Jordan Health Services and CIMA Hospice Announce Combination
NEW YORK, Nov. 1, 2011 /PRNewswire/ -- Jordan Health Services, a Texas-based provider of home health services, to Medicaid and/or Medicare eligible patients, announced on October 14, 2011 that it has combined with CIMA Hospice, a provider of hospice services with four locations serving Southwestern Texas markets. Palladium Equity Partners, LLC and its affiliates ("Palladium") have been investors in Jordan since 2010. Financial terms were not disclosed.
This combination joins two well-known and well-respected Texas-based healthcare companies with complementary services that will expand each company's respective service areas, create opportunities for growth, and become one of the largest home-based healthcare providers in Texas.
"We are delighted to be joining forces with Jordan," said Ruben Perez, co-founder of CIMA, "Jordan has an excellent reputation as a leading home healthcare provider and, as a result of this combination, we are creating a stronger company that will deliver high-quality, compassionate care to our patients and their families as well as the highest level of service to our referral sources and the communities we serve."
CIMA's co-founder David A. Perez will continue to lead the hospice business as CIMA's President and will help lead the integration process of the two organizations.
Dean Holland, Chief Executive Officer of Jordan, said, "We are excited to partner with CIMA to expand Jordan's clinical offering and service area. This partnership is a major step in our strategy of providing the full continuum of in-home care of which hospice is an important component. Adding CIMA Hospice to Jordan will be a great complement to our home health business, as well as provide for the addition of an outstanding well regarded team of professionals."
Jordan Health Services is a portfolio company of Palladium, a New York-based private investment firm that has specialized in investments within the Hispanic marketplace. Palladium and The F&M Bank & Trust Company provided the financing for the transaction.
Rafael Ortiz, a Principal at Palladium, added, "We at Palladium are excited to partner with Ruben, David and all of CIMA's managers and employees to support the expansion of their hospice operations across Jordan's service areas. These companies provide important services to communities in Texas and we look forward to supporting their continued growth."
About Jordan Health Services (www.jhsi.com)
Based in Mount Vernon, Texas, and founded in 1975, Jordan Health Services provides home health services, including personal care, home management and skilled nursing, to Medicaid and/or Medicare eligible patients throughout the entire state of Texas. With over 12,000 employees in 28 locations serving thousands of clients, Jordan Health Services is one of the largest home healthcare providers in the state of Texas.
About CIMA Hospice (www.cimahospice.com)
Headquartered in San Antonio, TX, CIMA is a provider of hospice services with four locations serving Southwestern Texas markets. The Company has expanded successfully in its service areas primarily based on providing high quality, responsive care to patients who are appropriate for hospice and meeting the needs of local physicians, skilled nursing facilities, and other referral sources.
About Palladium Equity Partners (www.palladiumequity.com)
Palladium targets investments in business services companies as well as in financial services, consumer/retail, food/restaurants, healthcare, industrial and media businesses. Palladium has a focus on companies that are well-positioned to capitalize on the fast-growing U.S. Hispanic market. The principals of Palladium have directed investments of over $1.5 billion of equity in 50 portfolio companies over the last two decades.
SOURCE Palladium Equity Partners, LLC