Joerns Healthcare, a portfolio company of Quad-C Management and RecoverCare, a portfolio company of Aurora Capital Group and Moelis Capital Partners, have announced the completion of a merger-of-equals transaction between the two companies.
Joerns is a manufacturer and rental provider of bed systems, therapeutic support surfaces, patient handling equipment, and wound management services to the post-acute healthcare market. The company is headquartered in Charlotte, NC with operations across North America and Europe (www.joerns.com).
RecoverCare is a distributor of therapeutic support surfaces, bariatric, wound care, and safe patient handling equipment to acute care hospitals, long term acute care hospitals, skilled nursing facilities, rehabilitation facilities, and hospice facilities. RecoverCare has the industry’s largest service footprint with over 100 centers nationwide supported by more than 400 delivery vehicles. The company is headquartered in Louisville, KY (www.recovercare.com).
“Together, Joerns and RecoverCare are well positioned to provide industry-leading products, services, and programs across the continuum of care. Very few companies have the scale and differentiated offering of our combined organization,” said Mark Ludwig, President and Chief Executive Officer of Joerns. “Joerns’ sophisticated manufacturing and distribution capabilities and RecoverCare’s best-in-class rental platform enable us to provide an unmatched suite of products and services nationwide.”
Aurora Capital focuses principally on control investments in middle-market industrial, manufacturing and service oriented businesses. The firm, founded in 1991, has $2 billion of capital under management and is headquartered in Los Angeles (www.auroracap.com).
Quad-C is a middle market private equity firm that invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, general industrial, healthcare, specialty distribution and transportation/logistics. The firm is currently investing Quad-C VIII, a $700 million fund raised in 2012. Quad-C was founded in 1989 and in its 25-year history has invested over $2 billion of equity across more than 50 companies. The firm is headquartered in Charlottesville, VA (www.quadcmanagement.com).
Moelis Capital Partners is a middle market private equity firm founded in 2007 in connection with the formation of Moelis & Company, an independent investment bank. Moelis Capital Partners manages $850 million of committed capital and specializes in traditional private equity investments in the middle market. The firm is based in New York (www.moeliscapitalpartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-13-14