EXHIBIT 99.1

                                  PRESS RELEASE

   Genesis Health Ventures Announces Closing of Multicare Revision Transaction

         KENNETT SQUARE, PA-(BW Health Wire)-November 15, 1999--Genesis Health
Ventures, Inc. (NYSE:GHV news) announced the closing of its transaction with The
Cypress Group (Cypress) and the Texas Pacific Group (TPG) to restructure its
Multicare joint venture.

         GHV Chairman and CEO, Michael Walker, said, "The closure of this
transaction is an important step for Genesis and its shareholders. In looking
ahead, the enhanced financial flexibility for the company will strengthen our
position as a leader in the provision of eldercare."

         Genesis Health Ventures provides eldercare in the eastern US through a
network of Genesis ElderCare skilled nursing and assisted living centers plus
long term care support services nationwide including pharmacy, medical equipment
and supplies, rehabilitation, group purchasing, consulting and facility
management.

         The Cypress Group, based in New York City, manages private equity funds
with more than $3.5 billion in commitments. Texas Pacific Group, based in San
Francisco and Fort Worth, manages private equity funds in excess of $4 billion.

         Statements in this press release which are not historical facts are
forward-looking statements. The company cautions investors that any
forward-looking statements made by the Company involve risks and uncertainties
and are not guarantees of future performance.

         Numerous factors exists which, in some cases have affected, and, in the
future, could cause results to differ materially from these expectations,
including the factors as detailed from time to time in the Company's filings
with the Securities and Exchange Commission.