Theyre closing the place! One of the last patients at Rivington House, a skeletal cancer patient with AIDS and pneumonia, was discharged to a fifth-floor walk-up in such a frail state he literally had to crawl up the stairs to reach it. PINTA CAPITAL PARTNERS LLC Company Number 6835370 Incorporation Date 3 June 2022 (9 months ago) Company Type Domestic Limited Liability Company Jurisdiction Delaware (US) Registered Address. New research has shown that private equity-owned nursing homes have higher mortality rates and declines in patient wellbeing. Founded in 2012, Pinta Capital Partners is a private equity firm based in New York, New York. Starting around 2000, many corporate nursing home chains became a powerful lure for private equity, which bought up the firms and drowned them in rent, interest, and other financial obligations, extracting value along the way. What we do know is that a few weeks after Hagers pre-bankruptcy comments, Genesiss biggest landlord, Welltower, suddenly sacked its CEO Tom DeRosa, who had become the nursing home industrys highest-profile critic of private equity in the aftermath of the 2018 bankruptcy of Carlyle-raided HCR ManorCare. Total number of Crunchbase contacts associated with this organization, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. 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. [x] CCS, which is now known as Wellpath, has been sued at least 1,395 times in federal courts for a range of allegations including wrongful death, malpractice and inadequate medical care. In February 2016, The Wall Street Journal broke the news that the largest residential real estate developer in China had purchased Rivington House for $116 million, netting Landau an instant $72 million profit and sudden blitz of notoriety. Am Hof 12-18, 50667 Cologne, North Rhine-Westphalia Germany +49 221 2613215 Website Menu. As a co-founder of Pinta Capital Partners equity firm, Landau has used his management expertise to identify new market opportunities for early and mid-stage healthcare businesses. Mr. Harrington brings 35 years of industry experience in critical areas of healthcare delivery management to the Board. Harrington is cofounder and managing partner of Pinta Capital Partners, a New York private equity firm that specializes in nursing homes and other health-care sectors. If made, this debt investment will convert into equity simultaneously with the conversion of the initial debt investment into equity, resulting in a 33.3% ownership interest in the Companys subsidiaries on a fully-diluted basis. Genesis was hopelessly insolvent and destined to stay that way unless someone took a haircut. I really believe my proposal is a win-win and will keep ALL jobs, he promised in a typical text to SEIU 1199 political director Kevin Finnegan, who would become a close confidant and accomplice. Three other nursing home chainsJoshua Farkovits and Ephraim Mordy Lahaskys Long Islandbased Comprehensive Healthcare Management, Simcha Hymans Englewood Cliffsbased Portopiccolo Group, and Louis Schwartzs erstwhile Central New Jersey pizzeriabased Skyline Healthcarehave emerged from nowhere over the past six years to acquire hundreds of (often formerly private equityowned) nursing homes. As CEO of American Imaging Management (AIM) from 2001 to 2008, Mr. Harrington turned around this radiology management business, increasing its net worth from negative $19 million to over $350 million. The Open Database Of The Corporate World. Starting around 2000, many corporate nursing home chains became a powerful lure for private equity. In addition, Mr. Harrington has been appointed Chairman of the Board. Then as now, the nursing home Syndicate operates with an almost baffling sense of impunity. This is a profile preview from the PitchBook Platform. [ii] Multiple GTCR health care companies have made headlines for lawsuits alleging cancer-causing emissions, poor medical care, billing fraud, and other issues. Pinta Capital Partners Contact Information. And then, quite suddenly around December, circumstances at Genesis changed quickly and dramatically in an unanticipated manner, according to a cryptic letter one of the companys lawyers wrote in response to an inquiry from Sen. Elizabeth Warren (D-MA), who wanted to know why she had read in The Washington Post that the company had decided to award Hager a $5.2 million bonus, only to fire him. Private equity firm GTCR is creating a new platform for health care investments called Epselon Global. CEO George Hager had been steadily downsizing the chain in an attempt to claw his way out of the quicksand, but there was little he could do. Epselon will focus on acquiring health care companies to build a market-leading healthcare business, though the specific subsector of health care has not been made public.[i]. CABS filed suit against Landau, as did a former business partner, along with a long list of small $15.25-an-hour nursing contractors who had been stiffed by Landau over the past few years: He allegedly owed $15,956.39 plus two $35 bounced-check fees to Home Health Care Services of New York, $40,000 to Fadmo Health and Home Care Agency of Staten Island, $54,084 to 1st Choice Home Care of Brooklyn, $121,665 to Edison Home Health Care of Brooklyn, $54,246.72 to Regency Home Health Care, $64,840.97 to Signature Care LLC, and so on. Active, Closed, This describes the type of investor this organization is (e.g. Second, Genesis entered into a definitive agreement with ReGen Healthcare, LLC (ReGen Healthcare) for a capital infusion of $50 million. Joel Landau. 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. Like so many of the helpless seniors condemned to ride out their days inside these hellholes, it seems we have lost the will to fight. (In another little twist of 1970s dj vu, Lebovits retained Bernard Bergmans old defense attorney Alan Dershowitz to represent him.) Managing Partner . 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. Essentially, the system rewards nursing home operators who treat the lives of the elderly as speculative securities to be traded and arbitraged; it even often rewards operators who neglect Medicaid patients so badly they require hospitalization, by sending the selfsame patients back to the scene of the crime for a far more lucrative rehab stay. #plantersbankCRElending Most recently, the New Mexico Attorney General filed suit in January this year. [xi], Curo Health Services, a home health and hospice company that GTCR formed in 2010, [xii] has also faced legal trouble. Nelson Rockefeller. The Company intends to file a Form 25 with the Securities and Exchange Commission (the SEC) on or about March 15, 2021 in order to delist from the New York Stock Exchange. Pintail is a South Carolina-based, full-service commercial real estate company with national reach. PE firms also sometimes sell off nursing homes' property, saddling providers with lease payments. Investors may also charge providers exorbitant management fees. We will continue to track acquisitions on a monthly basis. In 2011, a medical-device distributor called Integra Partners sued Landau for allegedly pirating all of its proprietary legal documents and poaching its client list. All content 2023 Private Equity Stakeholder Project PESP. Good article for C-store investors and operators. This transaction will result in the reduction of $79 million in annual cash lease expenses. Pinta Capital Partners Feb 2022 - Present 1 year 1 month. 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. When you support The American Prospect, youre supporting fellow readers who arent able to give, and countering the class system for information. Pinta Capital. 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. The transitions are expected to occur over the next several months. Win whats next. David earned his MBA from Columbia University and earned his bachelors from Boston College. Download the latest edition of the SS&C Intralinks Deal Flow Predictor to see our proprietary data-driven prediction into global and regional mergers and acquisitions (M&A) for the next six months, by sector and region, and impacts to deal activity. 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. NYC is worth more, but jul. Joel Landau, Bent Philipson and another partner paid $44 million to Sean Lavin's Galway Properties, LLC for the addiction treatment facility (I1) at 159-05 Currently, Genesis is also indebted to Welltower in an approximate amount of $423 million. Pinta has appointed two new directors to the Genesis's board including David Harrington, a founding principal at Pinta. 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. His name is Joel Landau, and he pulled off exactly this feat with a nursing home on the Lower East Side of Manhattan in 2016, walking away with a $72 million profit after orchestrating an improbably elaborate campaign to convince a battalion of city and state officials that lifting a deed restriction that required the property to house a public health care facility was the only way to preserve the building as a public health care facility. Its functions are the following, however, they are not limited to: [iii], Sterigenics is a medical device sterilization company. See all (2,457) RATINGS. 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. The equity firm has three key major goals: greater access for all patients, higher quality of life, and more cost-effective care. Since 2009, when Mr. Harrington established DASH Business Group, he has advised and developed many healthcare companies in the senior care space. Nor has Genesis been known to have defaulted on any of its credit lines, even as occupancy had plunged by 15 percent. But maybe it wasnt so mysterious, because two months later Hager was also gone, bankruptcy was off the table, and both Genesis and Welltower were in talks with yet another private equity firm, this one controlled by Joel Landau. Landau was apparently unfazed by the controversy, though the attorney Julie Globus says he or one of his representatives threatened to sue WordPress for copyright infringement every time she illustrated a post on her blog Lost Messiah with one of his headshots. The chairman of Quess Corp had laid out a 14-point charter for Careworks Foundation, the CSR arm of his company, when it was established in 2014. Joel co-founded Pinta Capital Partners in 2012, an equity firm that provides lasting value to its network of investors and affiliated healthcare establishments. Like Landau, Sachs has shrewdly kept his name out of the papers since the Rivington House flip, but his consultancy the Sachs Policy Group has been lobbying up a storm, producing more than 100 regular COVID-19 policy newsletters for clients since the pandemic began. [xvi], Pintas investment in Genesis comes at a time when private equity ownership of nursing homes faces pronounced scrutiny. Tech-enabled pharmaceutical rebate management solution. Investment Agreement with ReGen HealthcareGenesis has also secured a $50 million debt investment from ReGen Healthcare, LLC. Genesis will continue to operate the facilities until appropriate approvals from state regulators are completed. Reports on the abuses within his homes drew condemnations from the Synagogue Council and the Federation of Jewish Philanthropies and even briefly made him a pariah in Israel, where Orthodox youth leaders called for his ouster from the leadership of the Mizrachi movement. GTCR is a prolific health care investor, with at least 11 current health care portfolio companies and almost 50 past investments. $4.2 M. Demonstrators gather for a rally decrying New York Gov. He has held executive positions at Aetna and Anthem. 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. Previously, Sammy was the CFO of Mountain West Wendys, a multi-unit Wendys franchisee. Exceptional value in amazing area at reasonable price! KENNETT SQUARE, Pa., March 03, 2021 (GLOBE NEWSWIRE) -- Genesis Healthcare, Inc. ("Genesis" or the "Company") (NYSE: GEN) announced today a three-part strategic restructuring plan to strengthen. 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). 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. The other aspect of the Syndicates political clout involved religion. Mr. Landau has also been connected to Rivington House, the Allure Group, Genesis HealthCare, Pinta Capital Partners, and other ventures that have been involved in litigation, and his involvement with Cornerstone has raised concerns amongst residents.The likelihood of Cornerstone re-emerging as a local issue is almost certain. Welltower will also permit certain collateral to be released and utilized as collateral for new debt. 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