MTS Health Investors and Oaktree Capital Management Announce New Chief Executives at Two Portfolio Companies
New York, April 11, 2007 – MTS Health Investors, LLC ("MTS"), a healthcare private equity firm, and Oaktree Capital Management, LLC ("Oaktree"), an investment management firm, announced today that Robert Fusco, an Operating Partner at MTS, became Chief Executive Officer of Senior Home Care, Inc., effective March 1st, and that Robert Creamer joined Loving Care Agency as Chief Executive Officer, effective April 9th. Funds managed by MTS and Oaktree own both companies.
Robert Fusco, 56, has over 25 years of healthcare services operating experience, primarily in the home health, specialty pharmaceutical, and kidney dialysis businesses. Mr. Fusco served for 15 years as the President of Olsten Health Services (now known as Gentiva Health Services), the nation's leading provider of home healthcare and specialty drug distribution. Prior to joining MTS, he had an active role as principal and operator in healthcare, including successfully restructuring troubled home medical equipment and respiratory therapy companies. He is currently Chairman of Loving Care Agency, Inc. and Chairman of Senior Home Care, both portfolio companies of funds under the management of MTS and Oaktree. Until recently, he was also interim Chief Executive Officer of Loving Care.
Senior Home Care is a leading provider of home healthcare services that help patients recover from surgery and other acute conditions and assist patients with more chronic conditions. The company, which now has 39 branches in Florida and Louisiana and over 1,400 active caregivers, provides skilled nursing, physical therapy, speech therapy, occupational therapy and other home care services to Medicare beneficiaries and other patients.
Funds under the management of MTS and Oaktree acquired Senior Home Care from Summit Partners, a private equity firm, in March 2006. On April 2, 2007, Senior Home Care acquired Synergy, Inc., and is now one of the largest providers of home nursing services targeting the Medicare population in the Southeast, with over $125 million in revenues. Funds under the management of MTS and Oaktree provided equity financing for the acquisition.
Mr. Fusco said, "I'm excited about working full-time with Senior Home Care, and helping build it into a significant player in the home nursing market." Added Kenton Rosenberry, a Managing Director at MTS and a director of Senior Home Care, "Bob Fusco brings a lot of talent and experience to Senior Home Care, and is an example of how MTS seeks to add significant value to its portfolio companies."
Mr. Creamer, 48, joins Loving Care from Gentiva's CareCentrix unit, which he led as Senior Vice President. CareCentrix, with almost $270 million in revenues, delivers a broad array of homecare services to managed care members nationwide through a network of over 3,500 third-party providers. Previously, he was Senior Vice President of Gentiva's home healthcare operations, which had over $500 million in annual revenues, from August 2003 to February 2006. Before that, he served as Gentiva's Chief Information Officer and Senior Vice President of financial operations, and held other financial management positions at Gentiva and Olsten Health Services.
Loving Care is the leading provider of certified home health aides in New Jersey, and among the fastest growing providers of high-tech pediatric home nursing services in New Jersey and Pennsylvania, with $80 million in revenues. Loving Care, which has 18 branches and approximately 3,200 active caregivers in New Jersey and Pennsylvania, provides home care services that allow adults, geriatric patients, and children to remain in the comfort of their homes, as opposed to more expensive institutional settings such as nursing homes and hospitals. Loving Care Agency's certified home health aides help geriatric and other adult patients with bathing, cooking and other activities of daily living in their homes. Loving Care's registered and licensed practical nurses serve the unique needs of young patients by providing highly specialized, comprehensive private duty home care and support services for medically complex children and their families on a short- or long-term basis.
Funds under the management of MTS and Oaktree recapitalized Loving Care in January 2006, at which time Mr. Fusco joined Loving Care as Chairman and interim CEO. Mr. Creamer joins Greg Karr, a founder of Loving Care and Chief Operating Officer of the Mid-Atlantic Region, and Steven Vella, Chief Financial Officer, who joined Loving Care in June 2006, and who was previously CFO at Able Energy and Senior Director of Finance at QMed.
"We're thrilled to have an executive of Bob Creamer's talent and experience join Loving Care," said Bill Kane, a Senior Managing Director at MTS and director of Loving Care. "His addition is the next step in the transformation of Loving Care from a strong, family-run company to a company that can operate on a much bigger playing field." "I've known Bob for 13 years," added Mr. Fusco, "and can think of no better executive to take this baton."
MTS Health Investors, LLC, located in New York, is a healthcare private equity firm that makes equity investments in the buyout, recapitalization or growth financing of healthcare operating companies. MTS focuses on businesses that operate in services sectors of the healthcare industry – managed care/health insurance, providers of healthcare services, distributors of medical products and providers of outsourced services to the healthcare industry. The firm also invests in manufacturers of low-technology medical products. For further information, please visit: www.mtshealthinvestors.com.
About Oaktree Capital Management
Oaktree was founded in 1995 and is headquartered in Los Angeles, California. It is an independent investment management firm with over $37 billion of assets under management in specialized investment strategies. These strategies include private equity, distressed debt, high yield bonds, convertible securities, Asian and emerging market equities, real estate, and mezzanine debt. Oaktree's institutional clients include Fortune 100 companies, large public pension funds, university endowments, private foundations and high net worth individuals. In addition to Los Angeles, Oaktree has offices in New York, Stamford, Tokyo, Singapore, Hong Kong, Beijing, London, Frankfurt and, through fund affiliates, Luxembourg.
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