FOR IMMEDIATE RELEASE
New York, NY - April 22, 2003 - JDA Partners LLC ("JDA Partners") is pleased to announce that EDCare Management, Inc. ("EDCare") has closed a $5 million private equity transaction with Gemini Investors Inc. JDA acted as the Financial Advisor to EDCare.
The investment will allow EDCare to capitalize on growth opportunities that exist due to its reputation for providing the highest level of service and efficiency in the emergency department management industry.
Alex Mortman, Managing Director of JDA Partners, stated, "Although difficult financial market conditions existed upon first meeting EDCare, we were so impressed with the backgrounds, expertise and operating philosophy of management that we were confident the right deal with professional investors would be consummated. Most important to the Company was completing a transaction with a partner focused on supporting the business and maximizing value. Gemini Investors is a perfect fit."
Jeffrey Schillinger, President of EDCare, said, "Our partnership with Gemini will allow EDCare to realize its long-term strategic plans. Gemini's flexibility and enthusiasm for our business has resulted in an alliance that will be beneficial not only to our company, but to its hospital clients and their patients. In a very short period of time, JDA recognized the potential of our organization and teamed us with an investor whom they believed would be an excellent financial partner."
"Gemini is very excited to be partnering with EDCare," said Jeffrey Newton, Managing Director of Gemini Investors. "We believe the Company is extremely well positioned to grow and prosper in this fast-growing segment of hospital-based services. The Schillingers have the right combination of entrepreneurial energy and professional management skills to successfully implement the Company's aggressive growth plans. We are pleased to be adding EDCare to our portfolio of rapidly growing companies."
Mr. Newton also added, "JDA Partners did an excellent job of articulating the Company's business strategy to the Gemini team, and as we were completing our work, brought a sense of urgency and focus to the transaction. Although JDA represented EDCare, we felt they provided balance and perspective in this difficult private equity market."
For additional information, or to discuss a potential transaction, please contact Alex Mortman or David Mortman at 646-742-1130.
About EDCare Management
EDCare Management, Inc., based in North Miami, FL, provides a full range of outsourced emergency department management and physician staffing services primarily to investor-owned "for profit" hospitals. EDCare provides its client hospitals with turn-key management of their emergency department operations, including physician recruiting, staffing, scheduling, payroll administration, and patient billing and collection. In addition, EDCare provides significant value added services that assist its client hospitals in such critical operational areas as increasing patient satisfaction, monitoring physicians' clinical performance, and quality assurance of patient care.
About Gemini Investors
Gemini Investors Inc., based in Wellesley, MA has been investing in middle market companies since 1993. The firm has raised three limited partnership funds representing in excess of $300 million of capital under management.
Gemini invests in rapidly growing, established companies throughout the United States in a wide range of industries. Areas of particular focus at Gemini are information technology, business services, health care and consumer services. More information is available at
www.gemini-investors.com
About JDA Partners LLC
Based in New York City and founded in August 2000, JDA Partners is a private investment bank and advisory firm based in New York City, committed to providing comprehensive business advice to assist small and middle market companies to identify, address and meet their short and long-term objectives.
JDA Partners helps its clients develop and execute on strategic growth opportunities by providing a range of advisory and financing services including the introduction of professional investors to consider investments in private and public entities, mergers & acquisitions, strategic planning, leveraged recapitalizations, and due diligence reviews.
Contact:
Alex Mortman
JDA Partners LLC
(646) 742-1130 /
amortman@jdapartners.com
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