BelHealth Investment Partners LLC has acquired Richmond, Virginia-based Care Advantage Inc, a provider of home healthcare and related services. No financial terms were disclosed.


New York, New York – January 4, 2017 – BelHealth Investment Partners, LLC (“BelHealth”), a healthcare-focused private equity firm with $500 million of assets under management, announced the acquisition of Care Advantage, Inc. (“Care Advantage” or the “Company”).

Founded in 1988 and headquartered in Richmond, Virginia, Care Advantage is the leading provider of home healthcare and related services in Virginia. The Company specializes in “one-on-one” quality nursing care in the home for both “unskilled care” and “skilled care” patients. The Company is Virginia’s largest privately held home healthcare provider, serving over 1,000 patients. Care Advantage was founded in 1988 by Deborah Johnston, a registered nurse, who grew the Company substantially over the last three decades and will serve as the Company’s Vice Chairwoman.

BelHealth’s investment thesis is to create a regional, diversified home healthcare platform. In order to drive organic growth and increase referral volume, BelHealth will seek to attract experienced executives and business development professionals. In addition, BelHealth will seek to add services that are not currently offered, such as hospice services. Home healthcare is a highly-fragmented industry that yields numerous acquisition opportunities throughout the country. BelHealth will aggressively pursue acquisitions in Virginia and contiguous states in order to expand the Company’s unskilled and skilled care geographic footprint.

Harold Blue, Founder and Managing Partner of BelHealth stated, “We are thrilled to invest in Care Advantage and enter the highly-fragmented home healthcare market. Home healthcare will continue to be the site of the lowest cost of care while providing the highest convenience and quality of care. We are pleased to welcome William Mayes, a highly-experienced home healthcare operator, to lead Care Advantage as CEO. William is the perfect person to build upon the terrific foundation that Debbie Johnston has created at Care Advantage. We are excited to partner with Debbie as she remains with the Company as Vice Chairwoman.”

Deborah Johnston, Founder and Vice Chairwoman, added “Given their exclusive focus in the healthcare industry and broad network of relationships, BelHealth is the perfect partner for Care Advantage. Care Advantage is an entrepreneurial business that will benefit greatly from BelHealth’s governance and experience in driving exponential growth. I am thrilled to begin this next chapter and bring on William and the BelHealth team to take Care Advantage to the next level.”

About BelHealth Investment Partners
BelHealth Investment Partners, based in New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm typically invests $20-50 million per platform company across three core healthcare segments: Services, Products and Distribution. BelHealth is currently investing from Fund II, a $350 million fund.

This article originally appeared in an article on PE Hub Network.