Providence Service Corp to acquire PE-backed Matrix Medical for $400 mln

Providence Service Corp has agreed to buy Matrix Medical Network, a portfolio company of Welsh, Carson, Anderson & Stowe, for $400 million. Ropes & Gray advised Welsh, Carson, Anderson & Stowe and Matrix Medical Network on the transaction. Based in Scottsdale, Arizona, Matrix is a provider of in-home health assessments and care management solutions.

PRESS RELEASE

Providence Service Corporation Acquires Matrix Medical Network for $400 Million

Ropes & Gray advised Welsh, Carson, Anderson & Stowe and CCHN Group Holdings (Matrix Medical Network) in the sale of Matrix to Providence Service Corporation in a deal announced Sept. 18. Providence will acquire Matrix, a leading provider of in-home health assessments and care management services, for an aggregate purchase price of $400 million.

The Ropes & Gray team included private equity partner Christopher Rile (New York), finance partners Steven Rutkovsky and Stefanie Birkmann (both of New York), securities & public companies partner Carl Marcellino (New York), health care partner Timothy McCrystal (Boston), tax partner Leo Arnaboldi (New York), private equity counsel Christopher Parsons (New York), benefits counsel Allie Alperovich (New York), and intellectual property transactions counsel Thomas Burke (New York).