Baltimore medical supplier acquired by Pa. company

June 03, 1993

Genesis Health Ventures Inc., a nursing home and medical supply company, acquired yesterday Health Concepts and Services Inc., a privately held medical supply company based in Baltimore.

The acquisition price of $2.5 million includes debt assumption, seller financing and cash, Genesis said. The Philadelphia company, with $196.3 million in sales last year, owns, manages or operates 42 geriatric care facilities in Maryland, five other states and the District of Columbia. The company said it planned to expand its sales and services to Baltimore-area institutions.

Genesis also owns ASCO Inc., a Columbia company that sells pharmacy services and medical supplies to institutional providers of health care.

Health Concepts is a "very good fit with our ASCO subsidiary," said Lewis Hoch, vice president and general counsel of Genesis.

Health Concepts provides medical supplies and services to the Maryland nursing home market, including training employees in the use of supplies and caring for patients. The company has 41 employees and recorded more than $6 million in revenues last year.

President Jeaneanne Stevens Streib, who founded the company in 1985, will become corporate vice president for marketing of Genesis. She said the sale will allow continued growth of the company.

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