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VSS Capital Partners Completes Successful Sale of Caravan Health
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
VSS Capital Partners has sold its interest in Caravan Health, Inc. to Signify Health, Inc. (NYSE: SGFY), enhancing value-based healthcare initiatives. During VSS's four-year ownership, Caravan doubled its ACO revenue and expanded its network to over 200 health systems and 10,000 primary care providers managing 500,000 patients. Caravan's growth involved operational improvements and strategic acquisitions, including Wellpepper in 2020. VSS continues to pursue new investments and partnerships in various sectors.
Positive
Caravan's ACO revenue doubled during VSS's ownership.
Expanded network to over 200 health systems and 10,000 primary care providers managing over 500,000 patients.
Successful strategic acquisition of Wellpepper, enhancing technology and service offerings.
Negative
None.
Strategic Exit Combines Two Leaders in the Growing Value-Based Payment Market
Revenue More Than Doubled During VSS’ Ownership
NEW YORK--(BUSINESS WIRE)--
VSS Capital Partners (“VSS”), a private investment firm investing in healthcare, business services and education, announced today that it has sold its interest in Caravan Health, Inc. (“Caravan” or “the Company”), a leader in enabling accountable care organizations (ACOs) to excel in population health management and value-based payment programs, to Signify Health, Inc. (NYSE: SGFY), a value-based healthcare platform that leverages advanced analytics, technology and nationwide healthcare provider networks.
During VSS’ four years of ownership, Caravan reached more than 200 health systems and 100 Federally Qualified Health Centers with more than 10,000 primary care providers, who collectively manage over 500,000 patients. Together, the combination of Caravan and Signify Health will create one of the largest national networks of providers engaged in value-based payment models.
“We tremendously enjoyed our close, four-year partnership with Caravan’s Founder and Executive Chair, Lynn Barr, and her entire leadership team,” said David Bainbridge, Managing Director at VSS. “Today, Caravan is well positioned to continue empowering hospitals, independent physicians, nurse practitioners and healthcare systems to better manage population health and deliver exceptional value-based care.”
Following VSS’ investment in Caravan in January 2018, Caravan undertook a number of organic initiatives to drive operational improvements, including making a significant investment in its sales and technology infrastructure. The Company also completed one strategic acquisition with its purchase of Wellpepper, a Seattle-based health technology company, in February 2020. Under VSS’ ownership, Caravan’s ACO revenue has doubled in four years.
“We would like to thank VSS for their outstanding strategic support provided throughout our partnership,” said Barr, Chief Innovation Officer at Signify Health. “We meaningfully benefitted from VSS’s extensive industry expertise in tech-enabled healthcare services, while their financial capital and operational resources enabled us to take our business to the next level.”
VSS has had an active pace of new investments and realizations in recent months, including its growth investment in GLOBO Language Solutions, LLC, a global provider of technology-enabled, on-demand interpretation services; partnership with The HFW Companies, a newly formed platform and partnership focused on investing in architecture, engineering, and construction services; and, the successful sale of Coretelligent, a leading provider of comprehensive managed IT, cybersecurity, and cloud services.
About VSSCapital Partners
VSS is a private investment firm that invests in the healthcare, business services, and education industries. Headquartered in New York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions, and buyouts to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately negotiated investments across the capital structure and invests in situations requiring non-control or control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 94 portfolio companies with over 380 add-on acquisitions, and manages $4 billion in aggregate committed capital across 8 funds. For more information, please visit: www.vss.com.
