Healthcare Veteran David Dennis Named Managing Director Of Pacific Venture Group

ENCINO, Calif., Nov. 16 /PRNewswire/ -- David Dennis, a 20-year healthcare investment banker and a former senior executive with Tenet Healthcare, has joined Pacific Venture Group (PVG) as managing director, effective immediately. Pacific Venture Group is a privately held venture capital partnership focused exclusively on investments in the healthcare industry.

In his new role Dennis will focus on supporting Pacific Venture Group portfolio companies, including enhancing successful exit opportunities. He will also play a lead role in the investment strategy planned for the upcoming Pacific Venture Group III, which will include investing in all segments of healthcare and building a balanced portfolio between early- and later-stage opportunities.

"During his career David has not only advised some of the most influential healthcare companies in America with respect to merger and acquisition opportunities but was responsible for guiding many emerging healthcare companies to successful initial public offerings," said PVG Managing Director Eve Kurtin. "This tremendous and well-respected experience will add substantial value to both our management team as well as our portfolio companies."

At Tenet Healthcare, Dennis served as vice chairman, co-president, chief corporate officer and chief financial officer. His principal responsibilities included the non-operating administration of the company's business activities, including the management of Tenet's Venture Group and overseeing a portfolio of investments in 14 companies. During his time at Tenet the company invested just over $34 million with realized liquidations of approximately $112 million.

Prior to joining Tenet, Dennis served as managing director and co-head of the Healthcare Investment Banking Group of Donaldson, Lufkin & Jenrette Securities Corporation, one of the most successful banking franchises of its kind in the 1990s. Dennis' experience includes assisting clients in a wide range of transactions including private equity and debt placements, initial public offerings, mergers and acquisitions, restructurings, leveraged buyouts, merchant banking, and public debt and equity offerings. His clients encompassed major companies in the pharmaceutical, medical device, healthcare information systems, managed care and healthcare services sectors.

"Joining Pacific Venture Group provides me the exciting opportunity to focus my investment and transaction experience on investments that will shape the future of healthcare," said Dennis. "Healthcare today is of the foremost concern for consumers, investors and national decision makers. There are significant opportunities for growth and innovation within the industry, and PVG is well positioned because of its track record and the experience of our managing directors."

As currently envisioned, Pacific Venture Group III will continue the company's historic focus on early- and later-stage investment opportunities. "Later-stage companies can often provide an opportunity for earlier returns to investors," Dennis said. "In healthcare later-stage opportunities are not only created from traditional sources -- spinouts of larger companies, recapitalizations, restructurings and companies whose current investors are unable to provide financial support -- but emanate from the nature of healthcare innovations that are frequently local or regional in nature."

Dennis received an M.B.A. in finance and corporate strategy from the University of California, Los Angeles, and a Bachelor of Arts/Bachelor of Science degree in economics and finance from San Diego State University. From 1973 through 1976, he served in the Defense Attaché office in the American Embassy in Lisbon, Portugal. Since 1994 he has been a member of the board of directors of Westwood One, Inc., a NYSE company, and currently serves as the chairman of the Audit Committee.

Founded in 1995, Pacific Venture Group focuses exclusively on investments in the healthcare industry and currently manages over $210 million in venture funds. PVG serves as a lead investor nationally in early- and expansion-stage companies in all aspects of healthcare including healthcare services, services/technology, medical devices and biotechnology. PVG has offices in Encino and Irvine, California. Information may be obtained at http://www.pacven.com/.

CONTACT: Ross Goldberg, +1-818-597-8453, for Pacific Venture Group

Web site: http://www.pacven.com/