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Acquisitions and Alliances
New York Health Care, Brooklyn, N.Y., has completed its acquisition of a home health agency in Shrewsbury, N.J., formerly owned by Lake Success, N.Y.-based Staff Builders. Terms of the agreement were not disclosed. The Shrewsbury location has revenue of about $600,000, company officials said.
Matria Healthcare, Marietta, Ga., has acquired the remaining 90 percent interest in Greenville, S.C.-based Diabetes Management Services for $6.5 million. Matria previously held a 10 percent interest in DMS, which provides insulin pumps and supplies.
In addition, Matria completed its previously announced $130 million acquisition of McDonough, Ga.-based Gainor Medical Management. Mark Gainor, former chairman, chief executive officer and majority shareholder of Gainor Medical has joined Matria's board.
Lincare Holdings, Clearwater, Fla., has acquired Convacare Services, a regional home medical equipment and respiratory services provider in Bedford, Ind. Convacare has annual revenue of about $22 million.
Lincare's acquisition activity in 1998 was its heaviest to date, officials said. The respiratory company acquired 24 providers with aggregate annual revenue of $58 million. Through acquisitions and internal expansion, Lincare added 70 locations in 1998 to bring its total to 378. Officials said they aim to acquire companies totaling between $60 million and $70 million in annual revenue in 1999.
ResCare, Louisville, Ky., has signed an agreement to acquire American Patient Care, a Rome, Ga.-based provider of in-home personal care services to about 160 people with disabilities. American Patient has annual revenue of about $1.2 million. Terms of the deal were not disclosed.
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