Geneva Glen Capital sells Southeastern Health Care at Home
Geneva Glen Capital (GGC) has completed the sale of Southeastern Health Care at Home (Southeastern) to AccentCare, a national leader in post-acute healthcare based in Dallas, Texas.
Southeastern is the largest privately-owned home health services provider in Pennsylvania. Headquartered in Bristol, PA, the Company operates in 12 offices across Eastern Pennsylvania and Eastern Virginia serving over 3,100 patients. In addition to its skilled home health business, Southeastern also provides hospice, palliative care, and mobile primary care services. GGC recapitalised Southeastern in 2016 in partnership with GGC Operating Partner Rick Gandersman and the existing management team, led by co-founders George Pinel and Bill Giammaruti. Since that time, the Company has significantly increased revenues and tripled profitability through the implementation of several strategic initiatives and the organic launch of a hospice care offering in 2019. Rick Gandersman served as Active Chairman of Southeastern and was instrumental in developing the investment thesis, mentoring the management team, and overseeing the execution of the growth plan.
Giammaruti says: “We are tremendously grateful for our partnership with GGC and Rick Gandersman. The support and the strategic guidance they provided was exceptional throughout this chapter in our Company’s history.”
Southeastern’s CEO, Werner Freymann, adds: “GGC and Rick delivered on all their promises and we could not have asked for better partners in helping us achieve our goals.”
Adam Schecter and Jeff Gonyo, Managing Directors at GGC, says: “We are truly thankful to Rick and the entire Southeastern management team for the incredible effort and dedication that resulted in a huge win for all of us. While delivering on an aggressive growth plan, the team always maintained its focus on delivering the best possible patient care along with a rigorous emphasis on compliance. We are excited to see this management team take the next step in their growth as part of AccentCare.”
Terms of the transaction have not been disclosed.