Genesis HealthCare

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Genesis HealthCare

Type	Private
Headquarters	Kennett Square, Pennsylvania, USA
Key people	George V. Hager, Jr. (CEO)
Industry	Health care
Revenue	1.77 Billion USD (2006)
Employees	36,000
Website	www.genesishcc.com

Genesis HealthCare Corporation is a United States based long-term care provider. As of 2008, Genesis operates 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis provides contract rehabilitation therapy to over 650 skilled nursing facilities,^[1] assisted living residences, retirement communities, hospitals, home care companies, adult daycare programs and outpatient clinics in 18 states and the District of Columbia. As of 2008, Genesis had more than 36,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania. On July 13, 2007, Formation Capital^[2] and JER Partners^[3] completed the acquisition of Genesis HealthCare Corporation.

History

Genesis Health Ventures was established by Michael R. Walker in 1985 with acquisition of nine Centers. Between 1985 and 1998, Walker grew Genesis Health Ventures from a $32 million to a $2.4 billion public company through the acquisition of nursing homes and services such as rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy. In 1999, the Federal government made drastic, unanticipated cuts to Medicare, which at that time funded virtually all the care for individuals admitted to Genesis Centers from hospitals. Genesis Health Ventures sought Chapter 11 protection in 2000. In 2001, the company reorganized and reemerged from bankruptcy. In 2003, Genesis Health Ventures’ separated the Company’s in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division’s trade name, and spun-off the Company’s Genesis ElderCare Skilled Nursing Centers, and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation. On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI).

2007 Acquisition

On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI). The total enterprise value of the transaction was approximately $2.0 billion. Genesis’ shareholders received $69.35 in cash for each share of Genesis’ common stock that they held.^[4]

Leadership

• George V. Hager, Jr - Chief Executive Officer
• Tom DiVittorio - Executive Vice President and Chief Financial Officer
• Robert "Mike" Reitz - Executive Vice President and Chief Operating Officer

References

External links

• Definition of a Skilled Nursing Facility
• Formation Capital Website
• Formation, JER buy Genesis Health for $1.52 bln - Reuters