RecoverCare LLC, a Radnor, Penn.-based provider of bariatric-related equipment to clinics & hospitals, has acquired T.H.E. Medical Inc. of Ontario, Canada. LLR Partners provided RecoverCare with equity capital to help finance the deal, although specific financial information was not disclosed.
LLR Partners (“LLR”), one of the Mid-Atlantic’s largest private equity investment firms with over $1.4 billion under management, announced today that it has provided equity capital to RecoverCare LLC of Radnor, PA, for its acquisition of T.H.E. Medical Inc. of Barrie, Ontario. RecoverCare is a leading supplier of bariatric, wound care and safe patient handling products and services to acute care and long-term acute care (LTAC) hospitals, skilled nursing facilities, rehabilitation hospitals, hospice, and home care patients. T.H.E. is a leading designer, manufacturer and supplier of safe patient handling and transfer equipment and services in the acute care, LTAC, and long-term care markets.
Jon Winer, CEO of RecoverCare, said, “I have enjoyed working with the principals at LLR on this important acquisition. We have known them for many years and it is exciting to have their financial backing and strategic guidance in these challenging times. We would not have been able to complete the acquisition of T.H.E. without their expertise and experience in the healthcare services industry.”
The acquisition provides RecoverCare with a leading product design and manufacturing platform in the high-growth market for safe patient handling, which RecoverCare will leverage across North America with its six major regional centers, 90-plus service and inventory depots and a direct sales force over 80 strong to deliver market-leading service to the North American market. The acquisition provides both companies hundreds of new customer contacts for both RecoverCare’s existing business and T.H.E.’s safe patient handling initiatives.
“The acquisition of T.H.E. represents a major strategic step for us in the United States and Canada,” said Tom Smith, President of RecoverCare. “T.H.E. has a very broad and effective product line, and excellent product development and product sourcing capabilities. Safe patient handling is in its infancy in the United States and will undergo immense growth in the coming years. We are very excited to partner with T.H.E. Medical to enable RecoverCare to become an integral part of this market and solidify the T.H.E. Medical/RecoverCare partnership as a clear leader in safe patient handling.”
“The combination of RecoverCare and T.H.E. will clearly separate the combined company from other players in the market in terms of the breadth of product offerings and clients served,” said Scott Perricelli, a partner at LLR. “Jon Winer, Tom Smith and their team have built a strong and growing company and are poised to accelerate that growth with this important acquisition.”
LLR was represented by Pepper Hamilton in the transaction and RecoverCare was represented by Morgan Lewis.
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, Pennsylvania, provides capital to middle market growth companies with proven business models in a broad range of industries including healthcare, financial and business services, information technology and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or control positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. For more information about LLR, please visit www.llrpartners.com.
RecoverCare delivers wound care, bariatric care and safe patient handling solutions to healthcare facilities nationwide via 80+ service centers. The company serves acute care and long-term acute care hospitals, skilled nursing facilities, rehabilitation hospitals, hospice, and home care patients. RecoverCare’s product lines include therapeutic mattresses for wound care, bariatric equipment for care of obese patients and specialty beds and patient transfer equipment for safe patient handling. In addition to providing just-in-time equipment rental programs, RecoverCare also supplies clinical expertise and procurement flexibility to deliver cost efficient, clinically effective patient outcomes. The company also manufactures bariatric beds and safe enclosure bed systems under the Camtec division, and patient lifts and transfer devices under the T.H.E. division. RecoverCare is nationally headquartered in Radnor, PA, and has regional operations centers in Bensalem, PA, Tampa, FL, Olathe, KS, and Houston, TX. For more information, log on to www.recovercare.com.