Varsity Healthcare Partners (VHP), a Stamford, Connecticut-based lower middle-market private equity investment firm, announced on February 13 it closed its sale of Angels of Care to Nautic Partners.
VHP originally acquired a majority stake in Angels of Care in April 2019 and, during the course of its investment, partnered with the management team to expand Angels of Care’s geographic service area from two states to seven and grow into one of the largest pediatric home healthcare providers in United States. Now, VHP is selling its stake in the company. Terms of the transaction were not disclosed.
Angels of Care provides comprehensive home health services to pediatric patients with complex medical conditions. It employs more than 5,000 private duty nurses, skilled nurses, physical therapists, occupational therapists, speech therapists, attendants, certified nursing aides and specialists. The company provides services across Texas, Colorado, Arizona, Florida, South Carolina, North Carolina and Pennsylvania.
Nautic Partners is a middle-market private equity firm based in Providence, Rhode Island. Nautic has completed more than 155 platform transactions throughout its 37-year history. The firm seeks to invest through means of add-ons, buyouts, leveraged recapitalization and growth capital. The firm prefers to invest in the healthcare, industrial and services sectors based in North America.
According to data captured in the LevinPro HC database, this transaction represents the ninth Home Health & Hospice (HH&H) transaction of 2024. There were 97 HH&H transactions announced during 2023, and 113 during 2022.
