Bain Capital Double Impact Acquires HealthDrive - National Leader for Onsite Physician Services to Long-Term Care Residents
WELLESLEY, MA. and BOSTON, January 3, 2019 - Bain Capital Double Impact, the impact investing business of Bain Capital, today announced the acquisition of HealthDrive, a specialty provider of on-site dentistry, optometry, podiatry, and audiology to residents in long-term care, skilled nursing, and assisted living facilities. The partnership will allow HealthDrive to expand its services and create the premier multi-specialty healthcare platform for residents in extended care facilities. Bain Capital Double Impact acquired HealthDrive from Riverside Partners, a Boston-based private equity firm. Financial terms of the private transaction were not disclosed.
HealthDrive was founded in 1989 by medical professionals who saw the need for a higher level of on-site medical and dental services in extended care facilities. Today the company serves residents in over 2,000 facilities across the country, providing treatment and preventative healthcare services through its comprehensive network of professionals. Providing these services on-site through HealthDrive's program significantly improves the access and quality of care for underserved patients in extended care facilities, and provides a cost-saving, compliant, and consistent treatment model for facilities and residents.
"We are excited to partner with Bain Capital Double Impact and to leverage their mission-oriented approach to driving better health outcomes by improving access to quality care for the vulnerable patients that we serve," said Dan Baker, CEO of HealthDrive. "They share our vision of expanding our geographic reach and adding new service offerings as we continue to build HealthDrive into the premiere provider for ancillary medical services for the long-term care population."
Bain Capital has deep investing experience across the healthcare services sector, having invested in and added value to companies such as Aveanna Healthcare, Beacon Health Options, Arosa+LivHome, HCA, Surgery Partners, and Waystar (formerly Navicure and ZirMed).
"Dan and the management team have done an exceptional job recognizing the need for cost-effective on-site physician services and providing an effective and impactful solution," said Peter Spring, a Managing Director at Bain Capital Double Impact. "This partnership is another step in pursuing our mission to deliver meaningful and lasting social impact to vulnerable populations in the healthcare system."
HealthDrive was founded in 1989 by medical professionals who saw the need for a higher level of on-site medical and dental services in long-term care facilities. HealthDrive has grown to employ 190 medical and dental providers in over 2,000 facilities, serving more than 200,000 enrolled senior living residents across four practices around the nation. For more information visit https://healthdrive.com/.
About Bain Capital Double Impact
Bain Capital Double Impact (www.baincapitaldoubleimpact.com) is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital's proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact focuses on health & wellness, sustainability, and community building to create long-term value and meaningful impact at scale. Its goal is to enable the next phase of financial and impact growth for our partner companies, which are solving critical social problems, and doing so profitably. We believe that our value-added approach, experienced team, and broad platform expertise will help our partner companies to thrive.
About Riverside Partners LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund VI, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. For more information visit www.riversidepartners.com.