Pouschine Cook Capital Management has sold Great Lakes Caring. Financial terms or the buyer weren’t disclosed. William and Cherilyn Deary, Great Lakes founders, and their management team will continue to lead the company and maintain a significant equity stake, a statement said. An FTC notice in April said Wellspring Capital was acquired Great Lakes Partners. Jackson, Mich.-based Great Lakes is a for-profit provider of in-home post-acute services. Houlihan Lokey advised Pouschine Cook.
NEW YORK, NY–(Marketwired – May 12, 2014) – Pouschine Cook Capital Management, LLC (“Pouschine Cook”) has monetized its investment in its portfolio company, Great Lakes Caring (“Great Lakes” or the “Company”). Terms of the transaction were not disclosed. William and Cherilyn Deary, Founders of Great Lakes, and their management team will continue to lead the Company and have maintained a significant equity stake.
Great Lakes Caring is one of the largest independent for-profit providers of in-home post-acute services in the United States. The Company offers a broad range of services throughout the continuum of health care, including hospice, home health, home medical equipment, palliative care and private duty.
Since investing in Great Lakes in 2007, Pouschine Cook and management worked closely to leverage the Company’s position as a longstanding market leader with an unmatched record of superior quality care. During the investment period, the Company expanded its service offering and geographical footprint while completing several acquisitions.
William Deary, CEO and Co-Founder of Great Lakes, added, “We are fortunate to have had Pouschine Cook as a partner during these past seven years. Pouschine Cook’s strategic and financial support during a dynamic period in the home care industry provided us with the insight and stability we needed to grow over 1400% while continuing to provide the highest quality of care. Thanks to Pouschine Cook, we are well positioned to continue our expansion into new and growing markets.”
John Pouschine, Managing Director of Pouschine Cook, said, “We recognized the potential for Great Lakes to grow organically and via add-on acquisitions in a growing, highly fragmented industry. We made significant progress by strengthening the management team, upgrading information systems and implementing a sophisticated sales and marketing plan across the organization, all while maintaining a culture of providing the highest quality of care. We thank William Deary and his team for their collaboration to enhance Great Lakes’ value for its customers and for our investors.”
Houlihan Lokey, Inc. served as financial advisor to Pouschine Cook with respect to the transaction, and Schulte Roth & Zabel LLP served as legal counsel.
About Pouschine Cook Capital Management
Pouschine Cook Capital Management is a New York City-based private equity firm that actively invests in proven companies with revenues between $20 million and $250 million that have a leading position in their niche or industry and significant growth opportunities. For more information, visit www.pouschinecook.com.
About Great Lakes Caring
Great Lakes Caring, headquartered in Michigan, is a premier provider of hospice, home health, home medical equipment, palliative care and private duty services. The Company’s services are delivered with an unparalleled level of quality by its exceptionally dedicated team of health care professionals to more than 7,000 patients across the Midwest. The Company’s intimate approach to caring for its patients, along with its relentless pursuit of advanced health care technologies and innovative care services, drives more than 3,000 loyal physicians to entrust their patients’ care to Great Lakes. For more information, visit: http://www.greatlakescaring.com.