Joerns Healthcare and Recover Care Announce Merger
CHARLOTTE, NC, April 15, 2014 – Joerns Healthcare, a company controlled by Charlottesville, Virginia-based investment firm Quad-C Management and RecoverCare, a company controlled by Los Angeles, California-based investment firm Aurora Capital, today jointly announced they have signed a definitive agreement to combine the two companies in a merger-of-equals transaction. The merger will create one of the leading healthcare equipment providers across the continuum of care, offering providers a full suite of products and services through one of the most comprehensive distribution networks in the nation. It is anticipated that the transaction will close during the second quarter of 2014.
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 more information, visit its website at 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 its website at www.recovercare.com.
About Aurora Capital
Aurora Capital Group is a Los Angeles-based investment firm formed in 1991 that acquires and builds companies in partnership with operating management. The Firm currently manages approximately $2 billion in capital and is committed to investing in companies with unique, defensible market positions. Aurora is dedicated to generating long-term value principally through investing the time and resources necessary to enhance the fundamentals of each of its businesses. For more information, visit its website at www.auroracap.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 its website at www.quadcmanagement.com.