Freedom Eldercare is a provider
of non-medical in-home healthcare services to the
geriatric population as well as geriatric care management
and professional education services. Freedom provides
hourly or live-in care and a Geriatric Care Management
program that includes comprehensive evaluation and
care plan recommendation; assistance with medical,
legal and financial decisions; coordination and
monitoring of service providers and ongoing reports
and support to the client and his or her family.
Prior
Healthcare:
Comfort Keepers is a leading
franchisor in the non-medical in-home care market
for seniors. Comfort Keepers’ caregivers provide
home care services such as companionship, meal preparation,
light housekeeping, laundry, dressing guidance and
grocery shopping in addition to personal care services,
principally to the elderly population and other
adults who require assistance to remain in their
homes
Beacon Hospice is the largest
hospice company in New England. The Company provides
palliative care to patients in acute care, long
term care and home settings. It is the industry
leader in the development of specialized clinical
programs focusing upon such disease states as Alzheimer’s
and heart disease.
Heartlab was a growth buyout
of the best of breed multi modality diagnostic imaging
software and hardware firm serving the cardiac care
market. The Company was largely family owned and
had grown rapidly and the founders wished to realize
some liquidity on their principal asset without
selling the entire company prematurely. They also
sought assistance in taking the company to the next
level of development. A majority control of the
company was acquired in a buyout funded completely
with equity and worked with the founders over the
next four years to nearly quadruple the revenues
and EBITDA of the Company. This included navigating
a very challenging 2001-2003 period when capital
expenditures by hospitals suffered a severe contraction
due to the recession in the aftermath of 9/11. The
investment was non auction and a result of a relationship
with the Company’s audit firm.
OnCURE was a nominally public
company operating multiple outpatient radiation
centers in Northern Florida and California. The
Company suffered from a dysfunctional equity structure
and lacked sufficient funds for working capital
and capital expenditures. The opportunity was first
identified in 2002 while the Company was in the
midst of an operating turn-around being effected
by new management. Though the Company and the industry
were attractive, the decision was made not to invest
at that time due to insufficient visibility on the
efficacy of the operating turn around. A year later
there did exist sufficient evidence of positive
momentum so the Company was taken private and the
balance sheet restructured.
Webster Capital, 950 Winter
Street, Suite 4200, Waltham, MA 02451 | tel: 781.419.1515 fax: 781.419.1516
