He is currently Executive Chairman of Waters Edge Dermatology, one of the largest dermatology practices in the country, and Executive Chairman of Sentry Data Systems, a provider of pharmacy technology solutions to hospitals. Subscribe to our emails. 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). While the company had ostensibly been taken public in 2014, Formation Capital retained a substantial stake in the company, and more importantly controlled the board of directors until around October 2018. Starting around 2000, many corporate nursing home chains became a powerful lure for private equity. As Politico pointed out last May as statehouses rushed to pass copycat versions of New York Gov. As CEO of American Imaging Management (AIM) from 2001 to 2008, Mr. Harrington turned around this radiology management business and increased its net worth from negative $19 million to over $310 million. Please, become a member, or make a one-time donation, today. 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. Founded in 2012, Pinta Capital Partners is a private equity firm based in New York, New York. Then Landau emerged, and with stunning alacrity won over all the relevant stakeholders with the same line that had wooed CABS: Nothing would change! He has held executive positions at AETNA, UnitedHealthcare, Columbia/HCA and Physician Quality Care. Pinta Capital Partners is a premier healthcare private equity investment firm based in New York City that seeks to provide solutions that create lasting value for our investors and the healthcare. Pinta Capital Partners Contact Information. [iii], Sterigenics is a medical device sterilization company. 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. Gloria Duquette, who works as a nursing assistant at three Connecticut nursing homes including Kimberly Hall, told me recently that while her other two nursing homes drastically changed procedures after the spring, Genesis could not even be moved to pay for separate equipment for checking residents vitals, so they were hauling the same blood pressure machines between the COVID ward and the rest of the facility. Part of the problem is that the nursing home industry is fragmented and difficult to understand; the other part is that it is, like any industry that relies almost wholly on government funding, extraordinarily powerful. Todays emerging Syndicate is increasingly dominated by insular ultra-Orthodox Jewish sects, whose followers (and investors) tend to be increasingly detached from mainstream Judaism, let alone the secular New York community; getting their news from Hebrew and Yiddish papers, eschewing vaccines, and voting for Trump. Pinta Partners LLC. Private equity acquisitions are typically funded with borrowed money, creating debt that is subsequently transferred onto nursing homes' balance sheets. Angel, Fund of Funds, Venture Capital), Whether an Organization is for profit or non-profit, General contact email for the organization. new platform for health care investments called Epselon Global, has been sued at least 1,395 times in federal courts, https://www.prnewswire.com/news-releases/gtcr-announces-healthcare-partnership-with-michael-mulhern-and-phil-macnabb-to-form-epselon-global-301240973.html, https://www.gtcr.com/investments/healthcare/, https://www.medtechdive.com/news/new-mexico-sues-sterigenics-over-ethylene-oxide-emissions/592953/, https://sterigenics.com/sterigenics-announces-recapitalization-with-warburg-pincus-gtcr/, https://cfpub.epa.gov/ncea/iris2/chemicalLanding.cfm?substance_nmbr=1025, Dividend Recapitalizations in Health Care: How Private Equity Raids Critical Health Care Infrastructure for Short Term Profit, https://cookcountyrecord.com/stories/524626117-eto-plaintiffs-even-before-1st-lawsuit-filed-sterigenics-moved-to-put-1-3b-out-of-reach-of-personal-injury-lawsuits, https://investors.soterahealth.com/node/7231/html, https://www.gtcr.com/investments/past-investments/#healthcare, https://www.yahoo.com/lifestyle/leading-profit-prison-immigration-detention-medical-company-sued-least-1395-times-100026407.html, https://www.reuters.com/article/us-gtcr-curohealth/gtcr-looking-to-sell-u-s-hospice-firm-curo-health-services-sources-idUSKBN0GC20420140812, https://www.justice.gov/usao-ndtx/pr/hospice-companies-pay-122-million-settle-kickback-claims, https://skillednursingnews.com/2021/03/nursing-home-giant-genesis-to-restructure-voluntarily-delist-from-nyse/, https://www.nytimes.com/live/2021/03/04/business/stock-market-today/a-struggling-nursing-home-giant-effectively-goes-private-after-a-cash-infusion, https://bfi.uchicago.edu/working-paper/does-private-equity-investment-in-healthcare-benefit-patients-evidence-from-nursing-homes/, https://www.warren.senate.gov/imo/media/doc/2021.03.16%20Letter%20Response%20to%20Genesis%20Healthcare%20re%20Executive%20Pay%20and%20CARES%20Act%20Funding%20(2).pdf, Ares Capital, Audax Group, Genstar Capital and Linden Capital Partners, Charterhouse Capital Partners, Mrieux Equity Partners and Partners Group, Everstone Capital, Goldman Sachs Merchant Banking Division, Total Body Rehab: Orthopedic and Hand Therapy, Gryphon Investors, Harris Preston & Partners, Harris Preston & Partners, Gryphon Investors, L Catterton, Searchlight Capital Partners and Silver Point Capital, M33 Growth, Havencrest Capital Management, ROCA Partners, The Oncology Institute of Hope and Innovation, Sunwater Capital, Equality Asset Management, The Carlyle Group, Level Equity and Silversmith Capital Partners, Childrens Center For Growth and Development, Partners in Drug Abuse Rehabilitation Counseling, Webster Equity Partners, BPEA Private Equity. This firm seeks ventures that serve New York City's neediest populations, including the chronically ill, the elderly, and the disabled. 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. It wasnt going to be the landlords. All that money has to come from somewhere, and the most obvious target is staffing and quality. 245 Main St Suite 450 White Plains, NY 10601 Phone: (914) 220-1086 Fax: (516) 394-4229 555 5th Ave 14th Floor New York, NY 10017 Toll Free: (855) 228-7369 (By Appointment Only) 1370 RXR Plaza Uniondale, NY 11556 Phone: (914) 594-6820 Fax: (516) 394-4229 12 1st St Riverhead, NY 11901 Phone: (914) 825-5855 Fax: (516) 394-4229 The charter, planning and strategy to achieve the . Pinta Capital Partners is a premier healthcare private equity investment firm based in New York City that seeks to provide solutions that create lasting value. Nor has Genesis been known to have defaulted on any of its credit lines, even as occupancy had plunged by 15 percent. rights reserved. Prior to the COVID-19 pandemic, these 51 facilities generated on a combined basis approximate annual net revenue of $640 million. All 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. Joel Landau. Genesiss recently filed 2020 10-K reports that the chain spent $366 million on rent in 2020, down a paltry 5 percent from 2019, before it sold about 20 of its homes. The chairman's seat went to David Harrington, a veteran health-care executive. When you support The American Prospect, youre supporting fellow readers who arent able to give, and countering the class system for information. THE STORY OF JOEL LANDAU starts at 199 Lee Avenue in Brooklyns Williamsburg neighborhood, a nondescript brick building that is famously home to at least 1,300 LLCs, and where you send your rent checks if you live in a semi-dilapidated building owned by Hasidic Jews. Genesis stock has edged above the dollar mark only three times over the past year and never stayed there for more than a couple of days, while its occupancy, 88 percent before the pandemic, seemed permanently stuck at 75 percent afterward. Following the deregistration, the Company anticipates that its Common Stock will be quoted on the OTC Pink Open Market (the Pink Sheets), a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading in the Common Stock. In return for its agreement to terminate its master lease with Welltower, upon the transition of the operations of all 51 facilities, Genesis will receive approximately $86 million, which it will use to repay a portion of its debt obligations to Welltower. One home was so filthy a health inspectors shoe slipped off when it got stuck to the floor, and another was so understaffed a resident had died from an untreated urinary tract infection, a telltale sign of severe neglect. The firm prefers to invest in lower middle-market companies operating in the healthcare, medical devices, and medical transportation sector. 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. [v], Ethylene oxide has long been on the federal list of carcinogens, but in 2016 the EPA released conclusive evidence linking the gas to breast cancer, leukemia and lymphomas at extremely low levels of exposure, and reclassified it as a known carcinogen. Weve said it before: The greatest threat to democracy from the media isnt disinformation, its the paywall. The equity firm has three key major goals: greater access for all patients, higher quality of life, and more cost-effective care. $4.2 M. Our portfolio of companies | Waud Capital Partners Our portfolio of companies We build our portfolio carefully and deliberately, partnering with firms shaping the future of healthcare and building mission-critical software solutions. Genesis will continue to operate the facilities until appropriate approvals from state regulators are completed. Sammy earned his bachelors degree from Brigham Young University. The transitions are expected to occur over the next several months. Lesser known are Landaus two representatives to the ReGen board: longtime Warburg Pincus adviser John Randazzo, whose CV reads something like a highlight reel of private equity health care profiteering, from urgent care networks to dermatology practices to fertility clinics to hospital software; and David Harrington, a veteran of Aetna and HCA, who will become board chair. Managing Partner . Investment Agreement with ReGen HealthcareGenesis has also secured a $50 million debt investment from ReGen Healthcare, LLC. Youre viewing 5 of 14 investments. Juan Vallerino. 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. 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. Medicare plan specifically designed for beneficiaries living in SNFs for 90+ days. Headquarters Regions Greater New York Area, East Coast, Northeastern US Founded Date 2012 Operating Status Active Investor Type Venture Capital Investment Stage Private Equity Contact Email partners@pintapartners.com Phone Number 212-740-6700 Lists Featuring This Company Private Equity Stage Investors (In another little twist of 1970s dj vu, Lebovits retained Bernard Bergmans old defense attorney Alan Dershowitz to represent him.) Andrew Cuomos liability shield into law. Still, during the spring and summer it seemed certain that Genesis would have to spend time in bankruptcy court. A veteran health-care executive medical device sterilization company, many corporate nursing home chains became powerful! To David Harrington, a veteran health-care executive from somewhere, and countering the system. To come from somewhere, and the most obvious target is staffing and.... 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