Care Advantage, a portfolio company of BelHealth Investment Partners, has acquired Ready Hands.
Ready Hands provides private pay personal care services to the elderly and disabled. Services include bathing, hygiene, companionship, household chores, medication administration, and meal preparation. Ready Hands, headquartered in Alexandria, VA, services patients in Fairfax County, Arlington County, Alexandria City and Prince William County. The company has approximately 100 employees and was founded in 2002 by Dr. Robert Benson and Sue Benson (www.readyhands.com).
Care Advantage is one of Virginia’s largest privately held home healthcare providers. The company specializes in nursing care in the home and provides private duty nursing and personal care services such as bathing, dressing and companionship and also provides skilled services primarily by licensed nurses. Care Advantage has 17 branch locations throughout Virginia and is headquartered in Richmond (www.careadvantageinc.com).
“When we made our investment in Care Advantage, Northern Virginia was our number one target as a new geography,” said Scott Lee, Managing Director of BelHealth. “This acquisition expands our census and provides access to a population of two million people. Care Advantage has been focused on building its personal care business, and Ready Hands brings new capabilities and geographical presence. We are positioning ourselves for exponential growth with this acquisition.”
The buy of Ready Hands is Care Advantage’s third add-on acquisition since BelHealth acquired the company in January 2017 and is its first entry into the Northern Virginia market. The two earlier add-on acquisitions were the May 2017 buy of Stay at Home Personal Care, a provider of in-home non-skilled personal care services, which strengthened Care Advantage’s presence in Southeastern Virginia and added six new counties of coverage; and in December 2017 it acquired Care Solutions, also a provider of in-home non-skilled personal care services to the Southeastern Virginia market.
BelHealth Investment Partners invests from $20 million to $50 million in companies in three healthcare segments: services, products, and distribution. The firm is currently investing out of its second fund which closed in June 2015 at the hard cap of $350 million. Fund I was raised in 2012 with $150 million of committed capital. BelHealth is headquartered in New York (www.belhealth.com).
© 2018 Private Equity Professional | January 31, 2018