Leading US home healthcare provider to be acquired by First Islamic affiliate

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.

Founded in 1978 and headquartered in Lake Success, New York, TLC has 65 locations in more than 20 states. TLC's licensed personnel provide skilled nursing services including disease management, cardiac care, pulmonary management, wound care, behavioral healthcare, infusion therapy, hospice support, and patient and family healthcare counseling. In addition, the Company offers home health aide services to assist with activities of daily living.

The US home healthcare market is large and highly fragmented, and it continues to outgrow the overall healthcare market. The strong growth in this sector is supported by a growing population over the age of 65, a growing consumer preference for home care versus institutional care, and an expanded range of services offered to patients at home.

Atif A. Abdulmalik, First Islamic's Chief Executive Officer, said "TLC is ideally positioned to capitalize on several of the dominant trends in the United States, namely, an aging population and an increasing focus on health and well-being."

Mohamed A. Nooruddin, Executive Director, Investment Placement, said: "TLC's broad national presence and well established reputation give it a unique competitive advantage over other US-based home healthcare providers."

Charles H. Ogburn, Executive Director, Corporate Investments, said: "We have studied the home care sector for over three years and are thrilled to be purchasing a nationwide industry leader. The growth prospects and value proposition offered by the home care industry, combined with TLC's highly experienced management team, should provide investors with an attractive risk-adjusted return."

Headquartered in Bahrain with offices in Atlanta and London, First Islamic's three principal lines of business are corporate investment, real estate and asset-based investment. To date, the Bank has completed 26 transactions with a total value in excess of $4.5 billion and has an equity capital base in excess of $300 million. First Islamic's mission is to provide innovative and distinctive Shari'ah-compliant investment opportunities that generate superior risk-adjusted returns.