Peter Farrell, Managing Partner of Tuckahoe Holdings, and David J. Stern, owner, president and CEO of Paris Companies, announce the merger of their subsidiary companies, NOVO Health Services and Paris Healthcare Linen Services, effective January 1, 2020.
| RICHMOND, Va. and DUBOIS, Pa., Jan. 3, 2020 /PRNewswire/ -- Peter Farrell, Managing Partner of Tuckahoe Holdings, and David J. Stern, owner, president and CEO of Paris Companies, announce the merger of their subsidiary companies, NOVO Health Services and Paris Healthcare Linen Services, effective January 1, 2020. The merged company will continue doing business as NOVO Health Services, and the Paris trade name will continue in use for an indefinite period. Paris Uniform Services is not involved in the merger and will continue as an independent Paris company. Both companies are leading providers of linen processing and management services in their regional markets. Combined, the new NOVO Health Services becomes a supra-regional competitor, operating seven HLAC or TRSA hygienically clean processing facilities in the Eastern US. Additionally, through its SRI Surgical business unit, NOVO operates three sterile processing facilities providing reusable surgical gowns, sheets and other textile products and stainless basins to the industry. Commenting about the merger, Mr. Farrell stated, “This merger brings together the best of two regional leaders in the market to form a strong and sustainable company that can continue to grow. We are pleased with the agreement and look forward to leading this industry for years to come.” The merger creates a combined management team to oversee the operations and growth of the company. David Stern will serve as Chief Executive Officer of NOVO, effective immediately. Karl Fillip will serve as CEO Emeritus and will continue as head of sales. Karl Fillip II will serve as Chief Operating Officer. “With this merger comes the opportunity to combine two exceptional senior leadership teams that will serve to strengthen our continued, long-term growth,” added Mr. Farrell. “David’s experiences and proven success in the industry will guide this transition and the company as CEO, Karl Fillip has been and will continue to be instrumental as CEO Emeritus, and in addition to leading as our COO, Karl Fillip II is positioned to provide long-term continuity for our customers and employees that will ensure continued success for years to come.” Adds Mr. Stern, “I look forward to leading a new team in meeting the challenges and creating new opportunities in our great industry. About Tuckahoe Holdings Tuckahoe Holdings is a private investment firm. Unlike private equity and other short-term investors, Tuckahoe operates with a permanent investment and people-focused philosophy and partners with business owners with compatible philosophies and values to build successful companies with empowered management, engaged employees and exemplary financial performance. Tuckahoe has owned NOVO since 2015. About NOVO Health Services NOVO Health Services was founded in 2015 by Karl Fillip, a 40-year industrial and healthcare laundry veteran, who currently serves as its president and CEO. NOVO is headquartered in Atlanta, Georgia and provides healthcare linen services and reusable surgical solutions in a service area encompassing the Southeast and Midwest US. About Paris Healthcare Linen Services Paris Healthcare Linen Services is an operating unit of Paris Companies, an independent healthcare and industrial laundering and uniform rental services company, solely owned by David J. Stern. Paris has been headquartered in central Pennsylvania since its founding in 1918 and serves an expanding service area in the mid-Atlantic region.
SOURCE Paris Companies |
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