Secondary Buyout • Healthcare Services

Cressey & Company Acquires HealthDrive

On August 22, 2023, private equity firm Cressey & Company acquired healthcare services company HealthDrive from Bain Capital Double Impact

Acquisition Context
  • This is Cressey & Company’s 18th transaction in the Healthcare Services sector.
  • This is Cressey & Company’s 34th transaction in the United States.
  • This is Cressey & Company’s 3rd transaction in Massachusetts.

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M&A Deal Summary

Date August 22, 2023
Target HealthDrive
Sector Healthcare Services
Buyer(s) Cressey & Company
Sellers(s) Bain Capital Double Impact
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target Company

HealthDrive

Framingham, Massachusetts, United States
HealthDrive is a provider of medical and dental services in over 2,000 facilities, serving more than 200,000 enrolled senior living residents across four practices around the nation. HealthDrive was founded in 1989 and is based in Framingham, Massachusetts.
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Buyer Overview 1

Buyer

Cressey & Company

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Cressey & Company LP is a specialist private equity investment firm focused on buy-and-build opportunities in the healthcare sector. The firm invests in the range of $10 - $100 million and EBITA of at least $5 million. The firm specific areas of interest include hospitals, homecare, outpatient services, and specialty distribution. Types of transaction include buyout, growth and recapitalization. It also seeks controlling interest. Cressey & Company has offices in Chicago, Illinois and Nashville, Tennessee.


Deal Context for Buyer #
Overall 35 of 37
Sector: Healthcare Services 18 of 20
Type: Secondary Buyout 7 of 8
State: Massachusetts 3 of 3
Country: United States 34 of 36
Year: 2023 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-05 InterMed

Alachua, Florida, United States

InterMed is a distributor of medical products. InterMed offers healthcare technology management, biomedical equipment services, diagnostic imaging repair and maintenance, equipment sales and a rapid response service offering. InterMed is based in Alachua, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-09 Heartbeat Health

New York City, New York, United States

Heartbeat Health is a healthcare company that delivers virtual-first cardiovascular care. The Company offers services including remote diagnostic interpretations, virtual consultations (telehealth), chronic cardiology care management, and coordination of diagnostics with the goal of providing cardiovascular disease prevention and management, often for patients who might otherwise have limited access to specialized cardiac care. Heartbeat Health was founded in 2017 and is based in New York City, New York.

Buy -

Seller Profile 1

DESCRIPTION

Bain Capital Double Impact is the social and wellness investment arm of Bain Capital. The Firm looks to invest in mission-driven companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 2 of 3
Sector: Healthcare Services 1 of 1
Type: Secondary Buyout 2 of 3
State: Massachusetts 1 of 2
Country: United States 2 of 3
Year: 2023 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 Sparq

Atlanta, Georgia, United States

Sparq is a provider of outsourced digital engineering to build, deploy and support digital applications, products, and experiences. Sparq’s engagement framework for Agile software engineering, provides rapid and flexible deployment of multidisciplinary teams via an elastic consumption model and predictable monthly pricing. It provides solutions for technology-driven and Fortune 1000 clients across various industries including logistics and transportation, healthcare, high-Tech, and financial services. Sparq was founded in 2004 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-04 TeachTown

Woburn, Massachusetts, United States

TeachTown provides software and solutions for students diagnosed with autism spectrum disorder, intellectual disabilities, and developmental disabilities. TeachTown was formed in 2003 and is based in Woburn, Massachusetts.

Sell -