A year to the day after emerging from Chapter 11, Genesis Health Ventures Inc. announced it had tapped two investment banks to assess options for its ElderCare unit. The Kennett Square, Pa.-based long-term care and institutional pharmacy company has retained UBS Warburg, its advisor on its reorganization last year, and Goldman Sachs to assist with its review of the ElderCare business. ElderCare generates roughly $1.4 billion in annual revenue through 284 skilled-nursing facilities, 188 of which are owned and leased by Genesis.
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