- Genesis HealthCare
Infobox_Company
company_name = Genesis HealthCare
company_type = Private
location = flagicon|USAKennett Square, Pennsylvania ,USA
foundation =
key_people = George V. Hager, Jr. (CEO)
num_employees = 36,000
industry =Health care
revenue = 1.77 Billion USD (2006 )
homepage = www.genesishcc.comGenesis HealthCare Corporation is a
United States basedlong-term care provider. As of 2008, Genesis operates 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis provides contract rehabilitation therapy to over 650 skilled nursing facilities [ [http://www.helpguide.org/elder/nursing_homes_skilled_nursing_facilities.htm Nursing Homes (Skilled Nursing Facilities) ] ] ,assisted living residences,retirement communities ,hospitals ,home care companies,adult daycare programs and outpatient clinics in 18 states and theDistrict of Columbia . As of 2008, Genesis had more than 36,000 employees. Genesis HealthCare is headquartered inKennett Square, Pennsylvania . On July 13, 2007, Formation Capital [ [http://www.formationcapital.com/ Formation Capital, LLC - Perfecting the balance between capital and operations - Private Equity - Real Estate - Senior Housing - Long Term Care - Formation Capital, LLC - Perf... ] ] and JER Partners [ [http://www.jer.com/ J.E. Robert Companies - Welcome! ] ] completed the acquisition of Genesis HealthCare Corporation.History:
Genesis Health Ventures was established in 1985 with nine Centers. Between 1985 and 1998, Genesis Health Ventures grew from a $32 million to a $2.4 billion public company through the acquisition of
nursing homes and services such as rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy. In 1999, the Federal government made drastic, unanticipated cuts to Medicare, which at that time funded virtually all the care for individuals admitted to Genesis Centers from hospitals. Genesis Health Ventures soughtChapter 11 protection in 2000. In 2001, the company reorganized and reemerged from bankruptcy. In 2003, Genesis Health Ventures’ separated the Company’s in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division’s trade name, and spun-off the Company’s Genesis ElderCare Skilled Nursing Centers, and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation. On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI).2007 Acquisition:
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI). The total enterprise value of the transaction was approximately $2.0 billion. Genesis’ shareholders received $69.35 in cash for each share of Genesis’ common stock that they held. [ [http://www.reuters.com/article/health-SP/idUSN1341169620070716 Formation, JER buy Genesis Health for $1.52 bln | Reuters ] ]
Leadership:
* George V. Hager, Jr - Chief Executive Officer
* James V. McKeon - Executive Vice President and Chief Financial Officer
* Robert "Mike" Reitz - Executive Vice President and Chief Operating OfficerReferences
External links
[http://www.helpguide.org/elder/nursing_homes_skilled_nursing_facilities.htm Definition of a Skilled Nursing Facility]
[http://www.formationcapital.com/ Formation Capital Website]
[http://www.reuters.com/article/health-SP/idUSN1341169620070716 Formation, JER buy Genesis Health for $1.52 bln - Reuters]
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