BPOC has sold HealthPRO Heritage to Wellspring Capital Management. No financial terms were disclosed. Headquartered in Hunt Valley, Maryland, HealthPRO Heritage is a provider of therapy management and consulting services to nursing homes and long-term care facilities.
CHICAGO, April 16, 2021 /PRNewswire/ — BPOC is pleased to announce that it has completed the sale of HealthPRO Heritage (“HPH” or the “Company”) to Wellspring Capital Management.
Headquartered in Hunt Valley, Maryland, HealthPRO Heritage is a leading provider of therapy management and consulting services to nursing homes and long-term care facilities. The Company delivers outsourced management, compliance and technology to long-term care providers who span the care continuum that are looking to achieve improved clinical and financial outcomes and more comprehensive compliance programming.
BPOC partnered with HPH in 2015, with a vision of building upon the Company’s history of strong customer relationships and expanding the Company’s presence into adjacent markets and services. John Heller, HPH’s CEO, commented: “We are proud of all that we have accomplished during our partnership with BPOC, building HealthPRO Heritage into a market leader while maintaining our focus on providing the highest quality care to our patients and being a valued partner for our customers. We sincerely appreciate all of BPOC’s support, resources, and guidance over the last five years.”
Grant Patrick, Partner of BPOC, added, “It has been a privilege to work with John and the HPH management team and to support the Company through this period of impressive growth, including the addition of new end markets and multiple acquisitions. We are pleased with all that the Company has been able to achieve during our partnership, and we wish John and the management team the best as they continue into their next phase of growth.”
Cain Brothers, a division of KeyBanc Capital Markets, acted as the exclusive financial advisor to HPH, and Paul Hastings served as the legal advisor.
BPOC is a Chicago-based private equity management firm founded in 1996 to invest in middle-market buy-out transactions, recapitalizations, and growth platforms exclusively in the healthcare industry. BPOC has structured, managed and realized investments on behalf of institutional and individual investors for over two decades. BPOC targets investments in healthcare companies with up to $20 million in EBITDA with a focus on four sectors: providers, outsourced services, products and distribution, and pharmacy and pharma services.