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Highland acquires 100 per cent ownership of American HomePatient

American HomePatient has completed a public-to-private transaction and filed documents with the SEC to deregister its common stock, resulting in the company becoming 100 per cent owned by a fund managed by Highland Capital Management. 

This transaction is the culmination of a series of transactions, including (i) a self-tender of common shares by the company and (ii) a restructuring of the company’s senior debt of USD216m led by Highland and completed on 2 September 2010.

Headquartered in Tennessee, American HomePatient is one of the nation’s largest respiratory and service providers to Medicare and Managed Care patients in 33 states.  

Joseph F. Furlong, president and chief executive officer of American HomePatient, says: “We are very pleased to complete this process and be aligned with an organisation such as Highland.  The stability provided as a result of the restructuring of our senior debt, coupled with Highland’s commitment to our long term success, will be of great benefit to all of our stakeholders, including customers, employees and vendors.”

Patrick Daugherty, head of private equity investments at Highland, adds: “We are looking forward to working with the management team at American HomePatient to take advantage of compelling opportunities in the evolving business of providing home durable medical equipment. We believe that American HomePatient is well-positioned to benefit from the market changes caused by the government’s Competitive Bidding Program. The combination of the American HomePatient organisation, products and services with our resources will enhance the company’s long term value and success.”

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