Buyer: BelHealth Portfolio Company Care Advantage
Seller: Ready Hands
Sector: Home Healthcare, Personal Care
Care Advantage, a portfolio company of BelHealth Investment Partners, has acquired Alexandria, Virginia-based Ready Hands Inc, a provider of personal care services for the elderly and disabled. No financial terms were disclosed.
New York, NY and Richmond, VA – January 30, 2018 – Care Advantage, a leading provider of home healthcare services in the Mid-Atlantic and a BelHealth Investment Partners (“BelHealth”) portfolio company, announced the acquisition of Ready Hands, Inc.
(“Ready Hands” or the “Company”). This will be Care Advantage’s third acquisition since BelHealth’s investment in early 2017 and its first entry into the Northern Virginia market. Ready Hands currently services patients in Fairfax County, Arlington County, Alexandria City and Prince William County.
Ready Hands operates an agency in Alexandria, VA that provides private pay-based personal care services to the elderly and disabled. The Company, which was founded in 2002 by Dr. Robert “Granger” and Sue Benson, has grown substantially over the past several years and has an outstanding reputation for high quality patient care. Ready Hands provides services including bathing, hygiene, companionship, household chores, medication administration, and meal preparation.
William Mayes, CEO of Care Advantage, said, “The owners of Ready Hands have built an impressive business, and we look forward to bringing their team into the Care Advantage family. They have been laser-focused on quality patient care so the cultures of the two organizations will mesh well. I look forward to working with the Ready Hands team, caregivers, and patients and building upon the outstanding track record that has been established in the Northern Virginia market.”
Scott Lee, Managing Director of BelHealth and Care Advantage Board Member, added, “When we made our investment in Care Advantage, Northern VA was our number one target as a new geography. 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.”
About Care Advantage
Care Advantage is one of Virginia’s largest privately held home healthcare providers. The Company specializes in “one-on-one” quality nursing care in the home and is a one-stop shop for home healthcare services. Corporate headquarters are in Richmond, and there are 17 branch locations throughout the state.
The Company provides “private duty” nursing and personal care services such as bathing, dressing, and companionship and also provides “skilled” services primarily by licensed nurses.
About BelHealth Investment Partners
BelHealth Investment Partners, based in New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm invests across three core healthcare segments: Services, Products and Distribution. BelHealth is investing from its current $350 million fund.
What does this transaction mean for the strategic options for your healthcare business? For more information, contact Paragon Ventures at 800-719-1555 or visit us at www.paragonventures.com