in excess of 4,000 associates delivering care in twenty-two (22) states. The merger enables the combined company to expand services, while creating economies of scale that improve strategic market position. The companies share a common vision of resident-centered care, clinical excellence, ethical business practices, strategic customer partnerships, and strong employee relations. Their complementary geographic concentration creates a powerful presence throughout the East Coast, Midwest, and Southwest regions. HealthPRO’s CEO John Heller will remain CEO while Heritage Healthcare’s President Paul Shaw will become President of the combined entity. The Company will retain offices in Greenville, SC, Baltimore, MD, Cleveland, OH, and Chicago, IL.
HealthPRO®, most commonly known for its industry-leading in house management model and diversified services spanning the continuum from acute care through senior living and school-based pediatric settings, was originally founded in 1997. “Bringing the two companies together allows us to capitalize on our strengths and ultimately create a stronger company that is the premier provider in the therapy space,” said CEO John Heller. “The therapy profession is somewhat fragmented with many of the larger players being owned by skilled nursing chains. Customers of both companies appreciate our compliance expertise and ability to offer true strategic partnership that is not distracted by competing assets.”
Heritage Healthcare was founded in 1999 by Paul Shaw and Al Eads with the goal of providing ‘Compassionate Care’ and is currently a leading force in the post-acute therapy market with a particularly strong Southeast presence. CEO Paul Shaw said, “Heritage Healthcare and HealthPRO® have accomplished the same kind of excellence in our respective markets, despite a very tough environment. Over the years, we’ve developed a mutual respect for one another’s businesses and felt combining them was a great strategic move. Our focus will continue to be on delivering compassionate care to the residents we have the privilege of serving each and every day while setting the standard of care in our industry.”
The combined entity is both management owned and private equity sponsored. EDG Partners and SV Life Sciences, the two primary equity sponsors, commented, “A company to watch – both HealthPRO® and Heritage Healthcare are top tier providers in their space, combining them positions the company for continued growth and market consolidation.”
To learn more about this merger contact Crista Stark, Senior Vice President, HealthPro, 410 591 2679.