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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 NamePE FirmType
SolesisAltaris Capital PartnersBiotech
Home Care DeliveredBeecken Petty O’Keefe & CompanyMedical supplies
Velocity Clinical ResearchGHO CapitalClinical research
Kirkpatrick Dental CareHunter Street Partners, Healy Capital PartnersDental services
Therapy BrandsKKRHealth tech
Prime GlobalLevine Leichtman Capital PartnersHealthcare consulting
Aptitude HealthLinden Capital PartnersHealthcare marketing
American Health PartnersMitchell Family OfficeMedical clinic
Avadyne HealthNexPhase CapitalRevenue cycle management
Wedgewood PharmacyPartners GroupPharmacy
Home Helpers Home CareRiverGlade CapitalHome health
Life Spring RecoveryShore Capital PartnersBehavioral health
Unchained LabsThe Carlyle GroupDrug discovery
KCAS Bioanalytical & Biomarker ServicesVitruvian Partners, Konza Valley CapitalBiotech
TRAKnetWarburg PincusHealth tech
Bluestone Physician ServicesWindRose Health InvestorsPhysicians’ practice

Add-On Acquisitions

Company NamePE FirmAcquring EntityType
DS InPharmatics21 InvestProductLife GroupPharmaceuticals
Grosinger, Spigelman, & GreyAlpine InvestorsMidwest Vision PartnersEye care
Cataract & Eye Consultants of MichiganAlpine InvestorsMidwest Vision PartnersEye care
 Eye Surgery Center of MichiganAlpine InvestorsMidwest Vision PartnersEye care
Independent Medical Expert Consulting ServicesApax PartnersKEPROHealthcare consulting
DXC (Healthcare Providers Software Business)ArdianDedalusHealth tech
MYT Home Health CareBrookside Capital Partners, Devonshire Partners South Bay Home Health CareMedical supplies
Dental Services GroupCerberus Capital ManagementNational DentexDental services
MyEllevateClayton, Dubilier & RiceCynosureCosmetic surgical devices
Medix Specialty VehiclesClearspring Capital PartnersDemers AmbulancesManufacturer of ambulances
NV Eye SurgeryGauge CapitalComprehensive EyeCare PartnersEye care
Evergreen Eye CenterGauge Capital, GMB Capital PartnersComprehensive EyeCare PartnersEye care
Greenleaf HealthGHO CapitalValidantHealthcare consulting
ASICOGolub Capital, Audax GroupKatena ProductsMedical devices
Hearts for HospiceGrant Avenue CapitalValeo Home HealthcareHospice
Kozani HealthGreat Point PartnersValenzRevenue cycle management
Professional Rehabilitation Associates, PSCGryphon Investors, Harris Preston & PartnersPhysical Rehabilitation NetworkPhysical therapy
Upton HillH.I.G. CapitalConcord USAHealthcare consulting
Hospice De La LuzHealth Enterprise Partners, SV Health InvestorsJet HealthHospice
Doctor’s Choice HoldingsJ.H. Whitney Capital Partners, Bain CapitalAveanna HealthcareHome health
Healthfirst Medical GroupKain CapitalAkeso Medical HoldingsMedical clinic
Axiom DentistryLongshore Capital PartnersOakpointDental services
Kidney Treatment Center San AntonioNautic PartnersInnovative Renal CareRenal care
BioclinicaNordic Capital, Novo Holdings, Ares CapitaleResearch TechnologyPharmaceuticals
Erie Retinal SurgeryOMNI Ophthalmic Management ConsultantsNew MainStream CapitalEye care
Pharmacy Specialists Compounding PharmacyOsceola Capital ManagementRevelation PharmaPharmacy services
The Providence Home Health & HospicePharos Capital GroupCharter Health Care GroupHome health
Physicians Eyecare PlanPine Tree Equity PartnersIcare Health SolutionsEye care
Archetype InnovationsRevelstoke Capital PartnersCarrusHealth tech
Behavior Therapy ClinicRidgemont Equity PartnersThe Speech Pathology GroupBehavioral health
Forrest Eye CentersShore Capital PartnersEyeSouth PartnersEye care
Advanced VisionShore Capital PartnersEyeSouth PartnersEye care
Leesburg Veterinary HospitalShore Capital Partners, Golub CapitalSouthern Veterinary PartnersVeterinary services
Chelsea Animal HospitalShore Capital Partners, Golub CapitalSouthern Veterinary PartnersVeterinary services
Holt Veterinary ClinicShore Capital Partners, Golub CapitalSouthern Veterinary PartnersVeterinary services
Bethel Animal HospitalShore Capital Partners, Golub CapitalSouthern Veterinary PartnersVeterinary services
Eastgate Veterinary ClinicShore Capital Partners, Golub CapitalSouthern Veterinary PartnersVeterinary services
Halcyon Elder CareSilver Oak Services PartnersCaring PeopleCare management services
AidocStarr Investment Holdings, Heritage GroupRadiology PartnersHealth tech
PulsePointTemasek Holdings, KKRInternet BrandsHealthcare marketing
Gottlieb TempVarsity Healthcare PartnersDuvaSawkoRevenue cycle management
Sonodepot Ultrasound SolutionsVarsity Healthcare PartnersProbo MedicalMedical devices
Gastroenterology Associates of WyomingVarsity Healthcare PartnersGastro Care PartnersGastroenterology
Health Management SystemsVeritas CapitalGainwell TechnologiesPractice management
Loma Linda University Medical Center Home HealthVistria GroupMission HealthcareHome health
MicroconsultWarburg Pincus and Tilia HoldingsCertified LaboratoriesLaboratory services
H&H MedicalWater Street Healthcare PartnersCombat MedicalMedical supplies
Gastroenterology Health PartnersWebster Equity PartnersOne GIGastroenterology
The Dedham GroupWelsh, Carson and Anderson & StoweManaged Markets Insight and TechnologieHealthcare consulting




















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