Fortis Health has purchased Physiocare Home Health and Hospice, a Medicare-certified home health and hospice provider that operates in Indiana. Grant Avenue Capital — a middle-market private equity firm — provided the equity financing for the transaction.
“We are extremely excited about the opportunity to partner with Physiocare and expand our existing services in Indiana,” Fortis Health CEO Rob Radics said in a press statement. “Physiocare has an outstanding team of dedicated clinicians and employees, as well as a service-oriented culture that aligns well with Fortis. We expect to broaden our reach and expand access to care in the community by building on Physiocare’s strong foundation of high-quality patient care and excellent customer service.”
Founded in 2020, Fortis is the owner and operator of home health and hospice locations in both Indiana and Utah.
Fortis’ locations include Select Home Health & Hospice in Indiana and Valeo Home Health & Hospice in Utah. Grant Avenue Capital is Fortis’ primary financial sponsor.
“Indiana is a core market for Fortis and the partnership with Physiocare enables the company to further expand its service offering,” Alex Ferree, principal at Grant Avenue Capital, said in the press statement. “We plan to continue expanding Fortis through ongoing investment in the clinical and leadership teams combined with strategic acquisitions, partnerships, and new location launches.”
Fortis’ purchase of Physiocare marks the company’s fourth completed acquisition. The deal was facilitated by the Austin, Texas-based M&A advisory firm Agenda Health.
Last year, when Radics took the helm of Fortis as CEO, the company revealed its plans to further expand. The company’s expansion plans will include strategic acquisitions and partnerships, as well as de novos.
Last year, Radics told Home Health Care News’ sister site, Hospice News, about the company’s plan to focus on expanding in the Midwest, while also identifying founder-led businesses as potential acquisition targets.
“We have a Midwest platform, and we have a Rocky Mountain platform,” he previously told Hospice News. “We want to continue to build density in those markets. We really like the opportunities to acquire from founders. From my experiences, I’ve worked for small, medium, and large companies, and there’s great value in each of those settings. But this business is all about the people and the reputations and the goodwill that they’ve earned in the communities from the patient care they deliver. And those founder-led businesses generally seem to have really strong cultures. Our goal is to identify and partner with founder-led businesses, and maybe there’s an opportunity for the founders to continue to go forward if they choose to do so.”