Aveanna Healthcare Holdings Inc., a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, announced that it has entered into an agreement to acquire Thrive Skilled Pediatric Care . The transaction is expected to close in the second fiscal quarter of 2025, subject to customary regulatory approvals.
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Thrive SPC is one of the largest independent providers of pediatric home care with 23 locations in seven states including Arizona, Georgia, Kansas, New Mexico, North Carolina, Virginia, and Texas. Thrive SPC primarily provides skilled Private Duty Nursing services, but also provides Pediatric Therapy, Licensed Health Aide Services, and Certified Nurse Assistant Services. The combination with Thrive SPC creates an enhanced footprint in existing states while also introducing Aveanna’s specialized care model into two new states.
“I am thrilled to welcome the entire Thrive Skilled Pediatric Care team to Aveanna,” said Jeff Shaner, Chief Executive Officer of Aveanna. “Like Aveanna, Thrive SPC is committed to delivering high-quality and patient centered clinical care that leads to exceptional outcomes for patients and families. Thrive SPC is an exceptional cultural and geographical fit for us and reinforces our strategic mission of remaining the leader in delivering high quality care while bringing unprecedented value and clinical innovation to our payors and stakeholders. We’re excited to welcome Thrive SPC’s patients and care professionals to our Aveanna family.”
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Thrive SPC was founded with the support of Summit Partners, a leading growth investment firm. “The announcement today marks a significant milestone in Thrive SPC’s journey of building one of the leading providers of skilled in-home care to medically fragile children. The combination with Aveanna represents an exciting opportunity for Thrive SPC and all those who depend on the critical care the company delivers each day,” said Ross Stern, a Managing Director at Summit Partners. “We believe Aveanna is an ideal partner for Thrive SPC, given the combined company’s shared vision for delivering the highest quality care to patients and innovative and cost-effective solutions to its payors. We are confident that this transaction will position the combined company to deliver compelling benefits for patients and families going forward.”
Aveanna intends to fund the Thrive SPC acquisition from a combination of sources, including shares of common stock and cash from its balance sheet.
Edge Healthcare Partners served as financial advisor to Aveanna, and Bass, Berry & Sims provided legal counsel. Cantor Fitzgerald & Co. served as financial advisor to Thrive SPC while Ropes & Gray LLP served as Thrive SPC’s legal advisor.
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Source – GlobeNewswire
