| San Francisco, CA (September 10, 2004) – Parthenon Capital, a leading private equity firm with offices in Boston and San Francisco, announced today a new partnership with Mike McMaude and AccuMed Home Health of Austin, Texas. In total, Parthenon has made available up to $75 million to support AccuMed’s goal of becoming a market leader in home nursing. CEO Mike McMaude will retain his entire current equity stake in the transaction.
AccuMed is a leading regional provider of home nursing with a focus on serving Medicare beneficiaries. The company has grown rapidly by acquiring several home nursing agencies from other providers and through start-up of new locations. AccuMed is currently comprised of 20 branch offices in 5 states located primarily in the southeast. In addition to purchasing a controlling interest in AccuMed, Parthenon’s equity and new debt proceeds will be used to complete an acquisition that management has arranged to close concurrently with Parthenon’s investment. The target is a similar home healthcare nursing business with 13 offices in two southern states. The combined business will benefit from economies of scale and complementary footprints in the most attractive geographic regions for home health. “Adding the high quality, well run agencies of Vanguard and A+ will strengthen our operations and their outstanding people will strengthen our team,” stated CEO Mike McMaude.
Mike McMaude founded AccuMed in 1999. He previously led home healthcare operations for Amedisys Home Health (Nasdaq: AMED), which he built to over $100 million of revenue and 80 locations, and for Columbia HCA where he led several regions including the Central region, which had over $200 million in revenue. McMaude stated “Parthenon immediately understood our philosophy of maintaining very low corporate overhead while investing heavily in our local operations, our people and most importantly our patients. We are thrilled to have a strong financial partner who also understands what makes our business work.”
Together with Parthenon Capital, AccuMed plans to pursue a more aggressive acquisition growth plan targeting the highest quality operators in the best local and regional markets. Casey Lynch, a Vice President focused on healthcare for Parthenon said, “Home nursing services substantially help reduce the cost of treating patients while improving their quality of life. AccuMed is well positioned to capitalize on the growth in these services by leveraging the strong clinical and operational disciplines established by Mike and his team over the last 4 years.”
Will Kessinger, Managing Director and West Coast Office Head for Parthenon stated, “Parthenon is excited to be able to back Mike McMaude in this space. Mike is an accomplished industry executive, a dynamic leader and someone with extremely high integrity.”
Accumed Home Health, based in Austin, Texas, is a leading regional provider of home nursing with a focus on serving Medicare beneficiaries. The company currently operates 33 branch offices in 6 states. For more information please visit www.accumedhomehealth.com
Parthenon Capital is a $1.1 billion private equity firm with offices in Boston and San Francisco. The firm focuses on providing financial backing and strategic support to middle market companies for acquisition and internal growth strategies. Parthenon Capital has a particular expertise in the following industries: Business/Financial Services, Food & Beverage, Healthcare, Consumer Products, Value-Added Distribution, and Niche Manufacturing. For more information please visit www.parthenoncapital.com
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