For Immediate Release
August 2, 2007, Westport, CT – Reichmann Healthcare Capital Corporation (“RHCC”) and Westport Capital Partners LLC (“Westport”) today announced that they have jointly acquired a controlling interest in Wellington Healthcare Services, LP (“Wellington”) of Roswell, Georgia.
Founded in 1999 by Jeff Andrews – CEO, Phil Rees – General Counsel, and Kerry Emrick – CFO, Wellington is comprised of eleven Long Term Care and Senior Living centers based in the Southeast U.S., with a resident capacity in excess of 1,300. Wellington is expected to generate approximately $10 million of EBITDA in 2007. “We are excited about the opportunities that this strategic alignment with Reichmann and Westport offers the entire Wellington team,” Jeff Andrews, President of Wellington, noted. “By combining our collective talents and resources, the future looks very bright.”
RHCC is a U.S.-based investment company owned by Barry Reichmann of Toronto, Canada and was formed with the intention of acquiring interests in small to mid-size senior housing businesses in the United States and providing them with capital for future growth. RHCC’s business plan calls for it and its partners to acquire up to $1 billion of healthcare assets over the next five years.
Westport provides domestic and international investment opportunities to institutional and private clients. Headquartered in Westport, CT, the firm also has offices in Los Angeles and Mumbai, India. Westport applies a fundamental, value-oriented approach to investing in real estate and maintains the flexibility to purchase real properties, mortgages, equity and debt in both private and public market opportunities. In the healthcare space, Westport seeks to invest with local partners in markets with strong supply and demand fundamentals and where value can be created through active management and asset repositioning.
Owen Blicksilver Public Relations