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March 15, 2006
WASHINGTON, D.C., March 15, 2006 - Covington advised the independent directors of Beverly Enterprises, Inc. (BEI) in its $2.2 billion acquisition by Pearl Senior Care, an affiliate of Fillmore Capital Partners, LLC. Pearl Senior Care replaced North American Senior Care (NASC), a company formed by a group of private investors, in November 2005, when NASC could not raise the requisite funds for the acquisition. The deal was completed on March 14, 2006.
BEI and its operating subsidiaries are leading providers of health care services to the elderly in the United States. BEI, through its subsidiaries, operates 342 skilled nursing facilities, 18 assisted living centers, and 67 hospice/home care centers.
The Covington team in Washington and New York included Bruce Wilson, Leonard Chazen, Bruce Bennett, Michael Francese, Corinne Goldstein, Robert Haney, Michael Hopkins, Stephen Infante, Michael Levy, Robert Newman, Scott Smith, Phyllis Thompson, and J. D. Weinberg. Of Counsel Andrew Baraff, and associates Michael Hadley, Robert Heller, Thomas Kollar, Julia Lee, Francesca Muratori, Seth Safra, Peter Schwartz and Emily Zarins also advised on the deal. Covington's M&A practice was ranked among the top 20 legal advisers for U.S. announced M&A transactions for 2005 by Thomson, Bloomberg and mergermarket.