Comvest Partners said Tuesday that it has completed its buy of D&S Community Services. Financial terms weren’t announced. D&S provides residential and community-based services to individuals with intellectual and developmental disabilities. Cadence Bank, Fifth Third Bank, and Patriot Capital provided financing for the transaction. McDermott Will & Emery served as legal advisor to Comvest.
WEST PALM BEACH, FL–(Marketwired – January 05, 2016) – Comvest Partners (“Comvest”), today announced that it has completed the acquisition of D&S Community Services (“D&S” or “the Company”), a leading provider of residential and community-based services to individuals with intellectual and developmental disabilities (IDD). This investment is Comvest’s second out of its latest private equity fund, Comvest Investment Partners V, which closed in October 2015 with $893 million in capital commitments.
Founded in 1991 and headquartered in Austin, Texas, D&S provides a full array of services specifically designed to meet the needs of individuals with intellectual and developmental disabilities in Texas, Tennessee, and Kentucky. The Company’s residential and community-based services include supported group home living, Intermediate Care Facilities, foster care, in-home support, day habilitation programs, and specialty therapy and nursing services.
“The trend in healthcare has been to move individuals with disabilities from large institutions to home and community-based settings. D&S serves as an excellent platform that enables states to provide a variety of in-home and community supports to improve the continuity and quality of care for these individuals,” said Roger Marrero, Partner at Comvest Partners. “We look forward to partnering with Mickey Atkins and the existing management team to help grow and expand the organization in both existing and new states.”
“Our industry is continuing to change in both sophistication and complexity. There is great demand for providers that can meet these needs. We’re excited to team up with Comvest and leverage their experience in growing companies such as ours. This allows D&S a new opportunity to expand our services across multiple states and reach even more families and individuals in need of quality community supports,” said Mickey Atkins, President and CEO at D&S.
McDermott Will & Emery served as legal advisor to Comvest Partners. Cadence Bank, Fifth Third Bank, and Patriot Capital provided financing for the transaction.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested $1.9 billion in over 135 companies. Today, Comvest’s funds have $2.5 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance.
About D&S Community Services:
D&S is a leading multi-state provider of IDD services whose mission has been to provide premier community supports since inception in 1991. Over the past 25 years D&S has transitioned from a family-owned operation to a professionally-managed business that provides supports to consumers across 25 regional offices. Through quality operations and innovative leadership D&S is ensuring successful community living for a vulnerable and important population.