LENOIR, N.C.-Louisville, Ky.-based Res-Care said it completed its acquisition of Lenoir-based Communications Network Consultants, a privately owned provider of supported-living services for people with disabilities. Terms of the transaction were not disclosed. Communications Network expects 1997 revenues of $15 million. Res-Care also announced it has agreed to buy Options for Supported Living, an Atlanta-based not-for-profit provider of supported-living services for the disabled. Terms of the deal were not disclosed; it's expected to close in the third quarter of this year. Res-Care said Options generates about $3.2 million in annual revenues. Res-Care serves about 6,400 people with disabilities in 18 states.
MIAMI LAKES, Fla.-Flagship Healthcare, a startup post-acute services company, acquired six home-care and rehabilitation companies in Fort Lauderdale and Miami for a total of $15.1 million in cash. Flagship, with corporate offices in Boston and Miami Lakes, was formed earlier this month by Francis Shea, a former executive at Boston-based Mediplex Group who also founded Boston-based Frontier Group. Flagship has raised $30 million in startup capital. The company aims to grow to an estimated $150 million in revenues over the next 24 months and to pursue acquisitions along the East Coast.
OKLAHOMA CITY-Chicago-based National Surgery Centers said it acquired Surgery Center of South Oklahoma City from a group of physicians in Oklahoma City. Terms of the transaction were not disclosed. The center's annual volume totals about 4,000 cases that bring in about $6 million in revenues. National Surgery Centers also announced that its Physicians Surgical Center entered a joint venture agreement with 236-bed Norman (Okla.) Regional Hospital in an effort to attract more managed-care contracts. National Surgery Centers operates a network of 34 outpatient centers in 12 states and reported 1996 revenues of $77.4 million.
MURFREESBORO, Tenn.-Murfreesboro-based National HealthCare announced the opening of two assisted-living centers, each valued at $8 million, in Stuart, Fla., and Merritt Island, Fla. The 84-unit facilities are adjacent to healthcare centers operated by National that provide skilled-nursing care and inpatient and outpatient speech, physical and occupational therapies. National HealthCare, a publicly traded limited partnership, operates assisted-living centers in 13 locations.
CHARLOTTE, N.C.-FPA Medical Management will acquire and manage certain assets of Carolina Health Care Group, a 15-physician group in Charlotte that's affiliated with Prudential Healthcare. FPA also entered a 10-year non-exclusive global capitation provider agreement with Prudential HealthCare North Carolina. The physician group serves 33,500 enrollees of Prudential's HMO, point-of-service and Medicaid plans. The agreements, subject to approval by the North Carolina Department of Insurance, are expected to close around Aug. 31.