Wellesley and Boston, MA -
Riverside Partners, a Boston-based private equity firm, today announced that its portfolio company, HealthDrive, has been acquired by Bain Capital Double Impact. Founded in 1989, HealthDrive is a leading specialty provider of on-site dentistry, optometry, podiatry, and audiology to residents in long-term care, skilled nursing, and assisted living facilities. Financial terms were not disclosed.
Over the course of its investment, Riverside helped to transform the company from a founder-owned business into a recognized leader in on-site dental and medical care 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.
Riverside Partners has been an outstanding partner for HealthDrive. They invested behind a significant expansion and centralization of our support services in Massachusetts, enabling accelerated growth and scalability of the business. Dan Baker CEO of HealthDrive
“Riverside Partners has been an outstanding partner for HealthDrive. They invested behind a significant expansion and centralization of our support services in Massachusetts, enabling accelerated growth and scalability of the business. They also provided both capital and excellent transaction support to help us complete two strategic acquisitions over the last couple of years. I am thankful for their partnership in our effort to become the leader in ancillary medical services for the long-term care population,” said Dan Baker, CEO of HealthDrive.
“It has been fulfilling to partner with the HealthDrive team to help the underserved long-term care population get increased access to important medical services,” said Max Osofsky, a General Partner at Riverside Partners. “Under our ownership, the company grew significantly both organically and through acquisition, more than doubling the number of facilities served. We look forward to seeing HealthDrive’s continued success.”
Cain Brothers, a division of KeyBanc Capital Markets Inc. served as HealthDrive’s financial advisor. Choate Hall & Stewart LLP served as legal counsel to HealthDrive.
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.
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 HealthDrive
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. Since then, 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/.
Riverside Partners Contact:
Jon Lemelman
Partner
jlemelman@riversidepartners.com
617-351-2810