Canadian private equity firm Penfund has made a US$75 million second-lien debt investment in Aveanna Healthcare, an Atlanta, Georgia-based pediatric home healthcare company serving medically fragile children. Aveanna, which is owned by U.S. private equity firms Bain Capital, J.H. Whitney Capital Partners and other investors, including Penfund, was launched in a merger last month. The transaction brought together PSA Healthcare and Epic Health Services. PSA previously secured US$53.5 million in financing from Penfund. The Toronto-based investor raised $724 million for its fifth mid-market fund in 2016.
Penfund Announces U.S. $75 Million Investment in Aveanna Healthcare
TORONTO, April 06, 2017 (GLOBE NEWSWIRE) — Penfund, an independent provider of junior capital to middle market companies located in the United States and Canada, announced today the completion of a U.S. $75 million 2nd lien debt investment in Aveanna Healthcare (“Aveanna”). Aveanna was formed through the merger of Epic Health Services (“Epic”) and PSA Healthcare (“PSA”) and is owned by Bain Capital Private Equity, J.H. Whitney Capital Partners, management and other investors including Penfund.
Headquartered in Atlanta, Georgia, Aveanna is the largest pediatric home healthcare company in the United States, providing essential nursing services to medically fragile children in 23 states. The company is led by a seasoned management team including Rod Windley as Executive Chairman, Tony Strange as CEO, and Jeff Shaner as COO who were formerly executives with PSA and Gentiva Health Services.
“We are pleased to support Aveanna Healthcare as it joins two best-in-class operators in Epic and PSA,” stated Nicole Fich, a partner at Penfund. “Penfund has previously had the pleasure of partnering with PSA on multiple occasions and we believe the merger will allow Aveanna to deliver high quality, comprehensive care to pediatric patients and provide critical support to their families.”
Adam Breslin, a partner at Penfund, added “We are delighted to invest in Aveanna. With its scale and focus on pediatric home nursing, we believe Aveanna is uniquely positioned to be a dependable and valued partner to patients, hospitals, referral sources and payors.”
About Aveanna Healthcare
Based in Atlanta, Ga., Aveanna Healthcare is the nation’s largest and preeminent provider of pediatric home care. Aveanna has 180 locations in 23 states, with 26,000 caregivers currently serving over 40,000 patients. A privately-owned company, Aveanna is dedicated to providing outstanding care with compassion, quality and clinical excellence.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund V, which has $724 million of committed capital. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently exceed $1.2 billion.
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Photo courtesy of Epic Health Services