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Scoop: Enhanced HC Partners prepping Eventus for sale process

Illustration of a pillow with a health plus on a rocking chair.

Illustration: Gabriella Turrisi/Axios

Enhanced Healthcare Partners is preparing to bring elderly and disabled care provider Eventus WholeHealth to market, sources tell Axios.

Why it matters: The process will be a good test of investor appetite for health care businesses that cater to vulnerable populations.

Behind the scenes: The auction, being run by Harris Williams, is expected to launch next month, sources say.

  • The asset is generating around $30 million in EBITDA, per sources.

How it works: Concord, North Carolina-based Eventus provides primary and specialty care services for residents and patients in skilled nursing and assisted living facilities.

  • The company employs physicians, psychiatrists, nurse practitioners, physician assistants, psychotherapists, podiatrists, optometrists, audiologists and support staff.

Catch up quick: Enhanced invested in the company in 2019 for an undisclosed price.

  • The company also has backing from Leavitt Equity Partners and Balance Point Capital.

State of play: Though headline risk has chilled private equity investment into elder and disabled care, there are a few assets that could soon be looking for a liquidity event.

  • In 2021, WindRose Health acquired Bluestone Physician Services, which provides medical services for high-risk patients in senior living communities.
  • In 2019, Beecken Petty O'Keefe & Company acquired senior primary care company ClareMedica Health Partners. Revelstoke Capital Partners invested in the business in 2021.
  • HarmonyCares, which provides home and community-based care for vulnerable patients, was acquired by Rubicon Founders, Valtruis, Oak HC/FT, WCAS and HLM Venture Partners in 2021.

Enhanced and Harris Williams declined to comment.

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