As part of a restructuring effort, a home-care company led by the former head of Apria Healthcare Group has called off one deal and amended another in the past three weeks.
Since July 23, New York-based Trans-world HealthCare has decided not to complete its pending acquisitions of Buffalo Grove, Ill.-based Health Management, a pharmacy management firm, and New York-based VIP Cos., a privately held home-care provider serving the New York metropolitan area.
A spokeswoman for Transworld said the decisions are related to the company's efforts to refocus and build its international business.
Timothy Aitken, founding president of Costa Mesa, Calif.-based Apria, took over Transworld in January after serving as chairman of Omnicare, a London-based supplier of oxygen concentrators.
In the 1970s and 1980s, Aitken won renown as a high-profile dealmaker in England before becoming chief executive officer of Abbey Healthcare Group, which merged with Homedco Group in June 1995 to form Apria.
Since Aitken joined Transworld, the company has completed as planned its acquisitions of Omnicare for $31.5 million and another London-based home-care firm, Allied Medicare, for $60.1 million.
The company provides infusion therapy, nursing, home medical equipment and other home-care services in Florida, New Jersey, New York and the United Kingdom. It also offers nationwide mail-order pharmacy and medical supply services.
Transworld announced earlier this month that it was unable to obtain the banking approval necessary to complete its $50 million acquisition of Health Management.
Transworld said the companies are discussing alternative transactions, and neither party has terminated the merger agreement, which was signed in November 1996.