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JPMorgan Partners and Crystal Cove Partners Announce Acquisition of CareMore Medical EnterprisesJan. 9, 2006 - JPMorgan Partners ("JPMP"), a private equity affiliate of JPMorgan Chase & Co., announced today that it has signed a definitive agreement under which affiliates of JPMP will acquire substantially all of CareMore Medical Enterprises ("CareMore" or the "Company") from CareMore Medical Group and the Company's other shareholders. JPMP is undertaking the transaction with Crystal Cove Partners, who will join the management of the Company post-transaction. Based in Downey, California, CareMore is a leading managed healthcare provider serving approximately 20,000 Medicare beneficiaries in Los Angeles and Orange counties. CareMore's health plans have been the recipient of several industry awards including HealthMetrix's Senior Gold Choice Award for best overall value in Los Angeles and Orange counties in 2005 and 2006. CareMore's unique clinical approach, which is focused on the proactive identification and management of frail patients, preventive care programs and efficient cost management, leads to superior care delivery. Crystal Cove Partners, comprised of Alan Hoops, Leeba Lessin, and John Kao, has more than 30 years of experience in successfully establishing and/or running some of the industry's leading healthcare management companies, including PacifiCare and SecureHorizons. JPMP teamed with Crystal Cove Partners to find a Medicare health plan designed to succeed with the environment created by the passage of the Medicare Modernization Act (MMA). JPMP also works closely with its consulting partner, Nancy-Ann DeParle. Ms. DeParle was the former head of HCFA (now known as Centers for Medicare and Medicaid Services) and is currently a Commissioner of the Medicare Payment Advisory Commission (MedPAC), which advises Congress on Medicare policy and payment issues. After evaluating a number of opportunities, the team identified CareMore as an ideal platform company. In the future, CareMore will seek to expand the scale of its unique clinical model through additional provider partnerships and health plan acquisitions. Alan Hoops, co-founder and former Chairman and CEO of PacifiCare, will be the Company's new Chairman and CEO. Sheldon Zinberg, M.D., the founder and current Chairman and President of CareMore, will continue to work with the Company as Chairman Emeritus and as a member of the Board of Directors. Mr. Hoops commented: "The founders of CareMore have built an enterprise designed around the needs of seniors, especially the most frail. I admire what CareMore has achieved and look forward to expanding on the strong foundation it has established." "The JPMorgan Partners team is excited about this transaction. CareMore is a world-class health plan, and we intend to work with Alan Hoops, his team and the management team at CareMore to execute a plan to grow CareMore and make it even more successful in the future" said Stephen Murray, General Partner of JPMorgan Partners. Dr. Zinberg added: "This transaction begins the next chapter in CareMore's remarkable history of caring for Medicare beneficiaries. The CareMore team is excited about this new partnership and the opportunities it offers to continue to enhance the company's industry-leading and cost-effective clinical care while growing outside our traditional operating areas." Completion of the transaction, which is subject to customary closing conditions and regulatory approval, is expected to occur in the first quarter of 2006. About JPMorgan Partners JPMorgan Partners, LLC is a leading private equity firm with approximately $11 billion in capital under management. Since its inception in 1984, JPMP has invested over $15 billion worldwide in healthcare, consumer, media, energy, industrial, financial services, hardware and software companies. Its global integrated network enables JPMP to draw on expert resources residing within JPMorgan Chase, its extensive portfolio and worldwide contact network. JPMP is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States, and is a registered investment adviser with the Securities and Exchange Commission. JPMorgan Chase & Co. Brooke Harlow, 212-270-7381 brooke.d.harlow@jpmorgan.com Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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