Companion Hospice, a leading hospice and palliative care provider in the Western United States, has had its California operations acquired by Bristol Hospice, a portfolio company of Webster Equity Partners. Companion delivers hospice and palliative care services to over 600 active patients daily in Southern California and is among one of the largest independent providers in the market. The terms of the transaction were not disclosed.
Provident Healthcare Partners (Provident) served as the exclusive financial advisor to Companion. Robinson & Cole acted as legal counsel to Companion and Goodwin Procter acted as legal counsel to Bristol on the transaction.
"I would like to thank the Provident team for their assistance, guidance and diligence provided throughout the process. I feel very fortunate to have been surrounded by such a spectacular group of professionals," said Mike Uranga, CEO of Companion.
Kevin Palamara, Managing Director at Provident, stated "We are honored to have represented Mike and his incredible team at Companion in completing this transaction with Bristol to help continue providing comprehensive and compassionate end-of-life care to patients in the Southern California market. Our process uncovered several potential options for Companion in this increasingly competitive market for consolidation within hospice and at the end of the day it was clear that Bristol was the ideal partner to continue the mission that Companion endeavored on 26 years ago."
"Provident is thrilled to have played a role in the combining of two of California's premier hospice service providers. We believe all of Companion's goals were accomplished in this transaction through finding a partner that shares the same values and quality care standards, while also providing an exit opportunity to the former shareholders of the business," noted Jake Vesely, Senior Analyst at Provident Healthcare Partners.
About Companion Hospice and Palliative Care
Companion cares for the physical, spiritual, and emotional needs of patients and their families who are facing a life-limiting illness. Based and founded in Orange County, Companion operates throughout Southern California, including Los Angeles, Ventura, San Bernardino and Riverside Counties. Each office operates with an independent on-site management team. For additional information, visit https://www.companionhealthgroup.com/.
About Bristol Hospice
Bristol Hospice began operations in 2006 and is headquartered in Salt Lake City, Utah. Bristol Hospice has a long history of providing exceptional hospice care across the country. With this new acquisition it now operates 35 locations across 10 states. The Bristol Hospice programs are designed to promote quality and comprehensive hospice services to patients and families in the communities they serve. For additional information, visit www.bristolhospice.com.
About Webster Equity Partners
Webster is a leading private equity firm with a long history of partnering with leading healthcare services companies investing out of its fourth fund with $875 million of committed capital. Webster invested in Bristol Hospice in November 2017 with the goal of providing the highest quality hospice and palliative care services to meet the needs of individuals at the end of life. For additional information, visit: www.websterequitypartners.com.
About Provident Healthcare Partners
Provident is a leading healthcare investment banking firm specializing in merger and acquisition advisory, strategic planning, and capital formation for healthcare companies. The firm has a comprehensive knowledge of market sectors and specialties, including a significant track record of success within home healthcare and hospice. For additional information, visit www.providenthp.com.
