FORT WORTH, Texas, Feb. 13, 2020 /PRNewswire/ -- In a strategic move to better capture opportunities to grow in other states, Mosaic (http://www.mosaicinfo.com), a Nebraska-based provider of personalized services to more than 3,700 people with diverse needs in 10 states, transitioned its Texas services to Caregiver Inc. (http://www.cg-idd.com), a Texas-based provider, effective Feb. 10, 2020.The transaction was facilitated by VERTESS (http://www.vertess.com), a leading healthcare Mergers + Acquisitions (M+A) advisory firm."Our 'Real life. Real possibilities.' strategic roadmap positions Mosaic to grow substantially over the next five years," said Linda Timmons, Mosaic President and CEO. "Our whole-person healthcare model puts people at the center of everything we do. The funding and regulatory model in Texas is no longer a fit with our vision for services."
Mosaic has been in active acquisition and growth mode for several years, acquiring providers in Kansas, Iowa, Arizona and Nebraska. The organization has also expanded its lines of service, adding in-home supports for seniors and others with diverse needs, behavioral and autism-specific services, and managing dramatic growth in its host home service, Mosaic at Home.
"At the heart of this transaction was the desire to provide the best possible resources for the people in Texas. Mosaic and Caregiver were committed to ensuring a smooth transition for all of the clients affected," noted Rachel Boynton, VERTESS Managing Director.
Originally posted by HME News on March 9, 2018
TUCSON, Ariz. – When it comes to mergers and acquisitions in the complex rehab industry, it’s not just the two national providers that are making moves, says Brad Smith, managing director and partner at Vertess.
“There are others,” Smith said, “particularly a number of regional players, $10 million to $50 million, and smaller players, $10 million and under.”
Here’s what Smith had to say about why “there are options out there,” even in this considerably consolidated market.
Originally Published by HME News on January 19, 2018
YARMOUTH, Maine – Expect to see large regional HME players get bigger in the year ahead as they look to increase their market share, say M&A analysts.
“These regionals are really looking to grow their territory,” said Brad Smith, managing director/partner at Vertess. “I think 2018 is going to be a huge year.”
And that’s building on a strong 2017. In the third quarter of last year, 18 transactions were completed in the HME sector, the highest since 2014, according to The Braff Group.
“I think both buyers and sellers are getting comfortable with where true valuations are,” said Patrick Clifford, a managing director at The Braff Group. “Valuations aren’t overly terrific, but they aren’t bottom fishers, either.”
Originally Posted by HME News on Friday, January 5, 2018
Eric Hymes, a new managing director at M&A firm Vertess, got his start in the supplies market, with diabetes, urologicals and wound care supplies his “first and second languages.” Here’s what Hymes, whose previous experience includes stints at CCS Medical and Coloplast, had to say about why the supplies market is hot and getting hotter, and why the recent tax overhaul might spur M&A activity.
HME News: What kind of activity are we seeing in the supplies market right now?
Eric Hymes: We continue to see this verticalization of the supply chain. You have distributors that are being bought by major manufacturers, and you have both that are consuming the DME provider, small and large alike.
HME: What’s attractive about this market?
Originally Published by HME News on November 28, 2017
TUCSON, Ariz. – Vertess, a healthcare M&A advisory firm, has added DME executive Eric Hymes as managing director. Hymes’ past experience includes a stint as general manager and senior executive with medical supplies provider CCS Medical, where he had responsibility for more than $100 million in P&L. “While my career in healthcare has always been focused on the end user and their families, the apex of my experience was successfully navigating an ever-shifting landscape of healthcare insurance policy and associated reimbursement pressures,” he said.
Originally Published by Sleep Review on November 27 2017
VirtuOx Inc, a healthcare information technology company providing diagnostic tools and services to enable healthcare organizations and professionals diagnose and treat a variety of disease states, has acquired ProFox Associates Inc and NPF Inc. The transaction was facilitated by VERTESS, a healthcare mergers and acquisitions advisory firm.
VirtuOx has begun executing an acquisition strategy to grow strategically within the lab services sector. “This is the first of many acquisitions for us,” says Steven Lica, VirtuOx CEO, in a release. “Our ability to create interoperability among multiple platforms will continue to drive us towards increased innovation with a goal of cost effectiveness and accuracy for healthcare providers and patients alike.”
Originally Published by HME News on September 29, 2017
CORAL SPRINGS, Fla. – VirtuOx, a healthcare IT company providing diagnostic tools and services focused on sleep and respiratory disease states, has acquired ProFox Associates and NPF, it announced Sept. 28. ProFox and NPF both offer oximetry software and technology. “This is the first of many acquisitions for us,” said Steven Lica, CEO of VirtuOx. “Our ability to create interoperability among multiple platforms will continue to drive us toward increased innovation with a goal of cost effectiveness and accuracy for healthcare providers and patients alike.” Vertess advised VirtuOx on the transactions.
Originally Published by HMW News on July 26, 2017
WVU Home Medical Equipment held a ribbon cutting ceremony this week for its new store in Bridgeport, West Va. The store gives WVU HME, part of St. Joseph’s Hospital, a central location to provide everything from chair lifts to wrist splints to customers in north central West Virginia…New York-based Vertess continues its national expansion with the addition of Tucson, Ariz.-based Hilsman Knight as managing director. “I am very excited to join the Vertess team and hope my strong healthcare M&A background will help us expand, especially in the Western U.S.,” he said. Knight recently facilitated the sale of the largest Miracle Ear franchise in Arizona to a West Coast private equity group.
Originally Published by HME News on May 12 2017
YARMOUTH, Maine – Teijin Limited’s recent announcement that it was exiting the U.S. homecare market is a textbook example of the cooling off of a once red-hot market, say industry analysts.
“We’ve seen these guys coming in and going out like a revolving door,” said Rick Glass, president of Steven Richards & Associates. “The U.S. is such a big market that it looks desirable to these overseas players and then they get in here and find out it’s a little more complicated than that.”
Teijin announced in late April that it was selling Braden Partners—better known as Pacific Pulmonary Services—and Associated Healthcare Systems to PPS HME, an affiliate of Quadrant Management, a New York-based private equity and restructuring firm.
When Teijin acquired Braden Partners, the provider was in growth mode. In 2010, one year after Teijin made the acquisition, it received nearly $46.1 million from Medicare for stationary oxygen concentrators, according to the HME Databank. But by 2015, the latest figures available, that had dwindled to $13.1 million.
Originally Published by HME News on April 21, 2017
YARMOUTH, Maine – After a slow first quarter, buyer appetites for HME businesses are picking up, say M&A analysts.
“There’s still more sellers than buyers, but transactions are getting done,” said Rick Glass, president of Steven Richards & Associates. “I think we are bottoming out on the reimbursement, and we’re slowly starting to get some appetite even in the traditional HME and respiratory space.”
While reimbursement remains dire, the business-friendly new administration, along with new leadership at the Department of Health and Human Services and CMS, has analysts cautiously optimistic.
“We’re not going back to the good old days, but some fairer treatment of providers might allow them to move forward,” said Glass.
Still casting a shadow on the improving market, however, is uncertainty around what could happen to the Affordable Care Act.
“We’re seeing hesitation from people with the uncertainty over how a (healthcare overhaul) might impact Medicaid,” said Brad Smith, managing director/partner at Vertess. “If we could get some direction one way or another, I think that would help a lot.”
Where there isn’t hesitation, say analysts: Buyers—whether they are national or regional players—are looking to expand their geographical footprint. Case in point: Rotech Healthcare last week announced it had acquired Griffin Home Health Care, which has three locations in North Carolina. Rotech currently operates in 18 markets in the state.