Professional Healthcare, an acquisition platform sponsored by Mainsail Partners, has acquired Home Health Services Inc., a St. George, Utah-based provider of home nursing and hospice services. No financial terms were disclosed.
Mainsail Partners, a private equity firm focused on building businesses in conjunction with management, and its portfolio company, Professional HealthCare, a holding company formed to acquire and grow leading regional providers of home nursing, hospice and private duty services, today announced the acquisition of Home Health Services, Inc. (“HHS”) of St. George, Utah.
“Since we partnered with John Griscavage to build Professional HealthCare, company revenue has grown over 300% through a combination of strong organic efforts and disciplined acquisitions,” said C. Jason Payne, Managing Partner, Mainsail Partners. “With the recent addition of HHS, Professional HealthCare enters the next phase of growth opportunity with its entry into two new states.”
HHS is the third company to be acquired by Professional HealthCare over the last two years. Mainsail invested in a recapitalization of the original business in August 2006 and has since acted as the “outsourced” corporate development arm of the company, identifying and evaluating multiple acquisition opportunities in partnership with Professional HealthCare. Professional HealthCare previously acquired Haven Home Health in January 2008 and Victorian Home Care in June 2008 with additional financing from Mainsail.
“We are excited about the growth opportunities afforded by this acquisition. The high quality clinical focus of the team at HHS is a perfect complement with our other home health and hospice agencies and branches,” said John Griscavage, CEO of Professional HealthCare. “As a valued partner in our business, Mainsail Partners provides an informed perspective on strategy and financing, which has been instrumental to our completion of this acquisition and our company’s ongoing success.”
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About Professional HealthCare
Professional HealthCare is a holding company formed to build leading regional providers of home nursing, hospice and private duty services. Professional HealthCare’s subsidiaries deliver highquality, patient-centric care through operations in California, Arizona, Nevada and Utah. For more information, please visit www.professionalhc.com.
About Mainsail Partners
Founded by Jason Payne and Gavin Turner in 2003, Mainsail Partners is a private equity firm that invests exclusively in profitable, growing and “bootstrapped” companies in the United States and Canada. With $150 million under management, Mainsail provides both the capital and experience to lead successful management buyouts, recapitalizations and growth equity investments. They work in partnership with management to build their portfolio companies into market leaders. For more information, please visit www.mainsailpartners.com.