Take Care Health SystemsSM Announces the Completion of a $77 Million Equity Financing
Announcement Signals the Largest Capital Raise in the Health Care Services Industry in Two Years; The Largest of its Kind for This Retail Health Care Space
CONSHOHOCKEN, PA (March 6, 2006) Take Care Health Systems, a leader in retail-based health care delivery, today announced it has completed a $77 million round of financing. It is the largest capital raise in the health care services industry in two years, and the largest such funding to date in the retail health care space. Beecken Petty O'Keefe & Company ("BPOC"), a Chicago-based private equity management firm focused exclusively on health care investing, its affiliates, and Take Care management and founding shareholders, provided the funding.
With this capital, the Company will continue its expansion in select geographic markets in partnership with several of the nation's leading retailers.
Take Care Health Systems utilizes Take Care Nurse PractitionersSM to offer quality, convenient health care for common family illnesses, wellness screenings and vaccinations. Take Care Nurse Practitioners are highly trained and experienced medical professionals who can prescribe medications in most states. Care is administered in Take Care Health CentersSM, state-of-the-art neighborhood care centers located inside high-traffic retail pharmacy stores. Open seven days a week with no appointment necessary, Take Care accepts the majority of commercial insurance plans and HMO's, and Medicare and Medicaid, in order to offer more consumers access to high quality, affordable care. The Company emphasizes best-in-class customer service and innovative technologies, including a proprietary electronic medical record system and touch-screen sign-in kiosks.
Take Care is working with Brooks Eckerd Pharmacy, owned by The Jean Coutu Group (PJC), Inc. (TSX: PJC.SV.A); Osco Drug and Sav-on Drugs, owned by Albertson's Inc. (NYSE: ABS); and Rite Aid Corporation (NYSE, PCX: RAD), with contracts in place to open nearly 200 centers within the next 12 months, and establish over 1,400 centers in over 70 markets by the end of 2008. This latest financing will be used for Take Care's continued roll-out across the country.
In late 2005, Take Care opened centers with Rite Aid in Portland, Oregon and Osco Drug in Greater Kansas City. The Company anticipates introducing centers on the east coast with Brooks Eckerd Pharmacies. In addition, the company's 2006 strategic plan calls for the opening of multiple centers in major mid-western cities.
"We are humbled to have received backing from one of the most knowledgeable investors in the health care industry. The funding received by Beecken Petty O'Keefe & Company illustrates true confidence, conviction and credibility in Take Care's model of health care delivery," said Hal Rosenbluth, Co-Founder and Chairman of Take Care Health Systems. "Today's funding allows Take Care to fulfill our long-term vision and achieve what we know we are capable of achieving � fundamental change in the delivery of health care in America."
"Since our founding, we have built our infrastructure to support the substantial demand that exists for Take Care's services. The experience in our initial two markets confirms our operating assumptions and provides the foundation for accelerated growth," said Peter Miller, Co-Founder, President and CEO of Take Care Health Systems. "Our funding by Beecken Petty O'Keefe & Company further validates our business model and provides adequate capital to execute our growth strategy. We are excited to realize our vision and focus on entering each new market with impeccable customer service, innovative technology, and compassionate patient care by our Take Care Nurse Practitioners. Take Care is now in a position to impact health care in a big way."
"We are pleased to provide capital to Take Care and its exceptional management team," said Greg Moerschel, a Partner at Beecken Petty O'Keefe & Company. "Our investment in Take Care represents a commitment to the Company and its leadership in the retail-based health care sector. Take Care provides the right care, in the right setting and at the right price. The Company addresses critical challenges facing our health care system today: access, quality and cost. We look forward to providing strategic counsel and support as management creates a sizable and successful enterprise."
Take Care is delighted to welcome two prominent health care thought leaders to their Board of Directors, Fred Brown and Mike SMith. Fred Brown is the current Chairman and member of the Board of Commissioners of the Joint Commission on Accreditation of Healthcare Organizations, Immediate Past Chairman of the National Kidney Foundation and former chair of the American Hospital Association. Mike SMith is the former Executive Vice President and Chief Financial Officer of Anthem, Inc., a Blue Cross Blue Shield licensee health insurance company that merged with WellPoint Health Networks, Inc. to create the nation's leading health benefits company. Mr. Brown and Mr. SMith join the Board along with Bill Petty and Greg Moerschel, both Partners at Beecken Petty O'Keefe & Company. Peter Miller, Co-founder, President and CEO of Take Care Health Systems, and Co-founder and Chairman Hal Rosenbluth will remain on the Board of Directors.
"This exciting financial support will allow Take Care to clearly address one of the major issues in health care today - the provision of quality health care that is affordable and accessible. I have been particularly impressed with the Company's focus on quality and its commitment to hiring and retaining the most qualified and experienced care givers," said Brown.
"Take Care, with the strong support of their investors and new board members, is in a unique position to execute upon an established vision and plan to do great things for many Americans," said SMith. "I am excited to be part of this leading force to change the health care landscape."
Hal Rosenbluth will remain the largest single shareholder of Take Care Health Systems. The Company was advised in the financing by Viant Group of New York City and Blank Rome, LLP of Philadelphia.
About Take Care Health Systems, LLC
Take Care Health Systems of Conshohocken, PA is bringing high-quality, convenient and affordable health care to all Americans by working with national retail pharmacies, focusing on collaboration with traditional health care channels and leveraging best�in-class technology. Take Care's vision is to combine best practices in medicine and the expertise and personal care of Take Care Nurse Practitioners with world-class customer service, filling a critical need in America by providing easy access to health care. The Company's nurse practitioners focus exclusively on diagnosis, treatment, screenings and vaccinations for common family illnesses. From providing an easy entry point to health care to a pathway to electronic medical records, Take Care believes its care model has the potential to revolutionize health care delivery � both by bringing more individuals into health care and ultimately lowering costs within the system. Take Care is a complement to the comprehensive care of a primary care physician, not a substitute for that care. The Company strongly supports the concept of a medical home, the idea that each individual should have a primary care physician who is aware of and coordinates all of that individual's care. Take Care operates through an integrated, team-based approach with the medical communities where they operate to maintain optimal referral networks and integration of patient care. The firm was co-founded by Hal Rosenbluth, past president and CEO of six billion dollar global travel company Rosenbluth International, and Peter Miller, former executive at Johnson & Johnson, most recently as president of a $3 billion pharmaceutical company and previously as worldwide president of a $400 million consumer health care company. For more information on Take Care Health Systems, please visit www.takecarehealth.com.
About Beecken Petty O'Keefe & Company
Beecken Petty O'Keefe & Company ("BPOC") is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms in the health care industry. BPOC focuses exclusively on the health care industry, one of the largest and fastest growing sectors of the economy. For more information, visit www.bpoc.com.
About Viant Group
Viant Group is a leading provider of financial advisory, M&A and private capital financing services to growth companies. Viant professionals cover a broad array of industries including the healthcare, technology, consumer products, financial services and business services sectors. Viant has offices in New York and San Francisco. For more information visit www.viantgroup.com.
About Blank Rome LLP
Blank Rome LLP is one of America's largest law firms. With nearly 500 attorneys serving clients across the United States, Blank Rome is a national law firm representing businesses and organizations ranging from Fortune 500 companies to start-up entities. More information about the firm is available at www.blankrome.com.
Take Care Health SystemsSM
Beecken Petty O'Keefe & Company