NHS Human Services Acquires the Allegheny Valley School

LAFAYETTE HILL, Pa., June 6 /PRNewswire-USNewswire/ -- NHS Human
Services, headquartered in Lafayette Hill, PA, acquired the Allegheny
Valley School, headquartered in Allegheny County, PA, on May 30, 2008. This
acquisition is the most significant of its kind in the country and makes
NHS Human Services one of the largest not-for-profit providers of human
services in the country.

The acquisition will open the door to an array of expanded services for
both entities. AVS provides community residential services and therapeutic
programs to children and adults with intellectual and developmental
disabilities. NHS offers a full range of integrated services in the area of
behavioral health, intellectual/developmental disabilities, addictive
diseases, autism, juvenile justice, elder care and foster care. Services
provided by AVS will be enhanced to include individuals with dual diagnoses
and behavioral health challenges. Senator Rocks stated, "In today's health
care market it is critical for organizations to forge strategic
partnerships in order to grow, become stronger, and improve their ability
to operate efficiently. We will now be able to advocate and negotiate
better on behalf of both the individuals in our care and our staffs."

Financing for this acquisition was supported by the Sovereign
Securities Fixed Income Finance Group. On May 30, 2008 they closed on $54
million of Variable Rate Demand Revenue Bonds issued through the
Pennsylvania Economic Development Financing Authority which provided the
necessary funds to close this deal. Sovereign has been a partner with NHS
since the beginning of this venture. Jim Calla, Managing Director of
Capital Markets said, "Our Fixed Income Finance Group demonstrated again
why they are one of the most innovative project finance teams in the
business."

AVS is now part of the NHS family of companies. A new Board has been
appointed. The new Board includes, the Honorable M. Joseph Rocks, the
President and CEO of NHS, Regis Champ, the CEO of AVS, Leah Pason, Sr. Vice
President of NHS, Kevin McClure, the NHS CFO, Terrence McNelis, Senior VP
at NHS for Intellectual and Developmental Disabilities, as well as John
Duggan and Guy Squillante who are current Board Members of AVS.

The CEO of AVS, Regis Champ observes that "Joining forces with NHS
provides a tremendous opportunity to broaden our services and to enhance
our economic viability. After many months of thoughtful review, the Boards
of AVS and NHS approved a final agreement to merge their missions,
governance and operations. AVS has an unwavering commitment to our
employees and the families we serve. This will better position our
organization for the future."

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[Via Healthcare]