WindRose Health Investors has completed an equity recapitalization of Bluestone Physician Services. Bluestone provides an integrated care delivery model to more than 22,000 high-risk, chronically ill patients residing in senior living, community, and other home-based settings. TripleTree advised WindRose, while Houlihan Lokey advised Bluestone.
(New York, NY) April 14, 2021 – WindRose Health Investors, LLC (“WindRose”), a healthcare-focused private equity firm, announced the completion of an equity recapitalization of Bluestone Physician Services (“Bluestone” or the “Company”). Bluestone provides an integrated care delivery model to more than 22,000 high-risk, chronically ill patients residing in senior living, community, and other home-based settings. The Company deploys its multi-dimensional care model focused on the home through primary care, care coordination, and behavioral health services to complex geriatric and disabled patients in Minnesota, Wisconsin, Florida, and Virginia. Terms of the transaction were not disclosed.
WindRose partnered with Bluestone’s executive team to recapitalize the business and provide additional capital to support future growth. With WindRose’s investment, Bluestone will be able to accelerate its expansion into new markets, further penetrate existing markets, and strengthen relationships with healthcare payors through value-based contracting arrangements. Dr. Todd Stivland, Bluestone’s Founder and Chief Executive Officer, and the existing executive leadership team will continue to own a significant minority position in the Company going forward.
Dr. Stivland commented, “The average Bluestone patient is over 80 years old and has more than eight chronic conditions, requiring a robust integrated care model that goes beyond standard primary care. We are thrilled to have a like-minded partner in WindRose who believes in the importance of care management to improve outcomes and quality of life for our patients. WindRose’s deep relationships with healthcare payors and experience in value-based care will be incredibly valuable as we look to enter the next phase of our growth.”
“WindRose is excited to partner with Dr. Stivland and Bluestone’s talented leadership team,” said Alex Buzik, Partner at WindRose. “Bluestone is a differentiated platform that has proven its ability to provide high quality, integrated care to an extremely fragile population in the residential setting and successfully bend the cost of care curve. We believe Bluestone has significant growth potential as it captures an increasing share of the value and cost savings it generates, and as the market continues to shift toward value-based care solutions. This new investment for WindRose addresses two long-standing investment initiatives we have proactively pursued in the complex population and value-based primary care sectors.”
TripleTree, LLC acted as financial advisor to WindRose and Houlihan Lokey acted as exclusive financial advisor to Bluestone. McDermott Will & Emery LLP acted as legal advisor to WindRose and Faegre Drinker Biddle & Reath LLP acted as legal advisor to Bluestone.
Established in 2006, Bluestone Physician Services provides on-site care and care coordination services to high-risk, geriatric and disabled patients in senior living, community and home-based settings in Minnesota, Wisconsin, Florida, and Virginia. Bluestone’s highly specialized teams deliver focused and comprehensive care to patients where they live. Regularly scheduled visits and close collaboration with patients, families and community staff lead to better care for those with chronic conditions, including dementia.
To learn more, visit www.bluestonemd.com.
WindRose Health Investors, LLC (“WindRose”) makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $1.2 billion in investments and is currently investing out of its fifth fund. WindRose is based in New York City and invests in companies throughout the United States.