Bain Capital Double Impact and HealthDrive are wasting no time to expand. Although the private equity firm just acquired Healthdrive back in January, the portfolio company announced in February that it’s acquired New England Geriatrics.
Founded in 1989, HealthDrive provides on-site dentistry, optometry, podiatry and audiology services to residents in long-term care facilities. New England Geriatrics will complement those services with its psychiatric services, currently provided to more than 13,000 patients in over 129 geropsychiatric hospital units, long-term care facilities, rest homes and assisted living facilities throughout Massachusetts and Connecticut. With a new behavioral health platform, HealthDrive can now provide a wider range of services in the long-term care market.
In the past few months, Bain Capital Double Impact has made significant acquisitions to build a national healthcare platform. It created Arosa+LivHOME, a national in-home care and care management provider, when it bought and merged the companies in October. Following that purchase, Arosa+Livehome acquired Partners in Senior Care, who provide private home care services, geriatric care management, and wellness and financial planning for future geriatric care. This acquisition allows Arosa+LivHOME to leverages existing expertise from Arosa’s home care business to create opportunities for growth. And according to the release, Arosa+LivHOME have acquisition plans to grow even further.
None of these deals disclosed terms. Bain Capital Double Impact, the impact investing business of Bain Capital, specializes in lower middle-market buyouts/acquisitions and investments. The fund seeks to invest between $10 million and $40 million and typically acquires majority stakes.
