Fortis Well being has acquired Physiocare Dwelling Well being and Hospice, a Medicare-certified dwelling well being and hospice supplier working in Indiana. Grant Avenue Capital – a mid-market personal fairness agency – supplied the fairness financing for the transaction.

“We’re extraordinarily excited concerning the alternative to companion with Physiocare and develop our current providers in Indiana,” Rob Radics, CEO of Fortis Well being, stated in a information launch. “Physiocare has a superb workforce of devoted physicians and workers, in addition to a service-oriented tradition that matches nicely with Fortis. We count on to develop our attain and develop entry to care in the neighborhood by constructing on Physiocare's sturdy basis of high-quality affected person care and wonderful customer support.”

Based in 2020, Fortis owns and operates dwelling well being and hospice areas in each Indiana and Utah.

Fortis areas embody Choose Dwelling Well being & Hospice in Indiana and Valeo Dwelling Well being & Hospice in Utah. Grant Avenue Capital is Fortis's foremost monetary sponsor.

“Indiana is a core marketplace for Fortis and the partnership with Physiocare permits the corporate to additional develop its service providing,” stated Alex Ferree, managing director of Grant Avenue Capital, within the press assertion. “We plan to additional develop Fortis by means of continued investments in its scientific and management groups mixed with strategic acquisitions, partnerships and the launch of latest areas.”

Fortis' buy of Physiocare marks the corporate's fourth accomplished acquisition. The deal was facilitated by Austin, Texas-based M&A consultancy Agenda Well being.

When Radics took over as CEO of Fortis final yr, the corporate introduced its plans to develop additional. The corporate's growth plans embody strategic acquisitions and partnerships, in addition to de novos.

Final yr, Radics instructed Dwelling Well being Care Information' sister web site, Hospice Information, concerning the firm's plan to concentrate on growth within the Midwest, whereas additionally figuring out corporations led by its founders as potential acquisition targets.

“We now have a Midwest platform and now we have a Rocky Mountain platform,” he beforehand instructed Hospice Information. “We wish to proceed to construct density in these markets. We actually just like the alternatives we are able to purchase from founders. From my experiences I’ve labored for small, medium and enormous corporations, and there may be nice worth in every of those environments. However this firm is all concerning the folks and the popularity and goodwill they’ve earned within the communities by means of the affected person care they supply. And people founder-led corporations typically appear to have a really sturdy tradition. Our objective is to establish and companion with founder-led corporations, and maybe there is a chance for the founders to maneuver on in the event that they select.”