Summer Street Acquires Willcare, a Regional Leader in Home Healthcare Services

[8/29/2008] Summer Street Acquires Buffalo’s Willcare, a Regional Leader in Home Healthcare Serving 18 Counties in New York and Ohio

BUFFALO, N.Y. – Aug. 29, 2008 – Local private equity fund manager Summer Street Capital Partners LLC has acquired Willcare, a leading regional home health care company with more than 1,500 employees providing skilled nursing, therapeutic, paraprofessional and case management services to about 4,500 patients in Upstate New York, the Hudson Valley region of New York, and Northeast Ohio.

 

Terms of the transaction were not disclosed, though Buffalo-based Summer Street uses its aggregate $300 million under management to make equity investments that typically range from $5 million to $30 million in companies with annual revenues of $20 million to $100 million. 

 

The Willcare transaction is Summer Street’s second recent acquisition of a Buffalo-area company, having announced its purchase of Palladian Muscular Skeletal Health, formerly known as Prism Health Networks, in April. 

 

“Western New York is home to many outstanding companies and entrepreneurs, and they’re growing their businesses in markets around the country and the world,” Summer Street Partner Andrew L. Fors said.  “While Summer Street owns successful portfolio companies throughout the United States and in Canada, we’re thrilled when we have the opportunity to invest in great firms in our own backyard.  Willcare is one of those hometown success stories, and we’re pleased to provide capital and expertise that will enable the company to build on its reputation for high-quality patient care in new geographic markets and with new services.”

 

As part of the transaction, Willcare Chief Executive Officer Todd Brason and Chief Financial Officer David Brason will retain their leadership positions and remain shareholders of the company.

 

“We’re proud to be based in Buffalo and pleased to have found an investment partner in Summer Street that allows us to maintain our local ownership,” CEO Todd Brason explained.  “At the same time, Summer Street provides us with exceptional financial resources and management expertise that Willcare can benefit from as it continues to grow and succeed.  We believe we can achieve the scale necessary to take full advantage of the demographic and regulatory trends that make home health care an essential player in the national movement to improve patient outcomes while controlling costs in an aging population.”

 

ABOUT WILLCARE
Willcare is an independent, proprietary home health care company providing skilled nursing, therapeutic, paraprofessional and case management services.  With about 4,500 patients, more than 1,500 employees and 17 offices in the Upstate New York, the Hudson Valley region of New York, and Northeast Ohio, Willcare is a large, regional provider of home health services in the Northeast United States.  More information on the company, headquartered in Buffalo, N.Y., is available at www.willcare.com.



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