Tampa – Tampa-based Polaris Group announced today that Chuck Cave has successfully completed the transaction to purchase the post-acute consulting organization from Kindred Healthcare, Inc. (NYSE:KND). With more than 15 years of leadership roles at the Polaris Group, Cave most recently served as chief operating officer for the Kindred subsidiary.
"After 20 years helping to build Polaris to its current position as the nation’s premier post-acute consulting company, I was very pleased to have the opportunity to purchase Polaris Group from Kindred," says Cave. "While I have extensive experience directing the Polaris business and strategy, I am grateful for the guidance I received from Len Russek of Murphy M&A in completing this purchase."
Russek, president of the M&A Division of Murphy Business & Financial Services in Clearwater, assisted Cave in negotiating a suitable price and terms with Kindred's M&A staff and in guiding the deal to closing. Russek assembled a team of advisors, including Attorney Curt Creely at Foley & Lardner, who provided legal counsel for the deal; BB&T for bank financing; Joe Price of Florida CFO Group for part-time CFO services and Gregory, Sharer & Stuart, CPAs, who provided accounting and tax advice.
"The team that Len put together guided me every step of the way," says Cave. "They assisted me in getting the best deal possible to buy Polaris Group while positioning us to be financially strong for our future growth."
He adds that Polaris already enjoys a unique market leading position, with professionals who provide integrated compliance, clinical, operational, financial and regulatory consulting services, primarily to skilled nursing and assisted living facilities. "As Polaris moves forward, I am confident we can build on our unmatched reputation and knowledge of the constantly-changing long term care industry to continue our dedication to innovation, effective operations and quality patient care."
Russek, a CPA who focuses on middle market M&A and has worked on hundreds of transactions during his career, adds, "I appreciated the opportunity to be involved in the purchase of Polaris Group, and to work with a great team of dedicated individuals who each contributed so much to getting the deal done. Chuck is a most competent and honorable man. I am very proud to have helped him make this happen."
Polaris Group (www.polaris-group.com), a nationally recognized consulting firm for more than 25 years, specializes in Medicare compliance, customized clinical, operational and financial consulting. Experts in the area of Mock OBRA/QIS Surveys, Medicare Billing, Cost Reports Mock RAC Audits, Post-Acute Medicare Utilization Reporting & Benchmarking and MDS Accuracy audits, Polaris also offers services that include Interim MDS Nurse and DON placements and permanent placement services.
Since 1994, Murphy Business & Financial Services in Clearwater (www.MurphyBusiness.com) has been brokering the sale of small businesses. Len Russek joined with Roger Murphy in 2004 to create the M&A Division to focus upon the sale of businesses in the middle market (revenues of $5 million to $50 million). In 2006, Murphy began a franchising growth plan and now has more than 275 brokers located in most of the states in the U.S. Recently, IBIS World Research ranked the Murphy organization as the largest business brokerage firm and said that Murphy accounts for the sale of nearly 7 percent of all the businesses sold in America.