This post is by Iris Dorbian from PE Hub Blog: Buyout Deals
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MBF Healthcare Partners has agreed to acquire a majority stake in Birmingham, Alabama-based Affinity Hospice, a provider of hospice care services. No financial terms were disclosed. The deal is expected to close in November.
CORAL GABLES, Fla.–(BUSINESS WIRE)–MBF Healthcare Partners (“MBF”) is pleased to announce that it has executed a definitive agreement to acquire a majority interest in Affinity Hospice. Headquartered in Birmingham, Alabama, Affinity Hospice is a leading provider of hospice care services to patients in the Alabama and Georgia markets. Ray Shrout, CEO of Affinity Hospice, will maintain a substantial equity position in the company and together with MBF will work to create a best-in-class national provider of hospice services.
“The team at Affinity Hospice is excited with the new partnership and the experience, support, and value that MBF brings to our organization. We look forward to working together with MBF to continue a Standard
Excellence in end of life care in the markets we serve,” said Ray Shrout.
Jorge Rico and Joseph Ibrahim, Managing Partners with MBF, worked closely with Ray Shrout and the entire Affinity Hospice team to complete the transaction. “We have known and followed Ray’s success in the hospice industry over the past 25 years and are very fortunate and excited to formalize our partnership. We look forward to assisting Ray and his team on expanding the high-quality hospice programs and services developed and offered at Affinity Hospice,” said Jorge Rico.
The acquisition is expected to close in November and is subject to certain state regulatory notices, standard closing conditions and other customary approvals.
About Affinity Hospice
Affinity Hospice, a Birmingham, AL based hospice provider, is the leading provider of high-quality end of life care services in Alabama and Georgia. Our mission is to be the market leader in hospice and palliative care, by providing access to high quality specialty services, which embody clinical excellence, outstanding service, and compassionate care. For more information, please visit www.affinityhospice.com.
About MBF Healthcare Partners
MBF Healthcare Partners (“MBF”) is a leading middle market healthcare private equity fund based in Coral Gables, Florida. Our strategy is to partner with exceptional management teams while leveraging MBF’s operating experience, domain segment knowledge, and tenured relationships to rapidly accelerate value creation. The partners of MBF have substantial operating experience in healthcare and have held senior management positions in both private and publicly-traded healthcare companies. The MBF partners have managed and helped build some of the nation’s most innovative and successful healthcare companies such as Rose Dental, Acorn Health, Concordia Care, Inc., Palm Medical Centers, Ramsay-HMO, Physicians Healthcare Plans Inc., Medical Specialties Distributors, CarePlus Health Plans, Inc., CAC-Florida Medical Centers, Hospitalists of America, Atlantic Dental, Inc., Navarro Discount Pharmacies and Nutri-Force Nutrition, LLC. For more information, please visit www.mbfhp.com