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.
“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.”
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Date: January 7, 2019