[viii], Warburg Pincus and GTCR took Sterigenics public in November 2020 but have retained a controlling stake in the company. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. But $5.2 million is a rather pedestrian sum for a CEO severance package, and fixating on it distracted from the real mystery. On or about March 25, 2021, the Company intends to file a Form 15 with the SEC, at which time the Company anticipates that its obligations to file periodic reports under the Exchange Act, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company, including the requirement to file current and periodic reports, will terminate 90 days thereafter. A former doctor at CABS claimed the scorched-earth evictions caused multiple deaths. Delisting from the NYSE and Deregistration under the Exchange ActIn connection with the investment by ReGen Healthcare, Genesis has agreed and intends to voluntarily delist its Common Stock from the New York Stock Exchange. The other aspect of the Syndicates political clout involved religion. View contacts for Pinta Capital Partners to access new leads and connect with decision-makers. Genesis Healthcare Inc., a major national nursing-home operator that has long struggled financially, announced last week that it will delist its shares from the New York Stock Exchange and receive The firm prefers to invest in lower middle-market companies operating in the healthcare, medical devices, and medical transportation sector. Exceptional value in amazing area at reasonable price! Learn how to leverage transparent company data at scale. He has held executive positions at Aetna and Anthem. A majority interest in some $500 million worth of Genesiss real estate has been sold to a consortium of a small nursing home chain called Peace Capital and the Aurora Health Network, a venture co-founded by Landau and Leopold Friedman, a powerful Hasidic nursing home operator who owns interests in at least 19 nursing homes, many of them joint ventures with some of the East Coasts most odious nursing home slumlords. Harrington, a former Aetna and UnitedHealthcare executive, boosted the value of American Imaging Management from negative $19 million to $350 million during his seven years as CEO, according to a Genesis release. No matter what, the deals outcome was likely to involve some variety of shitstorm, since Rivington House employed 231 unionized workers and the new mayor Bill de Blasio had built his campaign platform largely around halting the citys relentless luxury condofication; city officials held no fewer than 48 meetings on the fate of the building. are conspicuously pious men who are implicitly trusted by large swaths of other pious people, and neither politicians nor nursing assistants are entirely comfortable calling into question the foundation of that trust because they know how easily it can be weaponized against them. The investment gives Pinta a 25% ownership stake with options to increase its share to 43% by April 15. Free and open company data on New York (US) company CITIPACE OF NEW YORK, LLC (company number 5586293), C/O PINTA CAPITAL PARTNERS, 485 MADISON AVE #202, NEW YORK, NY, 10022. #plantersbankCRElending Joel also shares his expertise and experience through several board of director positions and supports several non-profit initiatives through his philanthropy and time. Investment Management Then as now, the nursing home Syndicate operates with an almost baffling sense of impunity, in part because like Bergman before him, Landau and Freidman et al. 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(EQT) to Acquire Radius Global Infrastructure (RADI) for $15/sh or $3B, Muscle Maker Inc. (GRIL) Announces Results of Shareholder Vote, Option Care Health (OPCH) Announces Secondary Offering of 13M Shares of Common Stock and Common Stock Repurchase. GTCRs checkered history in health care raises questions about how the firm will ensure that Epselon does not run afoul of the law. [iii], Sterigenics is a medical device sterilization company. Inspired to effect change, Joel has dedicated the past two decades of his career to transform healthcare. Then came COVID, which a Genesis nursing assistant in New Jersey likened to being led to slaughter. Dozens of Genesis nursing homes became mass casualty events. Third, the Company will voluntarily delist its Class A common stock (the Common Stock) from the New York Stock Exchange and deregister its Common Stock under the Securities Exchange Act of 1934 (the Exchange Act). Behind this ostensibly blue-chip collection of suits, a far more questionable clique of characters is linked to the lucrative back end of the transaction. Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! David Harrington Managing Partner Joel Landau Managing Partner Juan Vallerino Strategic Advisor Team Varun Bajaj Chief of Staff James Costaras Director Sammy Forrest Director Daniel Gordon Director Gaurav Mehta Director James Kim Senior Associate Ben Sagalyn Senior Associate Lilibeth Bermudez Office Manager Copyright 2023 | The American Prospect, Inc. | All Rights Reserved, The Alt-Labor Chronicles: Americas Worker Centers, Despite Pandemic Carnage, Predatory Nursing Home Financiers Keep Thriving, more than $750 million a year on interest, rent, and transaction fees, nursing assistants single-handedly charged with caring for as many as 39 patients, chief financial officer of Morgan Stanley, network of politically superconnected crooks. One of the Companys largest landlords, Welltower, will re-tenant and/or sell the 51 facilities it leases to Genesis affiliates, in 9 states. First, Genesis has agreed to terminate its master lease covering 51 facilities leased from affiliates of Welltower Inc. (Welltower) and transition operations to new operators. [ix], GTCR also previously owned Correct Care Solutions (CCS), a health care company operating in prisons and detention centers. [xvi] Pinta's investment in Genesis comes at a time when private equity ownership of nursing homes faces pronounced scrutiny. New York, New York, United States NewYork-Presbyterian Hospital 2 years 9 months Manager | Digital Transformation & AI . Pinta Capital Partners is a premier private equity firm that partners with healthcare leaders and operators to drive value and help businesses achieve their full potential. Sammy joined Pinta Capital Partners with 12+ years of experience in financial services, including 7 years as an investment banker. By October 2014, Landau had bought the building for $28 million, at which point he set about lobbying city officials to remove the deed restriction anyway, for flexibilitys sake. Thank you! New research has shown that private equity-owned nursing homes have higher mortality rates and declines in patient wellbeing. Founded in 2012 by successful healthcare innovators with a longstanding commitment to improving the lives of patients. Our Story The Comptrollers Office pored over 80,000 documents and issued a 32-page report summarizing its findings. The Rivington House scandal, which captivated the New York media for symbolizing the emptiness of Mayor Bill de Blasios populist pledges to reclaim the city for the 99 percent, was part of a broader pattern for Landau, who has been perpetually sued across multiple industries in the service of flagrant frauds. Welltower will also receive equity in the Company, increasing its stake in Genesis on a fully-diluted basis from approximately 6% to up to approximately 15%. RESPONSIBILITIES. Private equity firm GTCR is creating a new platform for health care investments called Epselon Global. In recent years, the savviest nursing home operators have agreed to play along and attempt to fill more of their beds with Medicare patients, for whom they can bill the government at far higher ratesroughly $500 a night compared with $200 for Medicaid bedsalbeit only for short-term rehabilitative stays. Landau tapped some surprisingly prominent figures to help him seal the deal. Win whats next. Harrington purports to go way back with Landau; the two apparently co-founded a private equity firm called Pinta Capital Partners in 2012, though no one bothered registering that company's domain name until 2017. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Total number of employee profiles an organization has on Crunchbase, Where the organization is headquartered (e.g. Get an exclusive preview of global and regional M&A activity in Q1 2023 plus in-depth market analysis. After the changes, Genesis was no longer a publicly traded firm. Mr. Harrington is one of the founding principals of Pinta Partners and in that role is passionate about rethinking the delivery of health care to the chronically ill. Mr. Randazzo has spent more than 35 years in the health care and technology fields and brings rich experience in operational excellence, corporate finance and entrepreneurship. Pinta Capital Partners Contact Information. Genesis HealthCare and its 350 facilities are now in the hands of a documented serial liar with a history of conning his way into nursing home takeovers, then evicting the patients and flipping the real estate to luxury condo developers. Lean Solutions Group. Giant Pinta tortoises on a neighbouring Galapagos island one of the 11 extinct-in-the-wild species that didn't make it were not so lucky. The chairman's seat went to David Harrington, a veteran health-care executive. Joel Landau founded Pinta Capital Partners in 2012, a private equity firm that partners with healthcare leaders and operators to drive value and help businesses achieve their full potential. The purpose of the fund is to . One of these affiliates, Pinta Capital Partners, has invested widely in innovative services for the chronically ill and applied new practices in services to one of the neediest, frailest and most vulnerable populations. Landau is also the co-founder and managing director of Pinta Capital Partners. Academics at four universities recently calculated that private equity buyouts had caused roughly 21,000 excess deaths among nursing home patients between 2004 and 2016. Contact. Our Georgia office just listed this Downtown Augusta luxury hotel for $10.2MM. A landmark study of roughly 1,600 private equity nursing home buyouts published last month calculated that the average nursing homes interest expenses rose 325 percent after a private equity buyout, and its average rent expenses rose 74 percent. Most recently, the New Mexico Attorney General filed suit in January this year. A proposal has been put forward by Mantle Core on BitDAO's governance forum to establish a $200 million fund that will support early-stage Web3 startups. Harrington purports to go way back with Landau; the two apparently co-founded a private equity firm called Pinta Capital Partners in 2012, though no one bothered registering that companys domain name until 2017. 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