2 New York Investors Buy 7% Stake in ReadiCare

ReadiCare, a Newport Beach-based operator of emergency medical clinics, said Tuesday that two private New York investors have purchased a 7% stake in the company, apparently for investment purposes only.

The company said it had received notice that Frederick R. Adler and Joseph K. Pagano, who are principals in Adler & Co., a New York-based venture capital firm, had purchased 488,000 shares of the company’s common stock. The company has 7.3 million shares outstanding.

Adler, also an attorney and managing partner of a company specializing in leveraged buy-outs, called the ReadiCare purchase a “small, small investment.” He declined to say whether he would increase the stake in the company.

Adler said he considered the company’s stock undervalued at the price at which he purchased it, a price he described only as “somewhere under $3.” The stock closed Tuesday at $3, up 12.5 cents.