Varsity Healthcare backs pediatric home-health provider Angels of Care

  • Offers home services to kids with complex conditions
  • 18 locations in Texas and Colorado
  • Varsity’s Emergency Care Partners merged with Ascension

Los Angeles private equity firm Varsity Healthcare Partners made a growth-equity investment in home-health-services provider Angels of Care.

Current management, including CEO Jessica Riggs, will continue to lead the company.

Founded in 2000 by Bonnie West, Angels of Care provides long-term home health services to pediatric patients with complex medical conditions.

Services include private-duty nursing care, skilled therapy, respite care and occupational therapy, among others.

The Sherman, Texas, company employs more than 3,000 clinicians across 18 locations in Texas and Colorado.

For Varsity, which invests exclusively in lower-middle-market healthcare-services companies, the transaction is its second this week.

The firm’s portfolio company, Emergency Care Partners, which it backs alongside Regal Healthcare Capital Partners, merged with Ascension Emergency Physicians, a Tuesday statement said.

Emergency Care Partners about two months ago merged with Progressive Emergency Physicians, more than doubling in size. The marriage created a combined company with north of $20 million in Ebitda, Buyouts reported.

In other recent platform investments, Varsity struck two deals in October, adding opioid-treatment provider Ideal Option and Probo Medical, a reseller of refurbished ultrasound systems.

The firm also owns Orthopaedic Institute, the largest provider of orthopedic services and ancillary offerings in north-central Florida.

Action Item: Varsity’s latest Form ADV: