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.