Aveanna Healthcare has been formed by Bain Capital Private Equity and J.H. Whitney Capital Partners through the merger of Epic Health Services, a Bain portfolio company, and PSA Healthcare, a portfolio company of J.H. Whitney. Bain closed on the acquisition of Epic Health Services, a portfolio company of Webster Capital, just a few days ago.
According to Bain and J.H. Whitney, Aveanna Healthcare is now the largest pediatric home healthcare company in the nation with 180 locations in 23 states and 26,000 caregivers currently serving over 40,000 patients. Aveanna is led by Executive Chairman Rod Windley, CEO Tony Strange, and COO Jeff Shaner. All were formerly executives with PSA and Gentiva Health Services. David Hagey, CFO of Aveanna, was previously with Epic Health Services. Aveanna Healthcare is based in Atlanta (www.aveannahealthcare.com).
Epic Health Services has been a portfolio company of Webster Capital since August 2010. The company is a provider of pediatric home health and therapy services as well as adult home health services. The company provides care to more than 38,000 patients and its services include nursing, therapy, personal care and behavioral health nursing. Epic was founded in 2001 and is based in Dallas (www.epichealthservices.com).
PSA Healthcare, acquired by J.H. Whitney in March 2015, is a provider of home care services for medically fragile children. PSA provides care to more than 2,500 patients across 16 states through over 78 offices. PSA is based in Atlanta (www.psahealthcare.com).
Bain Capital Private Equity was founded in 1984 and invests in the consumer and retail; financial and business services; healthcare; industrials; and technology, media and telecommunications sectors. The firm has offices in New York and Boston (www.baincapitalprivateequity.com).
J.H. Whitney invests in small and middle market companies that are active in the consumer, healthcare, specialty manufacturing, and business services sectors. The firm was founded in 1946 and is based in New Canaan, CT (www.whitney.com).
Webster Capital invests in branded consumer, business-to-business, and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values from $20 million to $100 million. At present, Webster has $600 million under management and is currently investing its third fund which closed in 2014 with $400 million in capital commitments. The firm was founded in 2003 and is based in the Boston suburb of Waltham (www.webstercapital.com).
Goldman Sachs (www.goldmansachs.com) was the financial advisor to Epic Health Services on this transaction and Edge Healthcare Partners (www.edgehealthcarepartners.com) advised PSA.
© 2017 Private Equity Professional | March 17, 2017
