M&A Deal Summary

Aveanna Healthcare Acquires Doctor’s Choice Home Care

On April 20, 2021, Aveanna Healthcare acquired healthcare services company Doctor’s Choice Home Care from Diamond State Ventures, Evolve Capital and Harbert Mezzanine Capital for 120M USD

Acquisition Highlights
  • This is Aveanna Healthcare’s 6th transaction in the Healthcare Services sector.
  • This is Aveanna Healthcare’s largest (disclosed) transaction.
  • This is Aveanna Healthcare’s 6th transaction in the United States.
  • This is Aveanna Healthcare’s 1st transaction in Florida.

M&A Deal Summary

Date 2021-04-20
Target Doctor’s Choice Home Care
Sector Healthcare Services
Buyer(s) Aveanna Healthcare
Sellers(s) Diamond State Ventures
Evolve Capital
Harbert Mezzanine Capital
Deal Type Add-on Acquisition
Deal Value 120M USD

Target

Doctor’s Choice Home Care

Sarasota, Florida, United States
website
Doctor’s Choice Home Care is a medicare certified home health agency. Doctor’s Choice Home Care was founded in 2007 and is based in Sarasota, Florida.

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Buyer(S) 1

Buyer

Aveanna Healthcare

Atlanta, Georgia, United States

website


Category Company
Founded 2017
Sector Healthcare Services
Revenue 1.7B USD (2021)
DESCRIPTION

Aveanna Healthcare is a provider of pediatric home care with 180 locations in 23 states, and 26,000 caregivers currently serving over 40,000 patients. Aveanna Healthcare was founded in 2017 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 6 of 6
Sector (Healthcare Services) 6 of 6
Type (Add-on Acquisition) 3 of 3
State (Florida) 1 of 1
Country (United States) 6 of 6
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Five Points Healthcare

Atlanta, Georgia, United States

Five Points Healthcare owns and operates home health and hospice locations in Louisiana and Virginia. Five Points Healthcare is a provider of home health and hospice services throughout the Southeast by focusing on patients, employees, physicians, providers and communities. Five Points Healthcare was founded in 2011 and is based in Atlanta, Georgia.

Buy $64M

Seller(S) 3

SELLER

Diamond State Ventures

Little Rock, Arkansas, United States

Investor Investor

website


Category Growth Capital Firm
Founded 1999
PE ASSETS 125M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Diamond State Ventures (DSV) is a private equity and venture capital firm focused on small and lower middle-market company investments in Arkansas, as well as the Midwest and Southeast US. DSV looks to commit $1 to $5 million per investment, which can take the form of subordinated debt, preferred equity or a combination of the two. Prospective transaction situations include growth capital financings, management buyouts, family successions, recapitalizations, and early stage investments. Sectors of interest include niche manufacturing, business services, media, consumer products and services, education, healthcare, and technology. DSV will not invest in seed or startup companies. Diamond State Ventures is based in Little Rock.


DEAL STATS #
Overall 10 of 14
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 8 of 11
State (Florida) 4 of 4
Country (United States) 10 of 14
Year (2021) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Winco

Ocala, Florida, United States

Winco manufactures medical furnishings that include recliners, privacy screens, treatment tables, phlebotomy chairs, and stools used primarily in Clinical, Acute Care, and Long Term Care markets. Winco was founded in 1946 and is based in Ocala, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-09 Rio Ranch Markets

Fontana, California, United States

Rio Ranch Markets is an operator of a Hispanic supermarket chain. Rio primarily serves the Hispanic community by replicating the open-air atmosphere of a traditional Latin American marketplace, providing freshly prepared foods, bakery, tortilleria and basic everyday grocery, meat, produce, household needs. Rio Ranch Markets was founded in 1983 and is based in Fontana, California.

Sell -
SELLER

Evolve Capital

Dallas, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Evolve Capital is a private equity firm focused exclusively on recapitalization investments in growth-oriented service based businesses. Evolve looks companies that are asset light, growing rapidly, and potentially operate in a regulated environment. Target companies typically have trailing EBITDA of $2 to $4 million and are located in the US. Evolve Capital was formed in 2005 and is based in Dallas, Texas.


DEAL STATS #
Overall 17 of 18
Sector (Healthcare Services) 6 of 6
Type (Add-on Acquisition) 6 of 6
State (Florida) 2 of 2
Country (United States) 17 of 18
Year (2021) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-12 Power Design Services

San Jose, California, United States

Power Design Services LLC specializes in printed circuit board prototyping and small-run production for customers ranging from start-ups to some of the most well-known brands. Power Design Services was founded in 2001 and is based in San Jose, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-19 Biologos

Montgomery, Illinois, United States

Biologos is a provider of sterile-filtered biological products (sera, reagents, buffers, cell culture media and other liquid solutions), primarily for veterinary pharmaceutical and organ transplant applications. Biologos was founded in 1976 and is based in Montgomery, Illinois.

Sell -
DESCRIPTION

Harbert Mezzanine Capital is the junior capital investment arm of asset manager Harbert Management Corporation. Harbert Mezzanine looks to invest $3 to $15 million of subordinated debt to support growth needs, acquisitions, recapitalizations, or management buyouts of mid-sized companies throughout the US. Harbert Mezzanine Capital is based in Nashville, Tennessee.


DEAL STATS #
Overall 6 of 12
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 2 of 3
State (Florida) 1 of 2
Country (United States) 6 of 12
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Action Equipment and Scaffold

Phoenix, Arizona, United States

Action Equipment and Scaffold is a provider of full-service scaffolding rental and solutions to the industrial, government and commercial construction markets. Action Equipment and Scaffold was founded in 1953 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Sharecare

Atlanta, Georgia, United States

Sharecare is a digital health company that helps people consolidate and manage various components of their health in one place, regardless of where they are on their health journey. Sharecare provides the messaging, motivation, management, and measurement tools to help individuals, workforces, and communities optimize their comprehensive well-being. Sharecare was founded in 2010 and is based in Atlanta, Georgia.

Buy -