BOSTON, July 28 Riverside Partners, based in Boston, MA,is pleased to announce that it has partnered with management to acquireHealthDrive ("HealthDrive" or the "Company").
HealthDrive is the leading provider of multi-specialty, on-site healthcareservices to residents of extended care facilities. HealthDrive's multimodality business model brings top quality dentistry, optometry, podiatry andaudiology services directly to residents in over 900 facilities in ninestates. In addition to clinical services across multiple specialties,HealthDrive provides geriatric-specific products to its patients, includingeyeglasses, hearing aids, dentures and podiatry products. HealthDrive isheadquartered in Newton, MA.
"Riverside is a big believer in bringing high-quality healthcare servicesto patients in the convenient setting of their own facility. HealthDrive'sdifferentiated business model provides a wide range of highly valuableservices to patients and to its extended care facility partners. Themanagement team has positioned the Company for significant future growth andwe are excited to be partnering with them," said David Belluck, GeneralPartner at Riverside.
"We were looking for a partner who could bring more than capital to thecompany. Riverside's operating and investment experience in the healthcareindustry combined with the firm's proven track record of growing middle marketcompanies made them a perfect partner for us," said Steven Charlap, M.D., CEOof HealthDrive.
Founded in 1989, HealthDrive provides mobile health and dental services togeriatric patients in extended care facilities. Headquartered in Newton, MA,HealthDrive not only provides dentistry, optometry, podiatry and audiologyservices but also offers geriatric-specific products to its patients.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firmcurrently investing Riverside Fund III, L.P. The fund focuses on growth-oriented companies in the healthcare and technology industries. Riverside isparticularly experienced at partnering with founders, owners and managementteams and it brings substantial domain expertise and operating experience toits portfolio companies. The partners at Riverside have managed more than $500million in investments in over 50 companies. We are currently focused oncompanies with revenues between $20 - $200 million and with $5 - $25 millionof EBITDA.
SOURCE Riverside Partners