Posted on 05/05/2004 9:33:10 AM PDT by all4one
First Islamic Affiliate to Bid for TLC - UAE Khaleej Times - 04/05/2004
DUBAI - First Islamic Investment Bank E.C. has announced its affiliate, TLC Holdings I Corp, has been selected as the winning bidder for the assets of Tender Loving Care Health Care Services, Inc. TLC Holdings has signed a definitive purchase agreement to acquire TLC's assets.
The financial closing is expected to take place within the next few months. The total value of the transaction is expected to be in excess of $150 million, including the assumption of certain liabilities at closing. TLC is the second largest provider of home healthcare services, as well as the largest Medicare home healthcare service provider, in the United States. Crescent Capital, First Islamic's wholly owned US subsidiary, acted as agent for TLC Holdings.
Atif A. Abdulmalik, First Islamic's Chief Executive Officer, said: "TLC is positioned to capitalise on several dominant trends in the United States, namely, an ageing population and an increasing focus on health and well-being."
Mohamed A. Nooruddin, Executive Director, Investment Placement, said: "TLC's broad national presence and reputation give it a unique competitive advantage over other US-based home healthcare providers."
Information on TLC:
A little TLC goes a long way. Spun off by staffing agency Staff Builders (now ATC Healthcare), Tender Loving Care Health Care Services provides home health care services and staff from nearly 60 offices in more than 20 states (about a quarter are franchise offices).
Tender Loving Care offers disease management; cardiac care; pulmonary and wound management; infusion therapy; respiratory therapy; hospice support; patient and family counseling. Medical software company Med Diversified bought the company in 2001 as part of its expansion into home health services but lost the company in Chapter 11 reorganization to Crescent Capital Investments. The company is in Chapter 11 reorganization. Contact Link for TLC TLC Home Page
Information on the Islamic Buyers of TLC:
First Islamic Investment Bank:
At First Islamic, our mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns. In our approach to business we embrace the values of originality, integrity and transparency, professional excellence and, above all, adherence to Islamic principles.
To ensure adherence to Shari’ah rules and principles, the Bank’s legal and Shari’ah teams and, through them, the Shari’ah Supervisory Board, are consulted on all key aspects of each new transaction. After a transaction closes, it is continuously monitored to ensure ongoing Shari’ah compliance.
One of First Islamic’s key success factors is its ability to structure innovative financial products that conform to Shari’ah principles, comply with the laws and regulations of the countries in which the Bank operates, and protect the commercial interests of its shareholders and co-investors. First Islamic’s legal and Shari’ah teams, with the active involvement of the Shari’ah Supervisory Board, work closely with the corporate investment, real estate investment, and asset-based investment teams to develop the Bank’s ground-breaking Islamic investment and financing structures.
Crescent Capital Investments, Inc.:
Founded in 1997, Crescent is the U.S. private equity arm of First Islamic Investment Bank E.C. First Islamic is an innovative Islamic investment bank, headquartered in Bahrain, with assets of over $500 million. First Islamic's 100 shareholders include some of the most prominent individuals, families, and institutions in the Middle East, who together control liquid funds in excess of $100 billion. The Bank arranges the capital needed for a transaction and then privately places the investment with its shareholders and other investors in the Middle East.
First Islamic maintains voting control of, and a significant ownership interest in, each of the investments it arranges. First Islamic and Crescent professionals also invest personally in the Bank's private equity transactions. The Bank's other lines of business are real estate and asset management. Crescent Capital Investments, Inc. is distinguished from other private equity investment firms by several unique characteristics:
Access to capital
Crescent can invest more than $100 million in a single transaction due to its unique sources of capital. In addition to the capital resources of First Islamic, investors in the Middle East control large pools of capital and continuously seek attractive investments outside the region, particularly in the United States. Crescent is able to underwrite large transactions with confidence due to its proven capability to place investments with these investors. Our investment size can thus be tailored to the requirements of the transaction, unlike traditional buyout funds that must limit their investment to a percentage of the fund.
Social responsibility
All of our investments must adhere to Islamic principles and codes of conduct. Similar to a "green fund", Crescent does not invest in certain industries, such as those involving gambling or alcohol. We are also generally restricted from participating in most financial services businesses. Crescent is free to invest in other industries with solid companies.
The following ownership I find particularly interesting/troubling....let me know if anyone else feels the same...I am all for capitalism but Islamic ownership of the largest Medicare Home Healthcare Provider in the United States!!! The ties between the government and medicare and funding, etc. If an Islamic company owns the largest Medicare provider do they abide by Islamic laws Sharia, etc. or are they beholden to the U.S. Judeo/Christian standards? Read further you will see that they abide by the Islamic Shariah Laws, as do the companies that they own. Do Americans want to have a company that is the Largest Medicare Home Healthcare provider in the U.S. be under the auspices of Islamic Law!! Do we want this company to take care of us and our friends and loved ones?? Do we want Islamic laws to supercede our own laws...do we want our physicians to adhere to Islamic laws when providing our healthcare?
Link to First Islamic Bank and their Islamic Sharia code of ethics philosophy for the companies that they own. First Islamic Bank Link
copy and paste www.firstislamic.com or www.crescentcapital.com it did work when I did that.
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