Apria’s Higby Retires as Blackstone Deal Concludes

LAKE FOREST, Calif — Apria Healthcare Group announced Oct.
28 that The Blackstone Group has completed its acquisition of the
giant provider for approximately $1.7 billion. Under terms of the
agreement, Apria stockholders will receive $21 in cash for each
share of common stock they own.

In the same announcement, Apria said after almost 11 years
Lawrence M. Higby has elected to retire from his position as CEO
but will continue to work as vice chairman and advisor to ensure a
smooth transition during the search for a successor. In the
interim, Dr. Norman C. Payson, an Apria board member for the past
two years and a former managed care executive, will serve as
executive chairman and interim CEO.

Commented Payson, “Larry Higby and his team have done an
outstanding job in growing Apria from $940 million in revenues in
1999, as a provider of primarily home respiratory and medical
equipment services, to $2.1 billion in revenues as a highly
diversified and high quality provider of a broad range of home care
services … In addition, Larry’s personal leadership of numerous
industry-wide initiatives has been critical to the company’s
success.”

“Our alliance with Blackstone will enable Apria to continue to
expand and enhance the home care services we provide to millions of
patients and thousands of customers each year,” Higby said.
“Blackstone brings an experienced group of long-term health care
investors who are committed to reinforcing our company’s mission of
being our patients’ and customers’ first choice for home care
services in the United States.”

Apria provides home respiratory therapy, home infusion and HME
through approximately 550 locations in all 50 states.