Bain Capital to acquire PSA Health

Bain Capital Private Equity has agreed to acquire PSA Healthcare, which is owned by J.H. Whitney Capital Partners. No financial terms were disclosed. PSA Healthcare will merge with Epic Health Services, which Bain Capital agreed to acquire in December. Edge Healthcare Partners was financial adviser to PSA on the transaction. Based in Atlanta, PSA Healthcare, provides home nursing services to medically fragile children.


Atlanta, GA and Dallas, TX – January 17, 2017 – PSA Healthcare (“PSA”) announced today that it has signed a definitive merger agreement to be acquired by a newly-formed affiliate of Bain Capital Private Equity. In December, Bain Capital Private Equity announced its entry into an agreement to acquire Epic Health Services. As a result of the transactions, PSA and Epic Health Services will combine to form a preeminent provider of pediatric home health care services. Financial terms of the transactions were not disclosed.

Under the agreement announced today, the current equity holders of PSA, including its senior management team and J.H. Whitney Capital Partners, its current majority owner, have agreed to roll over their current ownership interests into the newly-formed affiliate that will bring together world class management of two of the nation’s leading, comprehensive pediatric home care providers.

The new, combined leadership would be led by current PSA Chairman Rod Windley as Executive Chairman, current PSA Chief Executive Officer Tony Strange as Chief Executive Officer, and several members of the current Epic Health Services senior management team.

Rod Windley, Chairman of PSA, said: “The combination of these two companies promises to create a unique and highly differentiated pediatric care platform that offers the highest quality care and the best clinical outcomes for our patients. Together, we have the opportunity to become the fastest growing and most efficient provider network of home care to medically fragile children in the United States. We are excited to continue the expansion of the combined business by delivering a comprehensive service model to our patients in their preferred setting – at home.”

Chris Roussos, President and Chief Executive Officer of Epic Health Services, said: “This is an ideal match that will extend our geographic reach and enhance our unique pediatric care continuum and its services of private duty skilled nursing, therapy, development services, and home medical solutions, including enteral nutrition, respiratory, pharmacy, and medical supplies. Epic and PSA are united by a shared commitment to compassionate care and clinical excellence. I’m excited for the employees of Epic, and I see a bright future ahead for the combined companies as we continue to serve and provide for our medically fragile patients.”

Chris Gordon, a Managing Director at Bain Capital Private Equity, said: “We are excited to work with both Epic Health Services and PSA to extend the combined company’s comprehensive value proposition to patients and families and to continue their strong track record of growth and delivery of cost effective care. Through our experience investing across the healthcare value chain, we know that home health care is absolutely critical to achieving better healthcare outcomes in a cost effective manner.”

Steven Rodgers, a Managing Director at J.H. Whitney, said: “Our original investment in PSA reflected our strong belief in the future of the important area of home health care. The need for the kind of high quality services the combined company will provide grows every day. Rod and his team have a long track record of building great businesses both organically and through the integration of acquisitions, creating significant value in this sector. We were enthusiastic supporters of PSA and believe the combined company will be well positioned for continued profitable growth.”

The Epic Health Services and PSA transactions are expected to close late in the first quarter of 2017, subject to certain regulatory approvals and satisfaction of other customary closing conditions as to each company.

Edge Healthcare Partners served as PSA’s financial advisor, and Greenberg Traurig LLP as its legal advisor. Dechert LLP served as legal advisor to J.H. Whitney. Kirkland & Ellis LLP served as legal advisor to Bain Capital Private Equity.

About PSA Healthcare
Based in Atlanta, Ga., PSA Healthcare has been a recognized leader in pediatric and adult home care for more than 30 years. PSA has more than 75 locations in 16 states, including Florida, Georgia, Pennsylvania, Colorado, Texas and Louisiana. A privately owned company, PSA is dedicated to providing Trusted Care with compassion, quality, and clinical excellence. For more information, visit

About Epic Health Services
Epic Health Services was founded in 2001 and has since become the leading national provider of pediatric private duty skilled nursing, therapy, developmental services, and home medical solutions, including enteral nutrition, respiratory, pharmacy, and medical supplies. Epic also provides a spectrum of adult home health care services including skilled nursing, therapy, personal care, behavioral health nursing, enteral nutrition, and medical supplies. In 2016, the Epic Team served and provided life-sustaining care to patients in 21 states, helping them and their families to thrive, not merely survive. Success in health care requires the delivery of exceptional care that meets the needs of patients, families, payers, regulatory agencies, and society. By maintaining a focus on high quality care, extraordinary customer service, and compliance, Epic continues to grow its best-in-class, pediatric continuum of care to serve even more patients across the United States. For further information, please visit

About Bain Capital Private Equity
Bain Capital Private Equity ( has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 220 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About J.H. Whitney Capital Partners
Established in 1946 by the industrialist and philanthropist, John Hay “Jock” Whitney, J.H. Whitney was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, J.H. Whitney remains privately owned by its investing professionals and focuses on providing private equity capital to small and middle market companies with strong growth prospects in a number of industries including consumer, healthcare, specialty manufacturing and business services. For more information, visit