Shattuck Hammond Partners, a New York-based investment banking firm, has bolstered its assisted-living and long-term-care expertise with two new hires. Herbert J. Horowitz and John C. Brodsky were named vice presidents responsible for municipal and corporate finance activities related to assisted living and long-term care. Both had been with First Albany Corp., Albany, N.Y., Horowitz as a senior vice president and director of healthcare investment banking, and Brodsky as a vice president and a senior member of the healthcare investment banking group. Shattuck Hammond also hired Deborah A. Buresh to advise clients on privatization alternatives and the market value of healthcare-related assets. She had been manager of product and business development at Chase Securities, where she developed the firm's privatization initiatives.
New York-based Transworld HealthCare says it has acquired United Kingdom-based Allied Medicare Ltd. for $60.1 million. Allied is a privately held provider of home-care services to patients in the United Kingdom with 63 locations. The acquisition marks Transworld's second major deal since Timothy Aitken, founding president of Costa Mesa, Calif.-based Apria Healthcare Group, took over the company in January. Last month, it acquired United Kingdom-based Omnicare for $31.5 million. Transworld is a regional provider of alternate-site healthcare services and products, and it provides medical supplies to patients nationwide.
Imnet Systems, an Atlanta-based healthcare information management systems company, has purchased all the stock of Advisoft Consulting, a Paris-based consulting and integration services company, for $5.1 million in cash and $2 million in Imnet common stock. Advisoft, which has been a business partner of Imnet since 1993, has a "strong position within several French government agencies," says Kenneth Rardin, Imnet chairman and chief executive officer. The purchase represents an opportunity to expand distribution of Imnet information systems outside the U.S. market, Rardin adds.
Bethesda, Md.-based Hanger Orthopedic Group said it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 4.5 million shares of common stock at just over $9 per share. In addition, the company plans to grant underwriters an option for an additional 675,000 shares. Alex. Brown & Sons, Montgomery Securities and Legg Mason Wood Walker will be the underwriters of the offering, which is expected to begin late this month. Hanger, which provides practice management services in the orthotic and prosthetic segment of the orthopedic rehabilitation industry, said it plans to use the proceeds from the offering to repay some debt.