COPI - will be largest out-patient provider of behavioral health care??
I have not been able to assess COPI value (P/E) as a health care
provider - nor the growth prospects within proposed health care
reform. Information is scarce but I have noted continued support
for stock. Rainwater owns a substantial part of COPI.
Would be interested in any additional information.
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Attached News of interest:
FORT WORTH, Texas--(BUSINESS WIRE)--March 4, 1998--Crescent
Operating, Inc. (NASDAQ:COPI) announced today that it had entered
into a definitive agreement under which Crescent Operating would
acquire from Magellan Health Services, Inc. ("Magellan") Magellan's
50% interest in Charter Behavioral Health Systems, LLC ("Charter") in
exchange for $30 million in common stock of Crescent Operating.
Crescent Operating currently owns the remaining 50% interest in
Charter.
In related transactions, Charter has executed a definitive
agreement to acquire from Magellan, for approximately $280 million,
certain assets (including all of the stock of various affiliates of
Magellan, including Charter Advantage LLC, a wholly-owned subsidiary
of Magellan) and intellectual property rights that had been used by
Magellan and Charter Advantage to supply franchise services to
Charter. The agreement provides for the elimination of the franchise
fee of $78 million per year that had been payable by Charter to
Magellan. The transactions are subject to a number of conditions,
including customary closing conditions, a condition that Charter
obtain funds sufficient to finance the purchase, and certain
regulatory conditions. Salomon Smith Barney is serving as financial
advisor to assist in arranging financing for Charter.
Charter is currently the nation's largest in-patient provider of
behavioral health care, and after the proposed transaction will be
one of the nation's largest out-patient provider of behavioral health
care. Magellan is the nation's largest specialty care manager,
covering over 58 million lives.
According to Gerald W. Haddock, president and chief executive
officer of Crescent Operating, "The potential elimination of the
franchise fee payable to Magellan and the continuation of Charter's
relationship with Magellan through a long-term preferred provider
agreement will permit Charter to continue to expand its patient
facilities," but he cautioned that "the closing of the transaction
is subject to substantial conditions, and at this time it is
impossible to predict whether such conditions can be satisfied." He
also noted that "The transactions will not affect the arrangements
pursuant to which Charter leases its facilities from Crescent Real
Estate Equities Company (NYSE:CEI)."
Crescent Operating is a real estate management company which
owns, leases or operates a portfolio of properties consisting of
seven full-service hotel properties and two destination health and
fitness resorts. Crescent Operating also owns 50% of Charter, a 2%
interest in a company that operates 79 refrigerated warehouse
facilities, the voting interest in two real estate development
corporations, and 100% of a heavy equipment sales and rental business
operating in five Texas cities.
For further information, please contact Jeffrey L. Stevens,
executive vice president and chief operating officer, Crescent
Operating, Inc., at 817/339-1010.
CONTACT: Crescent Operating, Inc., Fort Worth
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ATLANTA, Dec. 1 /PRNewswire/ -- Charter Behavioral Health Systems, LLC,
(CBHS), the largest operator of free-standing behavioral facilities in the U.S., today announced that it has named Steve J. Davis as President and Chief Executive Officer of the company, and promoted Vernon Westrich to the position of Chief Operating Officer, Hospital Operations.
Prior to joining CBHS, Davis, 49, was Chief Operating Officer of ProviderOperations for Magellan Health Services, Inc., one of the country's largest specialty care managers, and President of Charter Advantage, an internationalfranchiser of behavioral health services. He also served on the board ofdirectors of CBHS and Green Spring Health Services, Inc., a leader in behavioral managed care services. Previously, Davis served as Executive VicePresident, Chief Administrative Officer and General Counsel for Magellan.
Westrich, 46, was promoted from his prior position of Senior Vice
President, Hospital Operations for CBHS, and has been with the company since 1987. Westrich brings over 20 years of hospital operations experience to the position, having served in clinical, managerial and executive capacities. His service includes both the public and private sectors with employment in both inpatient and outpatient settings. In his new position, Westrich will be responsible for overseeing the Company's 88 domestic psychiatric hospitals.
"With Steve's strong leader abilities and exposure to all areas of
behavioral healthcare and Vern's long-term experience in hospital operations, CBHS's management team is well prepared to implement a strategy that builds on our strong network of facilities," said John Goff, Charter's Chairman. "Under Steve and Vern's direction, CBHS will focus on delivering high quality, costeffective care at every level of the continuum of behavioral health services."
"Looking ahead, we intend to develop a more comprehensive and expansive continuum of care, with a focus on outpatient program development, a broader range of products and services and an expanded network of owned, licensed and managed providers that will constitute Charter's behavioral healthcare network," said Steve J. Davis. "We are also exploring opportunities to develop complimentary programs and services that reach patients we have not traditionally served, such as adult day care, pain management programs and dementia evaluation programs. This is an exciting time at Charter, and I look forward to the challenges ahead."
Charter Behavioral Health Systems, LLC is the nation's leading provider of behavioral and addiction treatment programs. The company's 88 domestic facilities provide a full continuum of care, including inpatient, outpatient and partial hospitalization programs. The company is owned equally by
Magellan Health Services, Inc. (NYSE:MGL) and Crescent Operating, Inc.
(NASDAQ:COPI).
SOURCE Charter Behavioral Health Systems, LLC
-0- 12/01/97
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FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 8, 1997--Crescent
Operating, Inc. (NASDAQ:COPI) announced today that its Common Stock
has been approved for listing on the Nasdaq National Market System.
The listing will take effect today, Monday, Sept. 8, 1997.
The company also announced the acquisition for $2 million of
Rosestar Management, LLC and two affiliated corporations ("Rosestar")
that directly or through subsidiaries, lease 6 hotels and resorts on
a long-term lease from Crescent Real Estate Equities Operating
Partnership or its affiliated companies; the Denver Marriott City
Center and the Hyatt Regency Beaver Creek in Colorado, the Hyatt
Regency in Albuquerque, N.M., Canyon Ranch in Tucson, Ariz., Canyon
Ranch in Lennox, Mass., and The Sonoma Mission Inn & Spa in
California.
For further information, contact Jeffrey Stevens, Chief Financial
Officer, at 817/339-1010.
CONTACT: Crescent Operating, Inc., Fort Worth
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