Equity firm buys Preferred Homecare

Sunday, November 11, 2007

MESA, Ariz. - A Chicago-based private equity firm announced last week that it has purchased a majority interest in Maverick Healthcare, d/b/a Preferred Homecare, from The Halifax Group.

Preferred's services include home respiratory therapy, home medical equipment, home infusion therapy and sleep diagnostic testing services. It has 550 employees, 27 branches and eight sleep diagnostic testing facilities, all in the Southwest. Its payers include private, state and federal plans. Co-CEOs Thomas Martin and David Scheven lead the company.

The firm, Beecken Petty O'Keefe & Co. (BPOC), has about $600 million under management, exclusively in health care.

"We have followed the growth of Maverick since 2002 and watched it develop into the leading provider of home healthcare services in the Southwest," stated Gregory Moerschel, a partner at BPOC.

Martin stated: "BPOC shares our goals and vision for the future of the company. Our commitment to service and patient care will not change as a result of this transaction."

A syndicate of financial institutions led by Merrill Lynch Capital and Freeport Financial provided senior debt financing for the transaction. MCG Capital Corp. and Prospect Capital Corp. provided junior debt financing.

Prospect's investment is worth about $14 million, according to a statement released by the company. Other terms of the deal were not disclosed.