Former All-Med exec submits bid for Univita assets

MIRAMAR, Fla. - The assets of defunct Univita Health will go on the auction block this week and among the bidders is a familiar face.

Integrated Home Care Investors, a corporation based in Miami led by Jorge Pereda, the former CEO of All-Med Services of Florida, has submitted a stalking horse bid of $2.5 million for a package of assets, according to Tiger Capital Group, a Boston-based firm handling the Nov. 11 telephone auction. Univita bought All-Med in 2012.

“It would seem (Integrated Home Care) is looking to purchase a large chunk of the company to keep it running,” said John Coelho, senior vice president of Tiger Remarketing Services division. “We always try to find the right party that will not only buy the assets and pay the most money, but also that are going to come in and operate the business.”

Tiger Capital is accepting competing bids for that package as well as all assets though 5 p.m. Monday, Nov. 9. Any assets left unsold after Nov. 11 will be sold at an online auction that will run from Nov. 13 to Nov. 19.

An Oct. 19 purchase agreement with Integrated Home Care outlines the assets it seeks to purchase, including seven Florida locations (Orlando, Fort Myers and Jupiter, and two each in Miramar and Orlando); office equipment, furniture and fixtures at those locations; all DME, inventory and supplies at those locations; DME in the homes of patients, along with any related patient information; and third-party administrator licenses.

“The asset list is great if whoever is bidding is looking to expand as a provider,” said Dan Leyton, a partner with Kravitz, Talamo & Leyton in Hialeah.

Univita Health filed for Chapter 7 bankruptcy Aug. 28, nearly a month after closing abruptly and laying off nearly 1,100 employees. U.S. Bankruptcy Court filings list assets of $47 million with $41 million in accounts receivables. The filing also lists two secured claims: Genstar Capital for about $20.6 million and Isuzu Finance of America for $400,000.

There are also hundreds of pages of unsecured claims, many for HME providers who would stand at the back of the line in the bankruptcy process, says Leyton. He's hearing unconfirmed “chatter” that the state or the managed care organizations that contracted with Univita to manage their plans will make good on those obligations.

“If that goes into effect, it really doesn't matter how much comes out of the Univita bankruptcy,” said Leyton. “That will be the way to get relief.”