Joerns Healthcare, LLC and RecoverCare, LLC Announce Completion of Merger
CHARLOTTE, NC, MAY 9, 2014 – Joerns Healthcare, LLC ("Joerns"), a company controlled by Charlottesville, Virginia-based investment firm Quad-C Management and RecoverCare, LLC ("RecoverCare"), a company controlled by Los Angeles, California-based investment firm Aurora Capital Group in partnership with Moelis Capital Partners, today jointly announced the completion of the merger-of-equals transaction between the two companies. The merger will create a leading healthcare equipment provider across the full continuum of care by offering a full suite of products and services through one of the most comprehensive distribution networks in the nation. The details of the transaction were not disclosed. “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 and we believe this will allow us to better serve our customers” said Mark Ludwig, President and Chief Executive Officer of Joerns.
Ludwig further stated, “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.”
Mary Zappone, President and Chief Executive Officer of RecoverCare, added, “We are very excited about the potential of our combined company. Leading healthcare providers need partners that can help deliver superior clinical outcomes with an approach that is patient-centered, disciplined and transparent. Combining our two companies’ business processes and best practices will allow us to drive customer satisfaction and service levels to an even higher standard of excellence. This is an exciting time for RecoverCare, for Joerns, and for our customers across the industry.”
About Joerns Healthcare
Joerns is a leading manufacturer and rental provider of Bed Systems, Therapeutic Support Surfaces, Safe Patient Handling Equipment, and Wound Management Services to the Post-Acute healthcare market; aligned with top skilled nursing providers and the Veterans Affairs Health Administration. Headquartered in Charlotte, North Carolina with operations across North America and Europe, Joerns delivers solutions by leveraging its global supply chain and national service network. For additional information, visit www.joerns.com.
About RecoverCare, LLC
RecoverCare is a leading distributor of Therapeutic Support Surfaces, Bariatric, Wound Care, and Safe Patient Handling equipment and solutions across the entire continuum of care, including 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 using state-of-the-art equipment tracking systems. With a commitment to service excellence, our clinical and support teams are available 24 hours a day, 7 days a week, 365 days a year. For more information, visit www.recovercare.com.
About Quad-C Management
Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C Management is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation/logistics companies. In its 25-year history, Quad-C has invested over $2 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. For more information, visit www.quadcmanagement.com.
About Moelis Capital Partners
Moelis Capital Partners LLC is a private equity arm of Moelis & Company L.P. specializing in middle market, leveraged buyouts, management buyouts, growth equity, acquisition capital, structured equity, and recapitalizations. The firm focuses on small to middle market buyout and growth equity investments, strategic development, financing, and follow-on acquisitions. It primarily invests in business, consumer and retail, energy, financial services, healthcare services, industrial, and telecom sectors. Moelis Capital Partners LLC was founded in 2007 and is based in New York, New York with an additional office in Los Angeles, California.