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05.21.2007
Home Solutions Completes Recapitalization with Flexpoint Partners and Is Poised for Continued Growth in the Infusion Market
BOSTON, MA - May 21, 2007 - Home Solutions, Inc. and American Infusion Holdings, LLC announced today that they have completed a combination and recapitalization of their two companies under the Home Solutions banner. Financial terms of the transaction were not disclosed. American Infusion will combine its clinical and customer service staff into Home Solutions' existing Livingston, NJ facility. Home Solutions also provides infusion pharmacy services from two additional locations serving Southern NJ and Philadelphia, PA.
American Infusion was formed by Flexpoint Partners, LLC, the Chicago-based private equity investment firm, in December 2005 to acquire MidAtlantic Home Infusion. Flexpoint will continue as an investor in the merged Company, with plans to support the continued growth plans of Home Solutions with its equity capital.
"The merger positions Home Solutions to provide more extensive statewide coverage to patients in need of high-tech infusion services and continues to build upon the Home Solutions reputation of clinical excellence. Like Home Solutions, American Infusion (MidAtlantic) has established an impressive record of superior patient care," said Todd Timbrook, Chief Executive Officer of Home Solutions.
Ethan Budin, Flexpoint Principal, added: "We are excited about bringing together two great organizations with so much synergy. Todd Timbrook and his management team have built an outstanding company. We are committed to the home infusion industry and we are looking forward to working with Todd to help him continue to grow Home Solutions."
Provident Healthcare Partners acted as exclusive financial advisor to Home Solutions. Commenting on the transaction, Provident's Managing Partner, Bob Ciardi, noted that "this transaction further demonstrates the commitment by both Home Solutions and American Infusion to expand their presence within the infusion therapy marketplace. Home Solutions' strong management team, infrastructure, and geographic coverage will add significant value to Flexpoint's long-term growth strategy".
About Home Solutions
Home Solutions, established in 1996, provides a full spectrum of infusion services specializing in nutritional support, cardiac care and pediatrics. Since inception Home Solutions has provided care to over 20,000 patients and has made over 100,000 skilled nursing visits. Home Solutions currently employs over 150 skilled professionals and services patients in New Jersey, New York, Pennsylvania, Delaware and Connecticut. For more information, visit www.tpnathome.com.
About American Infusion
American Infusion was originally known as MidAtlantic Home Infusion, founded in 1989. American provides home infusion services to patients within the New Jersey, Pennsylvania and New York metro area. The Company has particular expertise in treating complex patients requiring cardiac therapies, Total Parenteral Nutrition, intravenous immunoglobulin (IVIG), and intravenous pain management. For more information, visit www.americaninfusion.com.
About Provident Healthcare Partners
Provident Healthcare Partners, LLC is a Boston-based investment banking firm specializing in the healthcare industry. The firm is comprised of senior-level healthcare and corporate finance professionals with in-depth knowledge and extensive transaction experience in all healthcare fields. The firm has successfully completed merger and acquisition transactions with companies operating in all verticals of the healthcare industry. For more information, visit www.providenthp.com.
Media Contact At Provident Healthcare Partners:
Rebecca Vreeken 617-742-9800
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is an equity investment firm focused on the healthcare and financial services industries. Flexpoint seeks to build relationships with executives and companies who look for Flexpoint to be a value-added partner. Flexpoint aims to invest $10 to $100 million of equity in each opportunity.