NEW YORK - Angelo, Gordon and Co., a leading alternative investment money management firm, has acquired National Home Health Care Corp, a Scarsdale, N.Y.-based provider of home healthcare and staffing services.
NHHC shareholders will receive $12.75 per share in cash as part of the transaction. All shareholders, except for company directors and officers, may receive an additional $0.10 per share as part of a settlement of a class action suit. The result of the suit is still subject to court approval.
Dan Bonoff, managing director at Angelo Gordon, said, "This company is competing in a high-growth niche of the healthcare services industry and is well positioned to capitalize on favorable demographic trends. Since NHHC is led by an outstanding management team, we believe it is a very attractive platform for future growth."
Within the transaction, Steven Fialkow, NHHC's president and chief executive officer, will continue in his current role, as will chief financial officer and vice president of finance, Bob Heller.
"Our management team is very proud of the successes that we have achieved over the past several years, providing the very best in clinical home care services to our patients," said Fialkow. "With the committed support of Angelo Gordon and Eureka Capital Partners, we now aim even higher."