Fortis Health has acquired Physiocare Home Health and Hospice, a Medicare-certified home health and hospice provider operating 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 excellent team of dedicated clinicians and employees, as well as a service-oriented culture that aligns well with Fortis. We look forward to expanding our reach and expanding access to care in the community, 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 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 the lead financial sponsor of Fortis.
“Indiana is a key market for Fortis and partnering with Physiocare allows the company to further expand its service offering,” Alex Ferree, director of Grant Avenue Capital, said in the press statement. “We plan to continue to grow Fortis through continued investment in the clinical and leadership teams combined with strategic acquisitions, partnerships and new site launches.”
Fortis' purchase of Physiocare marks the company's fourth comprehensive acquisition. The deal was facilitated by 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 for further expansion. 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 expansion 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 said he previously told Hospice News. “We want to continue to build density in these markets. We really like opportunities to acquire from founders. From my experiences, I have worked for small, medium and large companies and there is great value in each of these environments. But this business is about the people, the reputation and goodwill they have earned in the communities from the patient care they provide. And these founder-led businesses generally seem to have really strong cultures. Our goal is to identify and partner with founder-led businesses, and there may be an opportunity for the founders to continue to move forward if they choose.”
