Daniel E. Straus

Daniel E. Straus
Born 1957
Residence Englewood, New Jersey[1]
Nationality American
Alma mater
Occupation
Years active 1999–present
Website danielestraus.org

Daniel E. Straus is an American business executive, entrepreneur, venture capitalist, real estate developer and philanthropist. He is the founder or co-founder of several health care companies such as CareOne LLC, The Straus Group, Multicare Companies Inc., and InnovaCare Health Solutions, LLC.[2][1] He is also Vice Chairman of the Memphis Grizzlies.[4][5]

Career

Straus attended Columbia University, graduating with a B.A. degree in Political science.[2][1] Straus went on to earn a law degree from New York University School of Law, and became a lawyer for at Paul, Weiss, Rifkind, Wharton & Garrison in New York City.[2][1]

In 1984 Straus left the law firm to co-found the health care company Multicare Companies Inc. with his brother Moshael. Straus served as co-CEO and President of the new company, which owned four nursing homes inherited from their father, Joseph. Under the direction of the Straus brothers the company increased revenue and profitability through a combination of high-quality care, specialty services, high occupancy rates and profitable payer profiles. In 1993, Multicare Companies Inc. became a public enterprise, eventually selling to Genesis Health Ventures, Inc. in 1997 for $1.06 billion.[2][1][6]

Following the success of Multicare, Straus continued to grow businesses in the health care industry. In 1998, Straus founded and became Chairman and CEO of CareOne LLC, which operates 70 nursing homes and assisted care facilities in the New England area, admitting over 20,000 patients per year.[2][1][3] In 2006, Straus co-founded and is Chairman and Chief Executive Officer of Aveta, Inc., and InnovaCare Health Solutions, LLC, which are managed health plans. Straus also has holdings in other health care businesses such as Ascend Concierge Home Care, Ascend Home Health, Ascend Hospice, Care Realty, Care Missouri, CareVirginia, HealthBridge Management, and Partners Pharmacy.[2][1]

In addition to health care businesses, Straus founded and manages The Straus Group, which invests in hedge funds, private equity and real estate.[2][1] His JZS Madison LLC company recently purchased 6 brownstones and 2 townhouses on Madison Avenue in New York City for commercial and residential development.[7]

Straus also founded Bridge Sports LLC, which in 2012 bought a minority share of the professional basketball team the Memphis Grizzlies, a member of the NBA; he is currently the Vice Chairman of the organization.[4][5]

Philanthropy

The Queen of Hearts Ball & Casino Night

In 2016, Straus and CareOne LLC successfully raised $1.7 million for the Breast Cancer Research Foundation (BCRF), the largest private fund for breast cancer research in the US. The gala was held at Gustavino's in New York City and featured over 1000 attendees, with all proceeds from the benefit donated to BCRF. The president of BCRF stated that the Ball was one of the most successful private funding efforts in the organization's history.[8]

The Valerie Fund

In 2014, Straus and CareOne LLC held a successful fundraising event for The Valerie Fund, which provides donations for families with children suffering from cancer and blood disorders. Their 2014 Valentines Ball gala featured attendance of over 900 guests and raised $1.1 million for the charity.[9]

The CareOne Cancer Fund

Also in 2014, Straus and CareOne LLC created The CareOne Cancer Fund in honor of its longtime executive Dan Grimes. Grimes was diagnosed with advanced lung cancer and used to the experience to help raise awareness within the company of the difficulties facing employees undergoing cancer treatments. The CareOne Cancer Fund was then created to help raise support for employees of CareOne during and after cancer treatments. The campaign hosted over 100 fundraising events and concluded with a concert at Fenway Park in Boston and the eventual donation of over $1.3 million.[10][11][12]

Hurricane Sandy Relief Effort

Following the devastation of Hurricane Sandy in 2012, Straus and CareOne LLC created the CareOne Disaster Relief fund to help employees of CareOne recoup losses from the superstorm. The fund raised more than $1 million and distributed grants to over 100 employees affected by the storm to help repair homes and replace lost property. The relief efforts received recognition from Governor of New Jersey Chris Christie as well as its U.S. Representative Frank Pallone.[13][14][15]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Newswire from InsuranceNewsNet.com. "50 Wealthiest New Jersyans", 23 July 2015. Retrieved 25 January 2016.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Bloomberg Executive Profile. "Company Overview of Care Realty, Executive Profile: Daniel E. Straus". Retrieved 25 January 2016.
  3. 1 2 CareOne LLC Founder Profile. "CareOne LLC: Our Founder Daniel E. Straus". Retrieved 25 January 2016.
  4. 1 2 3 NBA.com Memphis Grizzlies: About. "Memphis Basketball, LLC: About". Retrieved 25 January 2016.
  5. 1 2 3 Herrington, Chris. "Grizzlies Ownership Group Breakdown", 8 November 2012. Retrieved 25 January 2016.
  6. ↑ Freudenheim, Milt. "Deal To Create A Big Chain In Health Care", 17 June 1997. Retrieved 25 January 2016.
  7. ↑ Vogel, Carol. "The Whitney Trims Its East Side Holdings", 14 October 2010. Retrieved 25 January 2016.
  8. ↑ Chana, Jas. "CareOne Ball Raises $1.7 Million for Breast Cancer Research", 10 February 2016. Retrieved 15 February 2016.
  9. ↑ danielestraus.org. "CareOne’s Daniel E. Straus Announces Valentine’s Ball in Support of The Valerie Fund Exceeded Goal, Raised $1.1 Million", 13 February 2014. Retrieved 25 January 2016.
  10. ↑ Fitzgerald, Beth. "CareOne Raises $1.3M In Honor Of Employee Fighting Cancer", 6 August 2014. Retrieved 25 January 2016.
  11. ↑ danielestraus.org. "CEO Daniel E. Straus Announces CareOne Cancer Fund Raised $1.3 Million, Exceeded $1 Million Goal", 28 July 2014. Retrieved 25 January 2016.
  12. ↑ NorthJersey.com. "Local Business Raises Funds For Employee Fighting Cancer", 7 August 2014. Retrieved 25 January 2016.
  13. ↑ danielestraus.org. "Thanks To CareOne’s Disaster Relief Fund, NJ Residents Affected By Sandy Finally Return Home", 30 April 2014. Retrieved 25 January 2016.
  14. ↑ Christie, Chris. "State of New Jersey, Office of the Governor letter to CareOne LLC", 24 April 2013. Retrieved 25 January 2016.
  15. ↑ Pallone, Frank Jr. "Congressman Frank Pallone Letter to CareOne LLC", 24 April 2013. Retrieved 25 January 2016.
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