Fortis Home Health & Hospice, a portfolio company of middle-market private equity firm Grant Avenue Capital, announced on January 11 that it purchased Physiocare Home Health and Hospice. Grant Avenue Capital provided the equity financing for the transaction.
Physiocare Home Health and Hospice is a Medicare-certified home health and hospice provider that operates in Indiana.
Fortis Home Health & Hospice is Grant Avenue Capital’s home-based care buy and build initiative that was launched in December 2020. It has locations in Indiana and Utah.
Fortis’ purchase of Physiocare marks the company’s fourth completed acquisition and expands its footprint in the Midwest. The deal was facilitated by the Austin, Texas-based M&A advisory firm Agenda Health. Terms were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the second Home Health & Hospice (HH&H) transaction of the year. Just a few days prior, on January 8, New Day Healthcare announced its acquisition of Compassion Hospice in Beaumont, Texas for an undisclosed price. During 2023, there were 95 HH&H transactions announced.
