Wachovia, ORIX Lead Financing for MBF, Goldman Sachs Acquisition of OMNI
Wednesday, May 21, 2008
MBF Healthcare Partners, LP (MBF) and the Goldman Sachs Urban Investment Group announced the acquisition of OMNI Home Care (OMNI), a provider of skilled nursing and therapy home healthcare services.
MBF and Goldman Sachs will share joint ownership of OMNI; Wachovia and ORIX Finance Corp. led the financing of the senior credit facility; other details of the acquisition were not disclosed. Through the acquisition, MBF and Goldman Sachs will seek to maximize OMNI's potential for organic and acquisitive growth.
OMNI, a Coral Springs, FL based company founded in 2001, is a provider of healthcare services to homes in more than 30 locations across Florida, Pennsylvania, Ohio, Indiana and Illinois.
Miguel (Mike) B. Fernandez, chairman at MBF said, "We have been looking at making an investment in the home nursing industry for quite some time and are excited to partner with Goldman Sachs on the OMNI transaction. OMNI and its management team represent the very best in class in home nursing and we are looking forward to working with them to maximize their growth potential." MBF will hold two board of director seats on OMNI's board.
Martin Chavez, managing director at Goldman Sachs in the Urban Investment Group said, "We are very pleased to have the opportunity to work with OMNI's management team and MBF. We believe Mr. Portnoy and his management team have a strong track record of operating excellence that will prove to be very valuable as the industry adopts the 2008 Prospective Payment System rule changes. We look forward to working jointly with MBF, leveraging their deep sector expertise, in building a leading national home care provider." Goldman Sachs will also hold two board of director seats on OMNI's board.
MBF Healthcare Partners, LP is a private equity fund focused exclusively on investing in healthcare services companies and currently has $410 million under management.
The Goldman Sachs Urban Investment Group is part of the Merchant Banking Division within The Goldman Sachs Group, Inc. (NYSE: GS), that invests growth capital in ethnic minority-owned or targeted businesses and urban real estate.
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