M&A and Financing Newsflash: PE Firm Invests in Arosa+LivHOME, MBF Healthcare Partners to Acquire Stake in Affinity

MBF Healthcare Partners Makes Play for Affinity Hospice

Coral Gables, Florida-based MBF Healthcare Partners, a middle-market health care private equity fund, has executed a definitive agreement to acquire a majority interest in Affinity Hospice. Financial terms were not disclosed.

Affinity Hospice provides end-of-life services throughout Alabama and Georgia. The hospice provider is based in Birmingham, Alabama. Its CEO, Ray Shrout, will maintain a substantial equity position in the company.


The acquisition is expected to close in November and is subject to certain state regulatory notices, standard closing conditions and other customary approvals.

PE Firm Announces Investment in Arosa+LivHOME

HCAP Partners, a California-based mezzanine debt and private equity firm, has invested in Arosa+LivHOME, the recently formed in-home care provider orchestrated by Bain Capital Double Impact. Investment terms were not disclosed.


HCAP Partners specializes in underserved, lower-middle market companies throughout California and the Western United States. The PE firm typically invests between $2 million and $10 million in established businesses that generate between $10 million and $75 million in revenues from the health care, software, services and manufacturing industries. HCAP Partners has invested in more than 60 companies since its founding in 2000.

Arosa+LivHOME was recently formed after the acquisition of two regional health care companies by Bain Capital Double Impact, the impact investing business of Bain Capital. The in-home care provider plans to differentiate itself in a crowded industry by focusing on caregiver satisfaction.

“Companies that can improve direct care jobs are going to distinguish themselves in our highly fragmented, growing market,” Arosa+LivHOME CEO Ari Medoff said in a statement. “We are devoting our energy and resources to attract, train, retain and treasure the best care partners.”

HCAP Partner’s investment in Arosa+HOME marks its first investment from its fourth fund, HCAP Partners IV, L.P. Tim Bubnack, managing partner, and Hope Mago, principal, led HCAP Partners’ investment in the in-home care provider.

Tower Health Restructures Home Health Services 

The three health systems that founded Pennsylvania-based Affilia Home Health plan to amicably dissolve their partnership and reorganize home health services in their respective service areas, effective Jan. 1, 2019.

As part of this reorganization, Tower Health will retain the Affilia employees in Tower Health’s service area and those employees will join Home Health Care Management (HHCM), an organization that includes Berks Visiting Nurses Association, Pottstown VNA and Advantage Home Care. At the same time, HHCM will become part of Tower Health, and its home health services will be delivered across the Tower Health service area under the brand Tower Health at Home.

Tower Health President and CEO Clint Matthews said in a statement that the decision to leave “reflects the different ways in which each organization seeks to meet its individual goals.”

Tower Health does not believe the reorganization will affect jobs. Similarly, care for home health patients will likely continue without any interruptions.

The name “Affilia” is derived from the Italian word “affiliare,” meaning “to join” or “to work together.” Affilia Home Health operated throughout central and southeastern Pennsylvania.

Vermont Hospice Changes Names

The Visiting Nurse Association of Chittenden and Grand Isle Counties has changed its name to The University of Vermont Health Network Home Health & Hospice, Vermont Business Magazine reported.

The new name and brand identity signify a formal affiliation with The University of Vermont Health Network, which began on January 1, 2018. The UVM Health Network Home Health & Hospice is the first affiliate of The UVM Health Network to provide post-acute, community-based care.

Written by Robert Holly

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