SOURCE Jordan Health Services
DALLAS, Oct. 9, 2013 /PRNewswire/ -- Jordan Health Services ("Jordan"), which provides home health services to patients throughout the state of Texas, and Healthcare Innovations Private Services ("HCIPS"), the largest provider of Medicaid home health services in the state of Oklahoma, announced today they have combined their organizations. Together, the companies each day will fulfill the personal care, case management, skilled nursing, pediatric, and hospice needs of approximately 22,000 patients in Texas and Oklahoma through 61 locations across both states.
"We are extremely excited about this transaction and welcome the dedicated and talented staff of HCIPS into the Jordan family," said Dean Holland, Executive Chairman and CEO of Jordan. "HCIPS is an ideal fit for Jordan as we look to further diversify our business mix and aggressively expand our footprint in the southwest region of the U.S. Like Jordan, HCIPS has a long history of delivering the highest in quality home health care and this combination allows us to advance our objective of providing the full continuum of home health care and hospice needs to our clients."
Jeff Fisher, President of HCIPS, who will become part of the Jordan executive team, added, "Jordan is an outstanding choice as a partner as we seek to continue to grow our Medicaid, Skilled Care and Hospice operations. We look forward to integrating these two strong companies as we strive to become the pre-eminent regional provider of home care and hospice services in the southwestern United States."
Rafael Ortiz, Principal at Palladium Equity Partners LLC, Jordan's financial partner, an affiliate of which led this transaction, added, "The combination of these two outstanding post-acute organizations makes great sense in today's home health care environment, as we will continue to provide low-cost, high-quality home care and hospice services in a growing region. We simply could not be happier with this transaction and the future prospects of this organization."
Terms of this transaction were not disclosed. HCIPS will continue to operate under its trade name Healthcare Innovations Private Services in the state of Oklahoma for the foreseeable future.
In connection with the transaction, Greenberg Traurig, P.A acted as legal counsel to Jordan. CIT Capital Securities LLC served as exclusive financial advisor and Winstead PC acted as legal counsel to HCIPS.
About Jordan Health Services
Based in Dallas, TX with its origins in Mount Vernon, Texas, and founded in 1975, Jordan Health Services provides home health services, including personal care, home management, and pediatric and skilled nursing, to Medicaid and/or Medicare eligible patients throughout the state of Texas. Additionally, Jordan Health Services provides hospice services through its partnership with Cima Hospice with offices in Texarkana, Tyler, San Antonio, El Paso, New Braunfels, and McAllen. Now with 40 locations, and growing, serving over 14,500 clients daily and covering more than 80% of the state's population in its service area (as of October, 2013), Jordan Health Services is one of the largest home healthcare providers in the state of Texas. Jordan also has an office location in Texarkana, Arkansas. Jordan's revenues are generated from Medicare, Medicaid, commercial insurance, and consumers.
About Healthcare Innovations Private Services
HCIPS is the largest provider of Medicaid home healthcare services and case management in the state of Oklahoma. The Company provides services to eligible participants of Oklahoma's ADvantage Program and state Medicaid Program. HCIPS also provides skilled nursing care, private duty case management, hospice and home aide services. With 12 Personal Care (Medicaid) branches covering all 77 counties in the state of Oklahoma, supported by 5 Skilled Care (Medicare) branches and 3 hospice locations, HCIPS carries a total daily census of over 7,000 clients.
About Palladium Equity Partners, LLC
Palladium Equity Partners, LLC (with its affiliates, "Palladium") is a middle market private equity firm with over $1.0 billion of assets under management focused primarily on buyout investments. Palladium seeks to acquire and grow companies in partnership with experienced management teams, with a special focus on companies benefiting from the growth in the U.S. Hispanic population. Palladium principals have been actively involved in the investment of $1.5 billion of capital in approximately 50 portfolio companies since 1989 and have significant experience in financial services, business services, food, restaurant, healthcare, industrial, and media industries. Palladium was founded in 1997 and is headquartered in New York City.
Media Relations Contacts:Todd Fogarty / Lyndsey Estin
Kekst and Company
CONTACT: Dean Holland
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