Contact Information: For Media Inquiries: Stephen Mullin Director of Information & Marketing, Dresner Partners (312) 780-7213 stevemullin@dresnerco.com For Healthcare Investment Banking Related Inquiries: Roderick Rivera Senior Managing Director, Head of Healthcare, Dresner Partners 312-780-7226 rrivera@dresnerco.com Gregg Pollack Managing Director, Dresner Partners 312-780-7207 gpollack@dresnerco.com Ejaz Elahi Director, Healthcare Group, Dresner Partners (312) 780-7256 eelahi@dresnerco.com
Dresner Partners Advised Carle Foundation in Sale of Its Skilled Nursing and Memory Care Business to Traditions Management
| Source: Dresner Partners
CHICAGO, IL--(Marketwire - December 1, 2009) - Dresner Partners, a leading FINRA-registered,
middle-market investment bank and IMAP member firm, announced today that it
advised Urbana, Illinois-based Carle Foundation ("Carle") in the sale of
its wholly owned skilled nursing and memory care business to Dunedin,
Florida-based Traditions Management USA LLC.
Carle's skilled nursing and memory care facility, the Carle Arbours, is a
240-bed Medicare-licensed facility that provides a full range of care
including 24-hour nursing, respite care and hospice. In addition, the
facility provides occupational and speech therapy and rehabilitative
services.
Rob Tonkinson, Carle's Chief Financial Officer, commented, "We are grateful
for the excellent work performed by Dresner in identifying potential buyers
and marketing this property. Their contacts were extensive and identified
several strong potential buyers, which led to a very positive outcome for
the Carle Foundation."
Steven Dresner, founder and President of Dresner Partners, added, "Dresner
has had the privilege of providing advisory services to Carle on multiple
occasions. We count Carle among our most valued relationships."
The transaction was managed by Ejaz Elahi, Director of Dresner Partners'
Healthcare Practice. Ejaz Elahi stated, "We are pleased to have
successfully facilitated the completion of this transaction on behalf of
Carle in this highly credit-constrained environment and uncertain
regulatory outlook. This transaction represents Dresner's deep experience
in providing strategic advisory services to hospitals and hospital systems
in creating long-term value through targeted acquisitions and joint
ventures, as well as through the divestiture of non-core assets."
About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank
headquartered in Chicago, Illinois. Founded in 1991, Dresner Partners
provides financial advisory services to business owners and managers
throughout the world, including institutional private placements of debt
and equity, merger and acquisitions, valuations and strategic consulting
services. Dresner Partners' Healthcare Advisory Group provides a full
spectrum of healthcare investment banking services to healthcare sectors
ranging from acute care to outpatient and ancillary services such as home
health agencies, ambulatory surgery centers, renal dialysis providers,
diagnostic laboratories, imaging companies, and payers. Dresner Partners is
also a member of IMAP, an exclusive global organization of leading merger
and acquisition advisory service firms. Its affiliate company, Dresner
Corporate Services, is a strategic communications firm specializing in
public and investor relations. More information is available at
www.dresnerpartners.com.
About Carle Foundation
The Carle Foundation operates a variety of health-related businesses to
provide residents of east central Illinois a complete array of quality
health services. Carle owns and operates Carle Foundation Hospital, a
not-for-profit 315-bed Joint Commission accredited hospital in Urbana,
Illinois. Carle Foundation Hospital's services include a full spectrum of
acute care and outpatient services, including a heart and vascular
institute, a cancer center, and the area's only Level I trauma center and
Level III perinatal center. In addition, Carle offers a broad range of
related services, including home health, assisted and independent living,
pharmacy, therapy and rehabilitation, ambulance and sports medicine. More
information is available at www.carle.org.
About Traditions Management
Traditions Management provides management and consulting services at all
levels of the seniors housing continuum, including independent senior
living, rehab facilities, assisted living, and skilled nursing. Traditions'
consulting services include routine nurse consulting, market studies, rehab
utilization analysis, and temporary administration. The Company provides
full-service management that covers all areas of running a facility
including nursing, accounting, general management, marketing, risk
management, and development. The Company owns or manages 10 facilities in
the states of Florida, Virginia, Iowa, and Illinois. More information is
available at www.traditionsmanagement.net.