David Harrington. As a result, in total, Genesis expects to reduce its debt outstanding to Welltower, by approximately $256 million and extend maturity to January 1, 2024. [xv], ReGen is owned by private equity firm Pinta Capital Partners. Sammys investment banking career included roles at Raymond James, Orix Real Estate Capital, and Wells Fargo Securities where he worked with healthcare services companies and healthcare-focused private equity firms. Investment Management He is also Managing Partner. Serial private equity executive, periodic Republican political candidate, and former Obama Treasury official Harry Wilson, whom Steve Rattner hired to restructure General Motors during the financial crisis, will assume the CEO post at ReGen, Genesiss new corporate moniker. Pinta Capital Partners is a premier healthcare private equity investment firm based in New York City that seeks to provide solutions that create lasting value for our investors and the healthcare. David Harrington Managing Partner Joel Landau Managing Partner Juan Vallerino Strategic Advisor Team Varun Bajaj Chief of Staff James Costaras Director Sammy Forrest Director Daniel Gordon Director Gaurav Mehta Director James Kim Senior Associate Ben Sagalyn Senior Associate Lilibeth Bermudez Office Manager Contact Information Website www.pintacapitalpartners.com Year Founded 2012 Investor Status All content 2023 Private Equity Stakeholder Project PESP. All TalkTalk is the UK's leading value-for-money broadband provider. Back in the 1970s, though, Congress and regulatory agencies eventually mustered the political will to break up the Syndicate. Then as now, the nursing home Syndicate operates with an almost baffling sense of impunity, in part because like Bergman before him, Landau and Freidman et al. In August 2007, AIM was sold to WellPoint for $307 million. This is a profile preview from the PitchBook Platform. Mr. Randazzo previously co-founded and led one of the nations largest independent urgent care companies, FastMed. Thought Leaders Everyone Is Getting Lonelier. The biggest nursing home chain in America quietly changed hands earlier this month, in a little-noticed deal that underscores just about everything that is rotten about Americas elder care system. Behind this ostensibly blue-chip collection of suits, a far more questionable clique of characters is linked to the lucrative back end of the transaction. Like so many of the helpless seniors condemned to ride out their days inside these hellholes, it seems we have lost the will to fight. Warren has since returned repeatedly, in writing and in public hearings she promoted on Twitter, to the subject of Hagers bonus. Like any industry that relies almost wholly on government funding, the nursing home industry is extraordinarily powerful. This firm seeks ventures that serve New York City's neediest populations, including the chronically ill, the elderly, and the disabled. Andrew Cuomos liability shield into law, nursing homes are one of the lobbying worlds quiet powerhouses. Indeed, one overlooked wrinkle in the saga of the New York governors baffling decision to pour gasoline on the nursing home tragedy by forcing homes to accept COVID patients in exchange for a wrongful-death lawsuit moratorium is the role that might have been played by a longtime nursing home lobbyist named Jeffrey A. Sachs, who ran Cuomos Medicaid modernization commission in 2011, aggressively promoted Landaus $72 million nursing home flip in 2015, and happens to be the governors lifelong best friend. Good article for C-store investors and operators. ShortTermRentalz reports: Vacation rental management software Hostaway has partnered with global travel technology provider Amadeus to distribute short-term He founded and is the Chairman of The Allure Group, a Brooklyn-based chain of Advanced Recovery Centers that specializes in subacute rehabilitation, skilled nursing care, and long-term placement. There is no recent news or activity for this profile. Landau was apparently unfazed by the controversy, though the attorney Julie Globus says he or one of his representatives threatened to sue WordPress for copyright infringement every time she illustrated a post on her blog Lost Messiah with one of his headshots. Headquarters Regions Greater New York Area, East Coast, Northeastern US Founded Date 2012 Operating Status Active Investor Type Venture Capital Investment Stage Private Equity Contact Email partners@pintapartners.com Phone Number 212-740-6700 Lists Featuring This Company Private Equity Stage Investors Our portfolio of companies | Waud Capital Partners Our portfolio of companies We build our portfolio carefully and deliberately, partnering with firms shaping the future of healthcare and building mission-critical software solutions. The company has lost at least 2,800 residents and workers to COVID, and the death toll nearly doubled between the end of May 2020 and the end of January 2021. Transition out of 51 facilities leased from Welltower Genesis currently leases 246 skilled nursing and assisted/senior living facilities from third parties, including public and private real estate investment trusts (REITs). Gloria Duquette, who works as a nursing assistant at three Connecticut nursing homes including Kimberly Hall, told me recently that while her other two nursing homes drastically changed procedures after the spring, Genesis could not even be moved to pay for separate equipment for checking residents vitals, so they were hauling the same blood pressure machines between the COVID ward and the rest of the facility. Delisting from the NYSE and Deregistration under the Exchange ActIn connection with the investment by ReGen Healthcare, Genesis has agreed and intends to voluntarily delist its Common Stock from the New York Stock Exchange. These restructuring transactions improve the financial and operational stability of the Company significantly and build on the encouraging signs we are seeing as COVID-19 case rates continue to materially decline and residents, patients and staff are vaccinated.. Lesser known are Landaus two representatives to the ReGen board: longtime Warburg Pincus adviser John Randazzo, whose CV reads something like a highlight reel of private equity health care profiteering, from urgent care networks to dermatology practices to fertility clinics to hospital software; and David Harrington, a veteran of Aetna and HCA, who will become board chair. Pinta has appointed two new directors to the Genesiss board including David Harrington, a founding principal at Pinta. Theyre closing the place! One of the last patients at Rivington House, a skeletal cancer patient with AIDS and pneumonia, was discharged to a fifth-floor walk-up in such a frail state he literally had to crawl up the stairs to reach it. Part of the problem is that the nursing home industry is fragmented and difficult to understand; the other part is that it is, like any industry that relies almost wholly on government funding, extraordinarily powerful. Nelson Rockefeller. Youre viewing 5 of 14 investments. By the fall of 2015, both Rivington House and CABS had been emptied of their elderly. But $5.2 million is a rather pedestrian sum for a CEO severance package, and fixating on it distracted from the real mystery. Meie, Yahoo, kuulume Yahoo kaubamrkide perre. The charter, planning and strategy to achieve the . Across the river, Landau was making the same pitch to VillageCare, the AIDS charity that owned Rivington House, one of those New York prestige nonprofits that grosses hundreds of millions of dollars in annual revenue and drew most of its board members from Wall Street, real estate, and New York University. Bergman was brought to trial, sentenced to (admittedly, just a year in) prison, and ultimately exiled to Israel. A majority interest in some $500 million worth of Genesiss real estate has been sold to a consortium of a small nursing home chain called Peace Capital and the Aurora Health Network, a venture co-founded by Landau and Leopold Friedman, a powerful Hasidic nursing home operator who owns interests in at least 19 nursing homes, many of them joint ventures with some of the East Coasts most odious nursing home slumlords. I really believe my proposal is a win-win and will keep ALL jobs, he promised in a typical text to SEIU 1199 political director Kevin Finnegan, who would become a close confidant and accomplice. Latest . In 2011, a medical-device distributor called Integra Partners sued Landau for allegedly pirating all of its proprietary legal documents and poaching its client list. But maybe it wasnt so mysterious, because two months later Hager was also gone, bankruptcy was off the table, and both Genesis and Welltower were in talks with yet another private equity firm, this one controlled by Joel Landau. The outcomes are more difficult to fudge: A 2016 Boston Globe investigation of Genesis homes in Massachusetts found that more than half had lost a star in the five-star rating system since the Formation buyout. The Syndicate drew some of its political clout from the fact that traditional nursing home care is financed almost entirely by Medicaid, which draws nearly half of its funding from states, making nursing homes something like the defense contractors of state governments. de 2021 - dic. Private equity firm GTCR is creating a new platform for health care investments called Epselon Global. Demonstrators gather for a rally decrying New York Gov. Its functions are the following, however, they are not limited to: And since Formation had multiple other deals going with the REITs that owned Genesiss buildings and the lenders like Apollos MidCap Financial that supplied its cash, the haircuts were always going to be borne by the workers and the residents. Thats likely because Genesis wasnt really in control of its finances. March2021 Private Equity Health Care Acquisitions: [i]https://www.prnewswire.com/news-releases/gtcr-announces-healthcare-partnership-with-michael-mulhern-and-phil-macnabb-to-form-epselon-global-301240973.html, [ii]https://www.gtcr.com/investments/healthcare/, [iii]https://www.prnewswire.com/news-releases/gtcr-announces-healthcare-partnership-with-michael-mulhern-and-phil-macnabb-to-form-epselon-global-301240973.html, [iv]https://www.medtechdive.com/news/new-mexico-sues-sterigenics-over-ethylene-oxide-emissions/592953/, [v] Sterigenics International Announces Recapitalization With Warburg Pincus And GTCR, Press release by Sterigenics, March 2015. https://sterigenics.com/sterigenics-announces-recapitalization-with-warburg-pincus-gtcr/, [vi] United States Environmental Protection Agency, Ethylene oxide, accessed September 2020. https://cfpub.epa.gov/ncea/iris2/chemicalLanding.cfm?substance_nmbr=1025, [vii] For the complete calculation of dividends at Sterigenics, see our report: Dividend Recapitalizations in Health Care: How Private Equity Raids Critical Health Care Infrastructure for Short Term Profit., [viii] Jonathan Bilyk, EtO plaintiffs: Even before 1st lawsuit filed, Sterigenics moved to put $1.3B out of reach of personal injury lawsuits, Cook County Record, February 4, 2020. https://cookcountyrecord.com/stories/524626117-eto-plaintiffs-even-before-1st-lawsuit-filed-sterigenics-moved-to-put-1-3b-out-of-reach-of-personal-injury-lawsuits, [ix]https://investors.soterahealth.com/node/7231/html, [x]https://www.gtcr.com/investments/past-investments/#healthcare, [xi]https://www.yahoo.com/lifestyle/leading-profit-prison-immigration-detention-medical-company-sued-least-1395-times-100026407.html, [xii]https://www.reuters.com/article/us-gtcr-curohealth/gtcr-looking-to-sell-u-s-hospice-firm-curo-health-services-sources-idUSKBN0GC20420140812, [xiii]https://www.justice.gov/usao-ndtx/pr/hospice-companies-pay-122-million-settle-kickback-claims, [xiv]https://skillednursingnews.com/2021/03/nursing-home-giant-genesis-to-restructure-voluntarily-delist-from-nyse/, [xv]https://www.nytimes.com/live/2021/03/04/business/stock-market-today/a-struggling-nursing-home-giant-effectively-goes-private-after-a-cash-infusion, [xvi]https://skillednursingnews.com/2021/03/nursing-home-giant-genesis-to-restructure-voluntarily-delist-from-nyse/, [xvii]https://bfi.uchicago.edu/working-paper/does-private-equity-investment-in-healthcare-benefit-patients-evidence-from-nursing-homes/, [xviii]https://www.warren.senate.gov/imo/media/doc/2021.03.16%20Letter%20Response%20to%20Genesis%20Healthcare%20re%20Executive%20Pay%20and%20CARES%20Act%20Funding%20(2).pdf. 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