Cressey & Company Acquires HealthDrive
Investment will Enable Continued Expansion of Access to HealthDrive’s High-Quality Healthcare Offering for Long-Term Care Residents
Chicago and Nashville – August 22nd, 2023 – Cressey & Company LP (“Cressey”), a private investment firm focused on building leading healthcare services and information technology businesses, today announced that funds affiliated with Cressey have acquired HealthDrive, a leading multi-specialty clinical services organization to patients residing in long-term care facilities, from Bain Capital Double Impact. Cressey’s investment and added resources will enable the continued expansion of access to HealthDrive’s high- quality healthcare offering to more long-term care (LTC) facility residents.
HealthDrive offers a comprehensive set of onsite clinical services to residents of LTC facilities, primarily serving older adults who require institutional settings of care. HealthDrive’s more than 500 clinicians provide primary care, podiatry, vision, dental, behavioral health, and audiology clinical services to more than 150,000 LTC residents each year across more than 3,800 LTC facilities spanning 20 states. HealthDrive’s partnership with Cressey will support and deepen HealthDrive’s longstanding focus on partnering with LTC facilities to deliver high-quality, consistent, and comprehensive clinical services to LTC residents in both existing and new regions across the United States.
“Cressey will help us further our mission to elevate health outcomes and improve the quality of life for more long-term care residents in partnership with long-term care facilities throughout the country,” said Dan Baker, Chief Executive Officer of HealthDrive. “Cressey is an ideal partner for our next phase of growth, as the Cressey team has an extensive track record of investing in and building many of the leading healthcare services companies with a deep commitment to quality and innovation. We look forward to what’s next and, with Cressey’s help, continuing to expand the size and scope of our clinical practices while developing new and improved methods of care delivery in partnership with our long-term care provider partners. We also appreciate our partnership with Bain Capital Double Impact, which has helped us build a foundation for long-term meaningful and positive impacts for the patients and families we serve each and every day.”
“We are pleased to partner with Dan and the entire HealthDrive team as they help their facility partners provide best-in-class preventative care that delivers better health outcomes and keeps residents healthy and out of the hospital,” said Steve Dildine, Partner at Cressey. “We see a great opportunity for HealthDrive to continue expanding access to its comprehensive offering of complementary clinical services that improves residents’ quality of life and creating opportunities for innovation in partnership with facilities.”
“Throughout our five-year journey together, Dan Baker and the entire HealthDrive team have sought to provide a significantly underserved patient population with a more comprehensive and convenient, on-site healthcare solution, which now includes primary care and behavioral health,” said Peter Spring, a Partner at Bain Capital Double Impact. “We were privileged to partner with HealthDrive and believe that their continued success demonstrates the power of combining strong business performance with a commitment to making a positive impact.”
Harris Williams LLC served as financial advisor to HealthDrive.
Headquartered in Framingham, Massachusetts, HealthDrive is a leading multi-specialty clinical services organization to patients residing in long-term-care facilities, delivering coordinated care across six specialties: primary care, podiatry, vision, dental, behavioral health, and audiology. HealthDrive has grown to employ 500+ clinicians in over 3,800 facilities, serving more than 150,000 enrolled senior living residents. To learn more about HealthDrive, visit www.healthdrive.com.
About Cressey & Company LP
Cressey & Company LP is a private investment firm focused on building leading healthcare services and information technology businesses. With a history spanning 40 years, the Cressey team is one of the most experienced and successful in the healthcare private equity field. For more information, visit www.cresseyco.com.
About Bain Capital Double Impact
Bain Capital Double Impact is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact utilizes Bain Capital's proven, deep diligence, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact focuses on health & wellness, sustainability, and community building to create long-term value and meaningful impact at scale. Its goal is to enable the next phase of financial and impact growth for our partner companies, which are solving critical social problems, and doing so profitably. We believe that our value-added approach, experienced team, and broad platform expertise will help our partner companies to thrive. For more information, visit www.baincapitaldoubleimpact.com.