Private Equity Health Care Acquisitions – April 2021

May 11, 2021

In light of the growing investor interest in health care and the risks associated with private equity ownership of health care companies, the Private Equity Stakeholder Project will be tracking private equity-backed health care acquisitions. Below is a list of private equity health care buyouts and add-on acquisitions completed during April 2021. We will continue to track acquisitions on a monthly basis.

See March 2021 acquisitions here.

A Busy Month for Home Health & Hospice Acquisitions

Private equity continues to target home health care and hospice companies. April saw several home health and hospice deals, largely in the form of private-equity-backed platform companies acquiring add-on investments.

Private equity interest in the home health and hospice reflects the needs of an aging population: the U.S. Census Bureau reports that by 2030, roughly 12% of the projected world population will be age 65 and older.[1]A growing distrust for nursing homes, especially in light of the devastating impacts of the COVID-19 pandemic, may further drive a shift toward home health care.

The home care industry, already known low pay and demanding workloads, may face challenges with the typical returns demanded by private equity over a short period of time. Home health aides, most of whom are women and people of color, on average make just over $13/hour and nearly one quarter of them live below the poverty line.[2]

Providence Home Health & Hospice – Charter Health Care Group/Pharos Capital Group

Charter Health Care Group, which is owned by private equity firm Pharos Capital Group, has acquired Providence Home Health & Hospice in Houston.[3]

Charter operates in seven states: California, Utah, Arizona, Colorado, Nevada, Nebraska, and Texas.[4] Charter has been actively acquiring home health and hospice companies over the last year. It most recently acquired Serene Care and Physmed in Omaha, Nebraska.[5]

Pharos is a health care-focused private equity firm. It also owns: Beacon Specialized Living, Complete Health, EBS, Family Treatment Network, FasPsych, MOTION Physical Therapy, Seaside Healthcare, Sona Dermatology, TechLab, and Verdi Oncology.[6]

Home Helpers Home Care – Riverglade Capital

Private equity firm Riverglade Capital has acquired Home Helpers Home Care, a home health franchiser operating 320 franchise units in 41 states.[7]

Riverglade bought Home Helpers from private equity firm Linsalata Capital Partners, which acquired the company in 2016.[8]

RiverGlade is a health care services-focused private equity firm. Its other portfolio companies include 2nd Chance Treatment Center, Dynamic Infusion Therapy, Kids Care Dental, Longhorn Health Solutions, and US Oral Surgery Management.[9]

Loma Linda University Medical Center Home Health – Mission Healthcare/the Vistria Group

Mission Healthcare, which is owned by private equity firm the Vistria Group, has acquired Loma Linda University Medical Center Home Health.[10]

Loma Linda University Medical Center Home Health is a part of Loma Linda University Health, a non-profit academic medical center in Southern California.

Mission Healthcare is one of the largest home health and hospice providers in California with more than 700 employees 14 offices across the state.[11] Most recently, Mission Healthcare acquired Alliance Home Health & Hospice in Northern California in March 2021.[12]

Vistria Group owns at least 12 other health care companies. It owns the Mentor Network, which provides services to children and adults with intellectual and developmental disabilities, with Centerbridge Partners[13]. Vistria and Centerbridge came under fire earlier this year for collecting hundreds of millions of dollars in debt-funded dividends from Mentor Network despite numerous allegations abuse and neglect of its clients across the country.[14]

Hospice de la Luz – Jet Health/ SV Health Investors and Health Enterprise Partners

Jet Health, which is owned by private equity firms SV Health Investors and Health Enterprise Partners (HEP), acquired Hospice de la Luz, an Albuquerque, NM-based hospice provider. Jet Health operates in Texas, New Mexico, Colorado and Idaho.[15]

Both private equity owners are prolific health care investors; SV Health owns over 50 health care companies in the US[16] and HEP owns 16 health care companies.[17]

Hearts for Hospice & Home Health – Valeo Home Health & Hospice/ Grant Avenue Capital

Utah-based Valeo Home Health & Hospice has acquired Hearts for Hospice & Home Health, formerly a division of Abode Healthcare, which was acquired by KKR-backed Brightspring Health earlier this year.

Private equity firm Grant Avenue Capital invested in Valeo in January 2021.[18] Grant Avenue is a new firm, founded in 2019, and Valeo is its first foray into the home health industry.[19]

PE Buyouts

Company Name	PE Firm	Type
Solesis	Altaris Capital Partners	Biotech
Home Care Delivered	Beecken Petty O’Keefe & Company	Medical supplies
Velocity Clinical Research	GHO Capital	Clinical research
Kirkpatrick Dental Care	Hunter Street Partners, Healy Capital Partners	Dental services
Therapy Brands	KKR	Health tech
Prime Global	Levine Leichtman Capital Partners	Healthcare consulting
Aptitude Health	Linden Capital Partners	Healthcare marketing
American Health Partners	Mitchell Family Office	Medical clinic
Avadyne Health	NexPhase Capital	Revenue cycle management
Wedgewood Pharmacy	Partners Group	Pharmacy
Home Helpers Home Care	RiverGlade Capital	Home health
Life Spring Recovery	Shore Capital Partners	Behavioral health
Unchained Labs	The Carlyle Group	Drug discovery
KCAS Bioanalytical & Biomarker Services	Vitruvian Partners, Konza Valley Capital	Biotech
TRAKnet	Warburg Pincus	Health tech
Bluestone Physician Services	WindRose Health Investors	Physicians’ practice

Add-On Acquisitions

Company Name	PE Firm	Acquring Entity	Type
DS InPharmatics	21 Invest	ProductLife Group	Pharmaceuticals
Grosinger, Spigelman, & Grey	Alpine Investors	Midwest Vision Partners	Eye care
Cataract & Eye Consultants of Michigan	Alpine Investors	Midwest Vision Partners	Eye care
Eye Surgery Center of Michigan	Alpine Investors	Midwest Vision Partners	Eye care
Independent Medical Expert Consulting Services	Apax Partners	KEPRO	Healthcare consulting
DXC (Healthcare Providers Software Business)	Ardian	Dedalus	Health tech
MYT Home Health Care	Brookside Capital Partners, Devonshire Partners	South Bay Home Health Care	Medical supplies
Dental Services Group	Cerberus Capital Management	National Dentex	Dental services
MyEllevate	Clayton, Dubilier & Rice	Cynosure	Cosmetic surgical devices
Medix Specialty Vehicles	Clearspring Capital Partners	Demers Ambulances	Manufacturer of ambulances
NV Eye Surgery	Gauge Capital	Comprehensive EyeCare Partners	Eye care
Evergreen Eye Center	Gauge Capital, GMB Capital Partners	Comprehensive EyeCare Partners	Eye care
Greenleaf Health	GHO Capital	Validant	Healthcare consulting
ASICO	Golub Capital, Audax Group	Katena Products	Medical devices
Hearts for Hospice	Grant Avenue Capital	Valeo Home Healthcare	Hospice
Kozani Health	Great Point Partners	Valenz	Revenue cycle management
Professional Rehabilitation Associates, PSC	Gryphon Investors, Harris Preston & Partners	Physical Rehabilitation Network	Physical therapy
Upton Hill	H.I.G. Capital	Concord USA	Healthcare consulting
Hospice De La Luz	Health Enterprise Partners, SV Health Investors	Jet Health	Hospice
Doctor’s Choice Holdings	J.H. Whitney Capital Partners, Bain Capital	Aveanna Healthcare	Home health
Healthfirst Medical Group	Kain Capital	Akeso Medical Holdings	Medical clinic
Axiom Dentistry	Longshore Capital Partners	Oakpoint	Dental services
Kidney Treatment Center San Antonio	Nautic Partners	Innovative Renal Care	Renal care
Bioclinica	Nordic Capital, Novo Holdings, Ares Capital	eResearch Technology	Pharmaceuticals
Erie Retinal Surgery	OMNI Ophthalmic Management Consultants	New MainStream Capital	Eye care
Pharmacy Specialists Compounding Pharmacy	Osceola Capital Management	Revelation Pharma	Pharmacy services
The Providence Home Health & Hospice	Pharos Capital Group	Charter Health Care Group	Home health
Physicians Eyecare Plan	Pine Tree Equity Partners	Icare Health Solutions	Eye care
Archetype Innovations	Revelstoke Capital Partners	Carrus	Health tech
Behavior Therapy Clinic	Ridgemont Equity Partners	The Speech Pathology Group	Behavioral health
Forrest Eye Centers	Shore Capital Partners	EyeSouth Partners	Eye care
Advanced Vision	Shore Capital Partners	EyeSouth Partners	Eye care
Leesburg Veterinary Hospital	Shore Capital Partners, Golub Capital	Southern Veterinary Partners	Veterinary services
Chelsea Animal Hospital	Shore Capital Partners, Golub Capital	Southern Veterinary Partners	Veterinary services
Holt Veterinary Clinic	Shore Capital Partners, Golub Capital	Southern Veterinary Partners	Veterinary services
Bethel Animal Hospital	Shore Capital Partners, Golub Capital	Southern Veterinary Partners	Veterinary services
Eastgate Veterinary Clinic	Shore Capital Partners, Golub Capital	Southern Veterinary Partners	Veterinary services
Halcyon Elder Care	Silver Oak Services Partners	Caring People	Care management services
Aidoc	Starr Investment Holdings, Heritage Group	Radiology Partners	Health tech
PulsePoint	Temasek Holdings, KKR	Internet Brands	Healthcare marketing
Gottlieb Temp	Varsity Healthcare Partners	DuvaSawko	Revenue cycle management
Sonodepot Ultrasound Solutions	Varsity Healthcare Partners	Probo Medical	Medical devices
Gastroenterology Associates of Wyoming	Varsity Healthcare Partners	Gastro Care Partners	Gastroenterology
Health Management Systems	Veritas Capital	Gainwell Technologies	Practice management
Loma Linda University Medical Center Home Health	Vistria Group	Mission Healthcare	Home health
Microconsult	Warburg Pincus and Tilia Holdings	Certified Laboratories	Laboratory services
H&H Medical	Water Street Healthcare Partners	Combat Medical	Medical supplies
Gastroenterology Health Partners	Webster Equity Partners	One GI	Gastroenterology
The Dedham Group	Welsh, Carson and Anderson & Stowe	Managed Markets Insight and Technologie	Healthcare consulting