Fort Lee, September 17, 2007 – Loving Care Agency, Inc., a leading provider of home healthcare services (“Loving Care”), today announced its acquisition of Andventure, Inc., which does business as Links2Care (“Links2Care”), from the company’s founders. Terms were not disclosed. The acquisition makes Loving Care now one of the largest pediatric nursing and home health aide companies in the U.S., with over $100 million in revenues.
Links2Care, with headquarters in Harrisburg, Pennsylvania, is a leading provider of pediatric homecare services, as well as non-pediatric homecare and healthcare staffing services, throughout central Pennsylvania.
Funds managed by MTS Health Investors, LLC (“MTS”), a healthcare private equity firm, and funds managed by Oaktree Capital Management, LLC (“Oaktree”), an investment management firm, who together own Loving Care, provided financing for the acquisition.
Several key senior managers of Links2Care, all of whom have extensive experience in the home care business, will remain with Links2Care, including Patti Fife, Clinical Program Director and Anna Severino, Director of Finance.
Bob Creamer, Chief Executive Officer of Loving Care, said, “We are very excited about Links2Care joining the Loving Care family. When we began the process of looking to expand in central Pennsylvania, we quickly discovered that Links2Care was the premier pediatric provider in the region. It is truly a great privilege that we can bring two exceptional companies together and build upon the strengths of both organizations.”
Gregg Karr, Chief Operating Officer of Loving Care, said, “Over the past 18 months, Loving Care has expanded operations to over twenty branches in four states, Pennsylvania, New Jersey, Indiana and Delaware. With the addition of Links2Care we will now cover all of eastern and central Pennsylvania. We look forward to carrying on the high quality of service Links2Care is known for.”
Kenton Rosenberry, a Managing Director at MTS and director of Loving Care, added, “Loving Care’s pediatric nursing business growth is outpacing the market. By adding Links2Care, the company will create substantial opportunities for new pediatric locations, both within and outside of its current footprint.”
About Loving Care
Loving Care, headquartered in Fort Lee, New Jersey, is one of the largest privately-held pediatric home nursing companies in the U.S., as well as the largest provider of home health aide services throughout New Jersey. Both of Loving Care’s services help its patients remain in the comfort of their own homes, a more cost-effective alternative to care in healthcare facilities, and one which most patients and their families prefer. Loving Care’s 600 pediatric nurses, almost all of whom have extensive hospital experience in pediatric or neonatal intensive care units, provide nursing services to medically complex children in their homes and schools. Its more than 1,200 home health aides help patients, most of whom are either elderly or injured, with their activities of daily living, such as bathing, dressing, walking and meal preparation. For further information, please visitwww.lovingcareagency.com.
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 $47 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.
Caroline Luz Owen
Blicksilver Public Relations