Viant Group Advises Take Care Health Systems on $77 Million Private Equity Financing
Posted on: Wednesday, 15 March 2006, 15:00 CST
NEW YORK, March 15 /PRNewswire/ -- Viant Group, a New York- and San Francisco-based investment banking firm, announces the closing of a $77 million private financing round that it managed on behalf of Take Care Health Systems, Inc. ("Take Care" or the "Company"), a leader in retail pharmacy- based primary care clinic management. This transaction serves as the largest private growth capital raise in the health care services industry in two years, and the largest such funding to date in the retail pharmacy-based primary care delivery sector. Beecken Petty O'Keefe & Company ("BPOC"), a Chicago-based private equity management firm, and its affiliates, along with Take Care management and founding shareholders, provided the funding.
The capital will be used to fund Take Care's continued expansion in select geographic markets with leading national pharmacy chains. Take Care has secured related contracts with Albertsons, Inc. (Osco/Sav-On Drugs), The Jean Coutu Group, Inc. (Brooks/Eckerd Pharmacy) and Rite Aid Corporation. To date, Take Care has opened 19 centers in two states. The Company is under contract to develop and manage nearly 200 additional centers within the next 12 months and over 1,400 centers in more than 70 markets by 2008.
Take Care administers the provision of primary care for adults and children (over two years of age) in branded "store within a store" clinics generally located adjacent to the pharmacy counter of the retail partner. The Company utilizes Take Care Nurse Practitioners(SM) to offer quality, convenient health care for common family illnesses, wellness screenings and vaccinations at an affordable price. Take Care Nurse Practitioners are highly trained and experienced medical professionals who are licensed to prescribe medications in most states. Open seven days a week with no appointment necessary, Take Care accepts the majority of commercial insurance plans and HMOs, as well as Medicare and Medicaid, in order to offer more consumers access to high quality, affordable care. The Company emphasizes best-in-class customer service and innovative communications/data processing technologies, including a proprietary electronic medical record system and touch-screen sign-in kiosks.
"We are humbled to have received backing from one of the most knowledgeable investors in the health care industry. The funding received from Beecken Petty O'Keefe & Company illustrates true confidence, conviction and credibility in Take Care's model of health care delivery," said Hal Rosenbluth, Co-founder and Chairman of Take Care Health Systems. "This financing allows Take Care to fulfill our long-term vision and achieve what we know we are capable of achieving - fundamental change in the delivery of health care in America."
"Since our founding, we have built our infrastructure to support the substantial demand that exists for Take Care's high-quality, cost-effective and convenient primary care services. The experience in our initial two markets confirms our operating assumptions and provides the foundation for accelerated growth," said Peter Miller, Co-founder, President and CEO of Take Care Health Systems.
"We are pleased to provide capital to Take Care and its exceptional management team," said Greg Moerschel, a Partner at Beecken Petty O'Keefe & Company. "Our investment in Take Care represents a commitment to the Company and its leadership in the retail-based health care sector. The Company addresses critical challenges facing our health care system today: access, quality and cost."
Commenting on the fundraising process, Hal Rosenbluth said "our decision to select Viant Group over larger investment banks for the capital raise proved to be an excellent strategy. The funding process, generally lengthy and uncertain, was, in our case, expedited considerably and resulted in superior terms for the Company due to Viant's in-depth healthcare expertise, broad investor relationship base and recommendation to pursue a limited auction among a small, select group of world-class investors with significant sector knowledge, large capital pools, and track records for closing both rapidly and with the terms originally proposed." Commenting on the funding process, Greg Moerschel added, "extensive preparation of the management team and in- depth, pre-marketing due diligence conducted by Viant, the Company's investment bankers, made the funding process efficient and allowed us to close in an unusually short timeframe."
Concurrent with the financing, Take Care announced the recruitment of two prominent health care thought leaders to its Board of Directors - Fred Brown and Mike Smith. Fred Brown, introduced to Take Care by Viant Group, is the current Chairman and member of the Board of Commissioners of the Joint Commission on Accreditation of Healthcare Organizations ("JCAHO"). In addition, he was immediate past Chairman of the National Kidney Foundation and former Chairman of the American Hospital Association. Mr. Brown is also a member of the Board of Advisors of Viant Group. Mike Smith is the former Executive Vice President and Chief Financial Officer of Anthem, Inc., a Blue Cross Blue Shield licensee health insurance company that merged with WellPoint Health Networks, Inc. to create the nation's leading health benefits company. Mr. Brown and Mr. Smith join the Board along with Bill Petty and Greg Moerschel, both Partners at Beecken Petty O'Keefe & Company. Peter Miller, Co- founder, President and CEO of Take Care Health Systems, and Co-founder and Chairman Hal Rosenbluth will remain on the Board of Directors.
Hal Rosenbluth will remain the largest single shareholder of Take Care Health Systems. Take Care's legal advisor was Blank Rome LLP of Philadelphia.
About Viant Group LLC
Viant Group is a leading boutique investment banking advisory firm, specializing in M&A and private capital financing services for public and private growth companies. Viant professionals cover a broad array of industries including the healthcare, technology, consumer products, financial services and business services sectors. Viant has offices in New York and San Francisco. For more information visit http://www.viantgroup.com/ or contact William D. Lautman - Managing Director and Head of Healthcare Investment Banking - 212-626-6939 or WLautman@ViantGroup.com.
About Take Care Health Systems, Inc.
Take Care provides high-quality healthcare services in a convenient and accessible location such as the neighborhood retail-pharmacy store. The Company's nurse practitioners focus exclusively on diagnosis, treatment, screenings and vaccinations for common family illnesses. From providing an easy entry point to health care to a pathway to electronic medical records, Take Care believes its care model has the potential to revolutionize health care delivery - both by bringing more individuals into health care and ultimately lowering costs within the system. The firm was co-founded by Hal Rosenbluth, past president and CEO of Rosenbluth International, $6 billion dollar global travel company, and Peter Miller, former executive at Johnson & Johnson, most recently President of a $3 billion pharmaceutical company.
For more information on Take Care Health Systems, please visit http://www.takecarehealth.com/.
About Beecken Petty O'Keefe & Company
Beecken Petty O'Keefe & Company ("BPOC") is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC focuses exclusively on the health care industry, one of the largest and fastest growing sectors of the economy. For more information, visit http://www.bpoc.com/.
About Blank Rome LLP
Blank Rome LLP is one of America's largest law firms. With nearly 500 attorneys serving clients across the United States, Blank Rome is a national law firm representing businesses and organizations ranging from Fortune 500 companies to start-up entities. For more information, visit http://www.blankrome.com/.
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.
Viant Group LLC
CONTACT: William D. Lautman, Managing Director and Head of HealthcareInvestment Banking, Viant Group LLC, +1-212-626-6939, orWLautman@ViantGroup.com
Web site: http://www.blankrome.com/
Web site: http://www.bpoc.com/
Web site: http://www.takecarehealth.com/
Web site: http://www.viantgroup.com/
Source: PRNewswire
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