Business Overview
Founded in 1989, HealthDrive is the leading provider of multi-specialty, on-site healthcare services to residents of extended care facilities. HealthDrive's multi modality business model brings top quality dental, optometry, podiatry and audiology services directly to residents in over 900 facilities in nine states. In addition to clinical services across multiple specialties, HealthDrive provides geriatric-specific products to its patients, including eyeglasses, hearing aids, dentures and podiatry products.
Investment Summary
The physician founder of HealthDrive sought an investment partner with not only the money to recapitalize the company but also with the healthcare experience to augment the operations and accelerate the growth of the business. The company has numerous opportunities to grow organically by expanding its business within its existing customer base as well as adding capabilities and new customers. HealthDrive’s sustainable business model of providing a wide range of outsourced services to a diverse set of facilities combined with numerous paths to growth was the cornerstone of Riverside’s investment thesis.
Upon completing the partnership with HealthDrive, Riverside provided liquidity to a passive shareholder while also working closely with the company to augment an already strong management team, including a succession plan which allowed the founder to continue in an ongoing board role. HealthDrive is exploring both organic and acquisition related growth opportunities, which leverage the company’s leadership in providing high quality healthcare to patients in the convenient setting of their own facility.