Healthcare Plus Supplies Inc., a Dallas-based supplier of durable medical equipment to local hospices and their patients, has raised $2.1 million in funding from Advantage Capital Partners.
Advantage Capital Partners, a leading venture capital and small business finance firm, has provided $2.1 million in financing to Healthcare Plus Supplies, Inc., a newly formed durable medical equipment (DME) supplier that will provide quality products and services to local hospices and their patients. The funding, raised in connection with the Texas Certified Capital Company (CAPCO) program, will allow the company to create 17 jobs in the Dallas area and purchase the necessary equipment to proceed with expansion plans. Further growth is expected in the coming months, with the addition of two warehouses in Terrell and Greenville.
“The DME industry has been growing at a rapid pace, and Advantage Capital is pleased to be involved in this emerging sector as an investment partner to Healthcare Plus Supplies,” said Les Alexander, senior vice president at Advantage Capital. “This Texas CAPCO program funding will create immediate jobs in Dallas, with more growth expected as the company expands.”
“The Texas CAPCO program is a public-private partnership that is good for the state and good for businesses like Healthcare Plus Supplies that will create jobs here in Texas,” said State Senator Florence Shapiro (District 8). “I’m pleased to see the CAPCO program working in my district.”
Healthcare Plus Supplies was established in 2009 by Dr. Bryan K. White and Mr. Suresh Kumar, current owners of Hospice Plus, Goodwin Hospice and Phoenix Hospice. After outsourcing the DME needs for their hospice companies for the past four years, the owners decided to open and operate their own DME company and become the exclusive provider to Hospice Plus. Initially, Healthcare Plus Supplies will focus exclusively on providing DME and other supplies to their hospice companies. In the future, the company anticipates serving the needs of additional healthcare customers, including nursing home patients and assisted living patients.
Healthcare Plus Supplies will provide its customers with supplies and equipment including respiratory equipment, semi-electric hospital beds, oxygen concentrator, over bed tables, wheelchairs, nebulizers and other medical items. The company will also use GPS technology and an integrated enterprise resource planning (ERP) system that will track all of its equipment and quickly generate invoices. Healthcare Plus Supplies will deliver, set up and instruct patients and their families on how to properly use and care for their equipment.
Advantage Capital’s investment in Healthcare Plus Supplies was made in connection with the Texas Certified Capital Company program, which encourages the flow of investment capital to promising companies located in the state. The companies, in turn, develop innovative technologies and services, create jobs and increase economic activity throughout their communities.
About Advantage Capital Partners
Advantage Capital Partners is a leading venture capital and small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm’s typical forms of investment include early stage, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in Austin, New Orleans, St. Louis, and other U.S. cities, Advantage has raised more than $1.3 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
About the Certified Capital Company program
Advantage Capital Partners is a leading participant in the Certified Capital Company (CAPCO) program, a state economic development tool designed to strengthen state economies by stimulating the flow of investment capital to local small businesses, creating high-paying jobs and increasing state tax revenues. In Texas, the state Comptroller of Public Accounts implements and administers the CAPCO program through the Texas Treasury Safekeeping Trust Company. The CAPCO program supports economic development and generates tax revenues for the state through business growth and job creation. The latest report from the Texas Comptroller shows a thriving CAPCO program in Texas, with the participating CAPCOs having invested more than $86 million and enabling the retention of 958 jobs and the creation of 690 jobs.
For more information on the Texas CAPCO program, visit http://www.window.state.tx.us/capco/.