An at-home respiratory care company in the Michigan market has caught the attention of private equity. Pontiac-based Advent Home Medical has been acquired by New Harbor Capital, an investor in lower middle market, growth-oriented business services, healthcare and education companies. No transaction terms were disclosed.
Founded in 2004, Advent Home Medical utilizes registered respiratory therapists to construct personalized care plans and deliver specialized hands-on support to acute respiratory patients in the home setting. The Company also provides a full complement of durable medical equipment and supplies necessary to support these therapies. Advent conducts more than 3,500 patient home visits per year throughout the state of Michigan.
In partnership with New Harbor, Advent Home Medical intends to continue growing within its core segment while leveraging its unique value proposition and broad delivery network to expand into adjacent high-acuity home healthcare verticals.
According to search results in our Healthcare Deals Database, this is New Harbor Capital’s first deal in the Home Health & Hospice sector. The private equity firm typically invests in sectors such as Physician Medical Groups, Behavioral Health Care and Rehabilitation. However, the firm is entering into a fiercely competitive market; at-home respiratory care companies have been hot targets for the past year. In December, AdaptHealth Corp. (NASDAQ: AHCO) spent $2 billion to acquire AeroCare Holdings, Inc. from SkyKnight Capital.
Protech Home Medical Corp. (TSXV: PHM) has announced two deals this year and three last year for smaller, at-home respiratory care companies, expanding its market reach in the Midwest and the central United States. More to come, we are sure.