The private equity company Nautic Partners has completed one of the first PE-driven deals of 2024.
Announced Tuesday, the firm is acquiring the McKinney, Texas-based Angels of Care from Varsity Healthcare Partners.
“I am extremely grateful to the entire VHP team for their extensive capital, operational and strategic support, which was instrumental in enhancing the growth and success of AOC during our partnership,” Angels of Care CEO Jessica Riggs said in a statement.
Angels of Care providers private-duty nursing, skilled nursing, respite care and a range of therapy services in the home to medically complex children and young adults. The company employs more than 2,000 private-duty nurses, skilled nurses, physical therapists, speech therapists, attendants and specialists.
Its footprint currently spans Texas, Colorado, North Carolina, South Carolina, Florida, Arizona and Pennsylvania. That reach grew from two states to seven states under Varsity Healthcare Partners’ watch, which began in 2019.
In comes Nautic Partners, which already has home health assets in its portfolio. It is one of the backers of the April Anthony-led VitalCaring, along with The Vistria Group.
Based in Providence, Rhode Island, Nautic Partners is a middle-market private equity firm with three major industry focuses, one of which is health care.
The company has historically invested in community-based health care providers, including those in behavioral health, primary care and post-acute management. It also backs Integrated Home Care Services (IHCS).
Private equity dealmaking has been slow in home-based care over the last couple of years, after a surge in 2020 and 2021. But most experts are expecting it to tick up in 2024, particularly if interest rates come down. Terms of the Angels of Care deal were not disclosed.
In 2023, the M&A market for healthcare companies continues to build on STRATEGIC opportunities in the current market. The strategic corporate buyers and private equity investors remain committed to acquiring strong businesses that are well prepared for a transaction. Across the continuum of care, these buyers and investors are looking for well established, profitable businesses and offering prime valuations and options for management.
Do you know the current market value of your business? We do! We are here to help you plan, prepare, explore and succeed in executing your strategic options.
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