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Firm fills coffers at Great Lakes

Firm fills coffers at Great Lakes

JACKSON, Mich. - Great Lakes Home Health Services, a six-location provider based here, plans to expand its presence outside of Michigan, after securing an infusion of cash from a New York City-based private equity firm April 30. Pouschine Cook Capital Management, which manages more than $250 million of private equity capital, will help position Great Lakes as a "super-regional provider of home healthcare and related services in the Midwest," according to a statement posted on the Web site of Provident Healthcare Partners, a Boston-based investment banking firm that brokered the transaction. "A lot of times, with smaller companies, if there's another company on the market, they don't have the resources to buy it," said one industry watcher. "Now, because of what (Pouschine Cook) brings to the table, that's more realistic for Great Lakes." Terms of the transaction were not disclosed. In exchange for the infusion of cash, the owners of Great Lakes likely gave up part of their stake in the company to Pouschine. But don't expect the private equity firm to "force some changes" on the provider, said one industry watcher. "Most of the time, private equity firms are pretty hands off," he said. "They rely on the management team to grow the business, and they're just there to provide additional resources." In the statement, a Provident official stated that the Great Lakes-Pouschine Cook partnership represents "the significant private equity interest that we are witnessing in the home healthcare industry" due to its long-term growth opportunities.

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