Chicago, IL – September 4, 2012
Flexpoint Ford, LLC (“Flexpoint”), a private equity firm focused on the healthcare and financial services sectors, completed the sale of IntegraCare Holdings, Inc. (“IntegraCare” or the “Company”) to Kindred Healthcare, Inc. (“Kindred”) for a purchase price of $71 million in cash plus a potential $4 million earn out based on 2013 earnings.
“We are thankful for the efforts of Chris Gerard and the rest of the IntegraCare management team, as they have built IntegraCare into a top quality home care company,” said Ethan Budin, a Senior Principal at Flexpoint. “We have enjoyed an outstanding partnership with management, and the relationship with Kindred represents an exciting new chapter in the IntegraCare story.”
Headquartered in Grapevine, Texas, IntegraCare is a high-quality Medicare and Medicaid certified provider of home health, hospice and community services in Texas. IntegraCare provides a vast array of home nursing services, including skilled care, rehabilitation (physical therapy, speech therapy, and occupational therapy) and home health aide services. Since Flexpoint’s initial investment in 2007, IntegraCare has expanded from 19 locations to 47 across the state of Texas.
“I’d like to thank Flexpoint for their unwavering support in helping IntegraCare become an industry leading company,” said Mr. Chris Gerard, IntegraCare’s Chief Executive Officer. “Flexpoint has been a truly value-added partner in providing insights and advice which have been instrumental in building the business through both organic and acquisition-driven growth.”
“Our successful investment in IntegraCare is an excellent example of Flexpoint’s core strategy of partnering with outstanding management teams to build healthcare businesses focused on delivering quality and value to patients and payors,” added Perry Ballard, a Principal at Flexpoint. “We are confident that the management team will have continuing success with Kindred.”
The Company was advised by Kirkland & Ellis, Ober Kaler and Polsinelli Shughart.
TOP RX is a VAWD-accredited national distributor of generic pharmaceuticals, top selling brands, OTC products, and vitamins and has been serving pharmacies for the past 27 years. TOP RX is an authorized distributor of record for over 90 leading pharmaceutical manufacturers and serves over 5,000 pharmacies and national accounts annually from four sales offices and a distribution center located in Memphis, Tennessee. The company provides same day shipping Monday through Saturday and its inventory is prescription drug pedigree compliant through the use of the industry-leading software provider Axway. For more information about TOP RX, please visit www.toprx.com.