Private Equity Health Care Acquisitions – April 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.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.
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.
Charter operates in seven states: California, Utah, Arizona, Colorado, Nevada, Nebraska, and Texas. 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.
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.
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.
Riverglade bought Home Helpers from private equity firm Linsalata Capital Partners, which acquired the company in 2016.
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.
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.
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. Most recently, Mission Healthcare acquired Alliance Home Health & Hospice in Northern California in March 2021.
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. 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.
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.
Both private equity owners are prolific health care investors; SV Health owns over 50 health care companies in the US and HEP owns 16 health care companies.
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. Grant Avenue is a new firm, founded in 2019, and Valeo is its first foray into the home health industry.
|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|
|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|