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.