CHICAGO, July 11 /PRNewswire/ — Flexpoint Partners, LLC announced today that it has acquired a majority interest in Grapevine, TX-based IntegraCare Home Health. IntegraCare is a leading rural-focused provider of home healthcare services in Texas, currently operating a total of 19 home health agencies throughout the state. The Company has rapidly expanded its operations, doubling its patient census and adding 8 additional clinics since the end of 2004. IntegraCare has been managed by its four founding owners, each of whom has been involved in home healthcare for over 15 years. The founding owners are all retaining equity in the new entity and continuing on in management roles with the Company.
Founded in 1999, IntegraCare primarily offers home nursing services as a Medicare and Texas state Medicaid certified provider. In addition, the company provides Medicare reimbursed routine hospice care out of several of its home health agencies. In total, the Company serves roughly 2,100 patients and has focused its development efforts in rural communities in northern and western Texas.
In response to the transaction, Flexpoint Vice President Perry Ballard commented, “We are excited to partner with existing management and add IntegraCare Home Health to our portfolio. We are impressed with the Company’s solid growth trajectory to date, and believe IntegraCare is well positioned for continued de novo expansion.” Ethan Budin, a Principal at Flexpoint, added, “We are excited about the opportunities available for a strong platform in the heavily fragmented home nursing industry, and look forward to working with management to pursue select M&A opportunities in the future.”
“We are happy to announce this partnership with Flexpoint,” said Mr. Chris Gerard, the Company’s President. “IntegraCare will benefit from Flexpoint’s deep healthcare experience as the Company continues on its strong growth trajectory.”
Flexpoint’s other healthcare services investments include Home Solutions, a provider of specialty home infusion services, and Senior Whole Health, a managed care plan focused on coordinating care for patients eligible for both Medicare and Medicaid.
The Braff Group acted as financial adviser and Garza & Harris, Ltd. and Gordon & Rees, LLP acted as legal counsel to IntegraCare on the transaction. Flexpoint retained Kirkland & Ellis LLP and Epstein Becker & Green, P.C. as legal counsel for this transaction.
About IntegraCare Holdings, Inc.
IntegraCare Holdings, Inc. is a Medicare and Medicaid certified provider of home health services in Texas. The company provides a vast array of home nursing services, including skilled care, rehabilitation (physical therapy, speech therapy, and occupational therapy) and home health aide services to a total of approximately 1,100 Medicare home nursing patients and 900 Medicaid home nursing patients. In addition, IntegraCare provides Medicare reimbursed hospice services to roughly 120 patients. For more information, visit http://www.integracarehh.com/.
About Flexpoint Partners, LLC
Flexpoint Partners, LLC is an equity investment firm focused on the healthcare and financial services industries. Flexpoint seeks to build relationships with executives and companies who look for Flexpoint to be a value-added partner. Flexpoint aims to invest $10 to $100 million of equity in each opportunity. For more information, visit http://www.flexpointpartners.com/.
Media Contacts At Flexpoint: At IntegraCare: Ethan Budin 312-327-4535 Chris Gerard 817-310-4999 Perry Ballard 312-327-4539
Flexpoint Partners, LLC
CONTACT: Ethan Budin, +1-312-327-4535, or Perry Ballard,+1-312-327-4539, both of Flexpoint; or Chris Gerard of IntegraCare,+1-817-310-4999
Web site: http://www.flexpointpartners.com/http://www.integracarehh.com/
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