Westport, CT, February 16, 2016 – Balance Point Capital (“Balance Point”) is pleased to announce that its affiliates provided debt and equity to acquire a majority stake in Practitioner Support Services, LLC d/b/a ProHealth Partners (“ProHealth” or the “Company”). Founded in 2008 and headquartered in Monroe, CT, ProHealth employs nurse practitioners who provide medical care to nursing home residents primarily at skilled nursing facilities and assisted living facilities within the State of Connecticut. ProHealth currently services in excess of 80 skilled nursing and assisted living facilities staffed by approximately 70 nurse practitioners employed by ProHealth. ProHealth’s nurse practitioners help facilities increase patient care quality and prevent costly hospital re-admissions.
The founders and current ProHealth management team, Vincent Penry and Rose Pryor, will continue to stay with the Company post-close in leadership roles. Balance Point has also recruited Bob Bua to join the Company as Chief Executive Officer. Bob brings a wealth of experience in the long-term care space as the founder of CareScout (acquired by Genworth in 2008), and was the creator of the nation’s first nursing home quality of care ratings system. Additionally, Bob previously served as Assistant Administrator and Legal Counsel for a 300-bed skilled nursing facilities in New Britain, Connecticut and is also a former licensed nursing home administrator.
Seth Alvord, Managing Partner of Balance Point adds, “We are excited to partner with the existing management team who will be supported by Bob Bua and his team. The business has grown quickly by providing excellent care and value to its patients, their doctors and facilities. We believe ProHealth’s outsourced nurse practitioner model will benefit from strong industry tailwinds as well as its solid reputation of delivering high-quality care to the patients and facilities it services. We look forward to supporting Bob, Vin and Rose as they execute on a growth strategy of forming partnerships with new facilities and additional nurse practitioners.”
About Balance Point Capital
Balance Point Capital is an alternative investment manager focused on the lower middle market. With approximately $500 million in assets under management as of December 2015, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. We take a long-term, partnership approach to investing and are committed to building lasting relationships with our partners, management teams and intermediaries. Balance Point targets companies with EBITDA between $2 million and $25 million and typically invests $5 million to $30 million per transaction. We focus on providing flexible and creative capital solutions to best support the future growth of our portfolio companies. Balance Point Capital Advisors, LLC (referred to herein as Balance Point Capital) is a registered investment adviser. Further information is available at www.balancepointcapital.com.