Edge Healthcare Partners is pleased to announce that PSA Healthcare, Inc. (“PSA”), a leading provider of pediatric home care for children with medical complexities, has completed its previously announced merger with Epic Health Services to form newly-named Aveanna Healthcare (“Aveanna” or the “Company”). The terms of the transaction, which closed on March 16, 2017, were not disclosed. Edge Healthcare Partners originated the transaction and served as the exclusive financial advisor to PSA Healthcare.
Headquartered in Atlanta, Georgia, Aveanna is now the largest pediatric home healthcare company in the nation providing a unique and highly differentiated pediatric care platform that offers the best clinical outcomes for medically fragile children in 23 states. The Company is led by a seasoned management team including Rod Windley as Executive Chairman, Tony Strange as CEO and Jeff Shaner as COO. All were formerly executives with PSA and Gentiva Health Services. David Hagey, CFO of Aveanna, was previously with Epic Health Services. Aveanna is owned by Bain Capital (“Bain Capital”) Private Equity and J.H. Whitney Capital Partners (“J.H. Whitney”) in partnership with former PSA management.
“We are excited to continue our mission to serve patients and their families as Aveanna,” said Mr. Windley. “The team at Edge Healthcare Partners was instrumental in bringing our vision for a combined company to fruition. Their dedication, insight and capabilities allowed PSA to successfully put the strategic and financial components of this transaction together.”
“The team at Edge Healthcare Partners was honored to represent the PSA and J.H. Whitney teams in originating and negotiating this complex transaction,” said J. Todd Watkins, Partner of Edge Healthcare Partners. “By aligning the tremendous managerial talent of the Company’s executive team with the financial resources and experience of Bain Capital and J.H. Whitney, we firmly believe that Aveanna is poised to further expand upon its position as one of the nation’s leading post-acute healthcare providers.”
The transaction highlights the depth and breadth of Edge Healthcare Partners’ knowledge, experience and expertise in the post-acute healthcare sector. This transaction marks Edge’s sixth pediatric home health transaction since the beginning of 2016.
About Aveanna Healthcare
Based in Atlanta, Georgia, Aveanna Healthcare is the nation’s largest and preeminent provider of pediatric home care. Aveanna has 180 locations in 23 states, with 26,000 caregivers currently serving over 40,000 patients. A privately-owned company, Aveanna is dedicated to providing outstanding care with compassion, quality and clinical excellence. For more information, visit www.aveannahealthcare.com.
About Bain Capital Private Equity
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Bain Capital’s team of more than 220 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About J.H. Whitney Capital Partners
Established in 1946 by the industrialist and philanthropist, John Hay “Jock” Whitney, J.H. Whitney was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, J.H. Whitney remains privately owned by its investing professionals and focuses on providing private equity capital to small and middle market companies with strong growth prospects in a number of industries including consumer, healthcare and specialty manufacturing. For more information, visit www.whitney.com.
About Edge Healthcare Partners
Edge Healthcare Partners is an independent Atlanta based investment banking firm focused on providing merger and acquisition services to leading private and public healthcare companies and private equity firms. Edge Healthcare Partners also assists companies with raising capital for growth, acquisitions, recapitalizations, going-private and management buy-out transactions The professionals of Edge Healthcare Partners have over 65 years of collective investment banking experience and have completed more than 100 transactions across the entire spectrum of healthcare including healthcare services, healthcare information technology, distribution and life sciences. Securities are offered through Edge Corporate Finance, Member FINRA and SIPC. For more information, visit https://www.edgehcp.com/.
