Wellspring Capital Management LLC has recapitalized Maryland-based HealthPRO Heritage, a provider of therapy solutions across the post-acute continuum. No financial terms were disclosed.
PRESS RELEASE
NEW YORK, March 15, 2021 /PRNewswire/ — Wellspring Capital Management LLC (“Wellspring”), a New York-based private equity firm, today announced that it has recapitalized HealthPRO Heritage, a leading provider of therapy solutions across the post-acute continuum. Financial terms of the transaction were not disclosed.
Founded in 2007 and headquartered in Hunt Valley, Maryland, HealthPRO Heritage is one of the nation’s leading and most progressive providers of therapy and clinical solutions for skilled nursing, senior living and home health providers. The Company also provides school-based therapy, Early Intervention and ABA services for children. The organization, with over 12,500 valued professionals nationally, partners with leading post-acute providers to deliver customized therapy solutions in 42 states. HealthPRO Heritage has a long history of using evidence-based outcomes to drive clinical excellence, compliance, and market-share for its customers.
Alex Carles, a Managing Partner at Wellspring, said, “Our investment in the HealthPRO Heritage management team is an exciting opportunity to build on Wellspring’s success in the healthcare sector. HealthPRO Heritage has a demonstrated and impressive track record of successfully navigating the various reimbursement and operating challenges in the industry, including most recently the transition to the new PDPM & PDGM payment models and the current COVID crisis. The Company’s culture of partnering with its customers to ensure their success shined brightly through our market research findings. We are very excited to partner with the HealthPRO Heritage management team, led by John Heller, to support the Company through its next phase of growth and innovation.”
John Heller, CEO of HealthPRO-Heritage, added, “Wellspring has invested significant time and resources into developing an investment thesis in the therapy solutions space. We are very pleased that Wellspring has invested in HealthPRO Heritage given the firm’s history of building successful businesses in the healthcare sector and helping companies to accelerate their growth plans. We are extremely proud of what our valued employees and management team have accomplished to have attracted a partner like Wellspring. We will continue to pursue our mission of providing the highest quality of care to our patients, being a true solutions-oriented partner to our customers, and providing an environment where our professional therapists can exercise their clinical judgement.” Current management retains a significant ownership position and is excited to lead the Company through its next phase of growth.
About Wellspring Capital Management
Wellspring Capital Management is a leading private equity firm headquartered in New York. Since its founding in 1995, Wellspring has raised over $4.0 billion of initial capital commitments through six private equity funds. Over the past 20 years, Wellspring has invested in over 35 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic partner, providing management teams with top-line support, M&A experience, financial expertise and access to resources. For additional information, please visit www.wellspringcapital.com.
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