health

Pouschine Cook Capital Management has acquired Griswold Home Care, a nationwide non-medical home care franchisor.

“We have a 30-year history advocating for clients, caregivers, and referral sources in our home care community.  Along this journey, like-minded individuals and groups have contributed to the growth and success of the organization.  It was our intent to select investors that shared our values and vision for Griswold,” said Graham Weihmiller, President and CEO of Griswold Home Care, “Together we are excited to accelerate the initiatives important to the ultimate goal of enabling clients to receive outstanding, compassionate home care at an affordable rate.”

Griswold Home Care provides non-medical home care services. The company was founded by Jean Griswold over 30 years ago in the Philadelphia suburbs and today Griswold Home Care serves clients across 31 states. The company is based in Erdenheim, PA (www.griswoldhomecare.com).

“Griswold is a well-managed business with substantial growth prospects,” says John Pouschine, co-founder of Pouschine Cook. “Graham Weihmiller, Tom Monaghan and the rest of the team have done an excellent job building the business, and we look forward to taking advantage of the growth opportunities with them.”

Pouschine Cook Capital Management invests from $5 million to $25 million in companies with $20 million to $250 million in revenue and at least $5 million of EBITDA that have a leading position in their niche or industry and significant growth opportunities.  The firm is based in New York (www.pouschinecook.com).

“Graham and Tom have done a fantastic job expanding Griswold Home Care to a national footprint, and we are excited to support their future visions for the company. The combination of our franchise and home care investment experiences should allow us to guide the company’s long term strategy,” said Geoff Teillon, Principal at Pouschine Cook.

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-20-12

Correct Care Solutions, a portfolio company of the Audax Group, has announced that it will acquire Conmed Healthcare Management, a provider of correctional facility healthcare services, for $3.95 per share in cash. The purchase price represents an equity value of approximately $59 million. The transaction is expected to close in the third quarter of 2012.

Correct Care Solutions is a provider of medical, mental health, care management and medical technology services to municipal, county, state and federal jail and correctional facilities serving both adult and juvenile populations. Currently, the company is responsible for providing daily healthcare for over 65,000 inmates in correctional facilities in 21 states. Correct Care Solutions was founded in 2003 and is based in Nashville, TN (www.correctcaresolutions.com).

“Conmed has been actively seeking a partner that not only maintains the integrity of what has been built over the last 28 years, but also represents an attractive opportunity to deliver a return on investment to its shareholders. By joining with Correct Care Solutions, we believe we will achieve that goal,” said Dr. Richard Turner, Chairman and Chief Executive Officer of Conmed.

Conmed has provided correctional healthcare services since 1984, beginning in the State of Maryland, and currently serves county and municipal correctional facilities in ten states: Arizona, Kansas, Kentucky, Maryland, New Jersey, Oregon, Tennessee, Texas, Virginia and Washington. The company is based in Hanover, MD (www.conmedinc.com).

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace and defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, MA and New York, NY (www.audaxgroup.com).