Varsity Healthcare Partners Completes Sale of Angels of Care

Varsity Healthcare Partners Completes Sale of Angels of Care

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... Read More »
Innovative Renal Care Acquires American Renal Associates

Innovative Renal Care Acquires American Renal Associates

Innovative Renal Care, a portfolio company of Nautic Partners, has significantly expanded its network through a new acquisition. The dialysis provider has added American Renal Associates Holdings, Inc. (NYSE: ARA) for $853 million, or $11.50 per share in cash, representing an approximate premium of 66% to the company’s closing price on October 1, 2020. The price includes net debt. ARA is a leading provider of outpatient dialysis services in the United States. As of June 30, 2020, ARA operated 251 dialysis clinic locations in 27 states and the District of Columbia serving more than 17,300 patients with end-stage renal disease. ARA generated 12-month revenues of $815.8 million with EBITDA of... Read More »

New PE Players in the Behavioral Health Market

The behavioral health care market just a little more competitive, as Odyssey Behavioral Healthcare and Community Intervention Services each announced acquisitions last week. Odyssey Behavioral was formed in May as a partnership between Nautic Partners LLC and Odyssey’s now-CEO, Scott Kardenetz, a 25-year veteran of the BHC industry. Their first acquisitions are Pasadena Villa Psychiatric Residential Treatment Centers in Sevierville, Tennessee and Orlando, Florida, and Lifeskills South Florida, in Deerfield Beach. Community Intervention Services, a portfolio company of H.I.G. Growth Partners, acquired Futures Behavior Therapy Center, LLC in Beverly, Massachusetts, adding to its own... Read More »

Nautic Partners Exits, HealthSouth Buys In

Nautic Partners made a grand exit last week as it sold Reliant Hospital Partners, LLC to HealthSouth Corporation (NYSE: HLS) for $730 million. Reliant operates a portfolio of 11 inpatient rehabilitation hospitals in Texas, Massachusetts and Ohio, plus three inpatient satellite locations in Massachusetts, for a total of 902 beds. All of the hospitals are leased. Operating entities at seven of the hospitals include minority limited partners whose interest represents less than 10% of the equity of the combined Reliant operating entities. HealthSouth will assume the lease obligations of all the acquired hospitals. Based on the structure of the transaction, it expects to realize a tax benefit... Read More »