Private equity firm Trive Capital has joined with Coltala Holdings to back the Tyler, Texas-based senior care provider Choice Health at Home. The dollar amount of Trive’s investment is undisclosed, but the hospice, home health and rehabilitation services provider will draw on the funds to fuel further acquisitions.
Trive made its initial investment in Choice last year, though the partnership was only recently announced. Choice has been aggressively accelerating its growth through acquisitions during 2020 and 2021, including a number of hospice assets. The company is also focused on building its patient census for both business lines through same-store growth.
Choice Health expects to complete more purchases throughout 2021 and into next year, with a focus on markets in Texas, Oklahoma, New Mexico, Arizona, Louisiana and Arkansas.
“Trive’s ability to provide senior debt, subordinated debt and preferred equity resulted in a streamlined transaction that provided high certainty of execution,” Choice Founder and CEO David Jackson commented. “Through our partnership with Trive, Choice has been able to accelerate the company’s growth, having closed seven add-on transactions since Trive made its initial investment in Choice in July 2020. Choice has also expanded its geographic footprint to include home health and hospice care in Oklahoma.”
Jackson founded Choice in 2008 as a rehabilitation services provider. The company began offering home health in 2012 and launched its hospice business in 2018. It currently operates more than 40 locations throughout Texas, Louisiana and Oklahoma and employs 800 clinicians.
Choice in June purchased Angelic Hospice in Oklahoma, the company’s first entry into that state. In a separate transaction, Choice Health at Home acquired the home care provider Restore Home Health, also in Oklahoma. Financial terms for both deals were undisclosed.
The company also completed a third recent transaction to acquire Home Therapy of Austin in Texas, which will be integrated into Choice’s operations in the Lone Star State. Most recently, the company acquired Alpha Home Health and Hospice in Oklahoma for a confidential sum. This marks the company’s third 2021 acquisition in that state.
“Trive is excited to partner with Choice in its mission of serving patients and their families’ needs at home across the continuum of care,” Conner Searcy, managing partner at Trive Capital, said. “Choice’s patient-centric culture and commitment to clinical excellence are critical to the company’s success, and we look forward to providing capital and resources to help Choice expand its reach.”
Choice in July announced a partnership with private equity firm Coltala Holdings, which recently purchased a stake in the company. The firm specializes in health care, manufacturing and business services investments.
Companies featured in this article:
Alpha Home Health & Hospice, Angelic Hospice, Choice Health at Home, Coltala Holdings, Home Therapy of Austin, Trive Capital
