Add-on Acquisition • Healthcare Services

ModivCare Acquires VRI

On August 3, 2021, ModivCare acquired healthcare services company VRI from Pamlico Capital for 315M USD

Acquisition Context
  • This is ModivCare’s 4th transaction in the Healthcare Services sector.
  • This is ModivCare’s 3rd largest (disclosed) transaction.
  • This is ModivCare’s 6th transaction in the United States.
  • This is ModivCare’s 1st transaction in Ohio.

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M&A Deal Summary

Date August 3, 2021
Target VRI
Sector Healthcare Services
Buyer(s) ModivCare
Sellers(s) Pamlico Capital
Deal Type Add-on Acquisition
Deal Value 315M USD
Advisor(s) Triple Tree (Financial)
Alston & Bird (Legal)

Target Company

VRI

Franklin, Ohio, United States
VRI is a provider of telehealth monitoring, monitored medication dispensing and adherence solutions, and medical alert systems, serving over 100,000 actively monitored clients across the country. VRI was founded in 1989 and is based in Franklin, Ohio.
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Buyer Overview 1

Buyer

ModivCare

Denver, Colorado, United States

Category Company
Founded 1996
Sector Healthcare Services
Employees23,675
Revenue 2.8B USD (2024)
DESCRIPTION
Providence Service's corporate headquarters in Tucson, Arizona.
Providence Service's corporate headquarters in Tucson, Arizona.

ModivCare provides and manages government-sponsored social services and non-emergency transportation services. Providence's counselors, social workers, and behavioral health professionals work clients who are eligible for government assistance due to income level, emotional/educational disabilities or court order. The state and local government agencies that fund the social services Providence provides are required by law to provide counseling, case management, foster care and other support services to eligible individuals and families. Providence also manages and arranges for client transport to health care related facilities and services for state or regional Medicaid agencies, health maintenance organizations, or HMOs, and commercial insurers. ModivCare was formed in 1996 and is based in Denver, Colorado.


Deal Context for Buyer #
Overall 6 of 7
Sector: Healthcare Services 4 of 4
Type: Add-on Acquisition 5 of 5
State: Ohio 1 of 1
Country: United States 6 of 7
Year: 2021 2 of 2
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-06 WellRyde

Atlanta, Georgia, United States

WellRyde is a technology provider of Advanced Transportation Management Systems (ATMS) software, enabling optimized routing, automated trip assignments and billing, and real-time network monitoring. WellRyde was founded in 2011 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 Guardian Medical Monitoring

Southfield, Michigan, United States

Guardian Medical Monitoring is a provider of remote patient monitoring solutions to Managed Care Organizations (MCOs) and state Medicaid payors including Personal Emergency Response Systems (PERS) and medication management. Guardian Medical Monitoring is based in Southfield, Michigan.

Buy -

Seller Profile 1

SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


Deal Context for Seller #
Overall 54 of 61
Sector: Healthcare Services 6 of 6
Type: Add-on Acquisition 27 of 32
State: Ohio 2 of 2
Country: United States 52 of 59
Year: 2021 1 of 3
Size (of disclosed) 8 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-29 CEATI International

Montreal, Quebec, Canada

CEATI International is a provider of research, peer networking, and benchmarking solutions for the electrical utilities market. CEATI International is based in Montreal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 Profisee

Alpharetta, Georgia, United States

Profisee is a provider of next generation master data management software solutions. Profisee’s Platform, and its Profisee Advantagetm Go-To-Market model, deliver enterprise MDM solutions for any size organization, helping them tackle the challenge of maintaining high data quality and trusted analytics. Profisee helps customers leverage a variety of data sets, from customer and product data domains to financial, equipment, and employee data sources. Profisee was founded in 2007 and is based in Alpharetta, Georgia.

Buy -