WAYNE, Pa., December 15, 2020 (Newswire.com) - McBee advised The Vistria Group, a Chicago-based investment firm focusing on the healthcare, education, and financial services sector, on the definitive agreement to sell St. Croix Hospice.
St. Croix is based in Oakdale, Minnesota, and was founded by its CEO Heath Bartness in 2008. St. Croix is a Community Health Accreditation Partner (CHAP) and leading hospice care provider in more than 30 locations across six states in the Midwest. St. Croix delivers patient-centered care following its mission of offering both hospice and a broader network of concurrent comfort and support services that are tailored to patients' and their family's individual preferences and circumstances.
“Vistria has a wide variety of acquisitions in the healthcare field ranging from healthcare IT to provider services, all with an emphasis on high-quality care,” explained Mike Dordick, President of McBee. “We couldn’t have been more pleased to serve as a strategic advisor to Vistria as they received overwhelming interest in the acquisition of St. Croix.”
Vistria engaged McBee for the go-to-market review in July 2020. “The McBee team spent long hours providing outstanding support for our team through the diligence process, which was key in attracting private equity buyers,” said David Schuppan, Senior Partner, Vistria.
McBee’s customized approach identifies key risk areas and critical gaps and aligns processes with merger and acquisition services. The McBee strategy conducts a detailed evaluation of claims data and clinical documentation to determine that the provided services were necessary. Additionally, the group confirmed the submitted claims and resulting net reimbursement were supported by the medical record documentation. Vistria signed an agreement to sell the hospice network to an affiliate of H.I.G. Capital on Oct. 19, 2020.
“McBee proved to be the right strategic advisor for this transaction due to their thorough analysis, customized approach, and extensive experience with hospice providers,” said Heath Bartness, founder and CEO of St. Croix Hospice. “We are thrilled to have worked with McBee for the sale of St. Croix and know the hospice organization is ready for its next chapter of growth.”
The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions and any regulatory approvals. The financial terms of the acquisition were not disclosed.
The Vistria Group is a Chicago-based private investment firm focused on investing in middle-market companies in the healthcare, education, and financial services sectors. Vistria's team is comprised of highly experienced operating partners and private equity executives with proven track records of working with management teams in building innovative, market-leading companies. For more information, please visit www.vistria.com.
About St. Croix Hospice
St. Croix Hospice supports patients, families, and caregivers when they need us the most, delivering exceptional hospice care 24 hours a day, 365 days a year wherever a patient calls home. With branches in Iowa, Kansas, Minnesota, Missouri, Nebraska, and Wisconsin, St. Croix Hospice takes pride in round-the-clock availability, prompt response, and same-day admissions, including evenings, weekends, and holidays. Contact St. Croix Hospice 24/7 at 855-278-2764 or stcroixhospice.com.
McBee is a recognized leader in providing financial, clinical, and operational strategic advisory services that have addressed the unique needs of more than 3,800 providers across the healthcare industry. Since 1973, McBee has designed services to address challenges and ensure the success of healthcare organizations across the continuum of care by delivering meaningful insights, tailored strategies, and sustainable results. With an average of over 20 years’ experience, McBee’s consulting professionals have extensive expertise and in-depth knowledge of healthcare regulations and policies. Health systems, physician groups, home health, hospice, long-term care, skilled nursing, and other healthcare organizations across the nation look to McBee to provide comprehensive services and expert resolution of the various challenges they encounter. McBee’s unwavering dedication backed by their industry knowledge has made them one of the largest, well-regarded healthcare consulting firms in the country. McBee is located in Wayne, Pennsylvania with additional offices in Columbia, Maryland, and Richmond, Virginia. Visit us at McBeeAssociates.com. Follow us on Twitter and LinkedIn.
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