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NeighborCare Pharmacy Services Inc history
NeighborCare Pharmacy Services Inc company history timeline
Bronfein, now managing partner at Sterling Venture Partners, said yesterday that he and his brother-in-law, Stanton Ades, opened a retail pharmacy at Washington Boulevard and what is now Martin Luther King Boulevard in 1980.
In 1986 Genesis made the first of many acquisitions, acquiring the Speech & Hearing Network, which was renamed Team Rehabilitation.
By 1990 the company had more than 30 facilities in its network, with 4,500 long-term beds, generating revenues of nearly $145 million.
Genesis went public in 1991, selling 1.8 million shares and raising $13.5 million, which the company used to pay down some $12.6 million in debt.
By 1992, when Bronfein left the bank to become the full-time CEO of NeighborCare, the company had decided to develop the institutional pharmacy side.
At the end of 1992, Genesis posted a second public offering, of 2.5 million shares at $13 per share, setting the stage for the next phase in the company's growth.
In October 1993, the company announced the largest acquisition in its history, with the $205 million purchase of Meridian Healthcare, the largest nursing home operator in Maryland.
The next year, 1993, proved to be pivotal in the company's development.
Until 1993, Genesis's emphasis had been on expanding the scope of its network services; however, calls for healthcare reform from the newly inaugurated Clinton administration led Genesis to shift its focus.
By August 1995, Genesis announced its next large acquisition, agreeing to pay $82.5 million for McKerley Health Care Centers, the largest nursing home chain in New Hampshire.
In 1996, it was sold to Genesis Health Ventures Inc., a Pennsylvania-based nursing home chain, for $57.25 million.
Genesis added to its nursing home operations in October 1997 when it joined with two investment boutiques, Cypress Group and Texas Pacific Group, to acquire the Multicare Companies, in a $1.4 billion deal.
In early 1998 Scotchwood was integrated into NeighborCare, extending the latter's reach to 13 states, including four new ones: Illinois, Ohio, West Virginia, and Wisconsin.
Genesis began feeling the effects of the Medicare cutbacks in fiscal 1998, when it posted a net loss of $24.2 million on revenue of $1.41 billion.
"NeighborCare shareholders would have to live a long time to get this price through operations," Michael Bronfein, a NeighborCare founder who left the company in 1999, said yesterday.
Genesis Health Ventures fought to stay solvent, but was forced to seek Chapter 11 protection in 2000.
In October 2001 Genesis emerged from bankruptcy through a reorganization plan in which it merged with Multicare.
In 2001, the company reorganized and reemerged as a stronger entity, retaining its focus on delivering high quality health care.
In May 2002 cofounder Walker stepped down as CEO in order to focus full-time on lobbying the United States government to better fund long-term care.
Omnicare, known as aggressive and persistent in gobbling up smaller companies, first offered $30 a share for NeighborCare in April 2004.
CEO: Joel F. Gemunder Employees: 12,900 2004 revenue: $4.1 billion 2004 net income: $236.0 million Beds served: 1,090,000 Market capitalization: $4.9 billion Stock close: $47.22 52-week low: $25.05 * fiscal year ended Sept.
In 2007, private equity investors Formation Capital and JER Partners assumed ownership of Genesis HealthCare, taking the Company private.
In 2011, Health Care REIT, Inc. (HCN), a health care real estate investment trust, acquired substantially all of Genesis' real estate assets.
Genesis HealthCare announced that effective February 2, 2015, it completed its previously announced combination with Skilled Healthcare Group, Inc.
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NeighborCare Pharmacy Services Inc competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Guardian Pharmacy | 2004 | $750.0M | 25 | 125 |
| Owens Healthcare | 1957 | $14.0M | 78 | 37 |
| PharMerica | 2006 | - | 6,000 | 1 |
| PharmScript | 2009 | $97.0M | 150 | 28 |
| Procare Pharmacy, L.L.C. | 1964 | $180.0M | 700 | - |
| Genoa Healthcare | 2000 | $680,000 | 35 | 1 |
| NCS Healthcare, LLC | 1986 | $1.8M | 6 | - |
| Medical Arts Hospital | - | $4.3M | 100 | - |
| Pharmacy Technician Certification Board | 1995 | $50.0M | 60 | - |
| Turenne PharMedCo | 1992 | $20.0M | 148 | - |
NeighborCare Pharmacy Services Inc history FAQs
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