Post Capital exits Invo HealthCare at a 6.5x return

Post Capital Partners is expected to make about 6.5x its money with the sale of Invo HealthCare Associates, a source said.

Wicks Group of Cos said Jan. 9 that it had recapitalized Invo HealthCare. Terms of the deal, which closed Dec. 23, weren’t announced. Post Capital is retaining a minority stake.

Founded 1993, Invo, of Jamison, Pennsylvania, provides school and community therapeutic services for individuals with autism and special needs and for their families.

Post’s investment in Invo dates to 2013 when it also recapitalized Invo. In March, the company acquired Progressus Therapy, a provider of school-based therapy and early-intervention services for school districts and communities.

Post Capital put Invo Healthcare up for sale last year. Cain Brothers advised on the auction.

The Invo deal is the latest in the autism sector. Summit Partners was expected to invest in Center for Autism & Related Disorders, Buyouts reported in December.

New York-based Post Capital invests in lower-middle-market companies with revenue of $10 million to $150 million. Sectors include healthcare services, niche manufacturing and consumer products. Post Capital will take minority or majority control.

The investment in Invo came from Post Capital Equity Partners II LP, a 2007 vintage fund, Preqin said. Post Capital’s third pool collected $101 million in 2015, Preqin said.

Wicks, New York, also targets the lower middle market. The firm typically invests $20 million to $50 million equity per deal and seeks controlling equity stakes. Wicks focuses on sectors including information, education and media. The firm’s fourth buyout fund closed at $414 million on 2012, Preqin said.

Winston & Strawn and Benesch Friedlander Coplan & Aronoff were Invo’s attorneys. RSM US provided accounting, while Crowe Horwath supplied tax advice to Invo.

Invo and Wicks could not be reached for comment.

Action Item: Contact Invo CEO Anthony Manley: +1 215-489-8760

Photo courtesy ©iStock/MariaDubova