Healthcare Services Acquisitions in Rhode Island

Wellvana has acquired the Medicare Shared Savings Program (MSSP) business of CVS Accountable Care (part of CVS Health) in an all-stock transaction that gives CVS Health a strategic minority ownership in Wellvana. The deal expands Wellvana's ACO footprint and capabilities — broadening its provider network and technology while integrating CVS MSSP talent to support approximately 1 million Medicare patients across 40 states.

Vesey Street Capital Partners completed the full sale of its portfolio company QualityMetric on August 18, 2023; the buyer was not disclosed in the announcement. Under VSCP's ownership QualityMetric expanded its patient-reported outcomes, real-world evidence and analytics capabilities (including the acquisition of HealthActCHQ) and grew its commercial and scientific teams. Piper Sandler acted as financial advisor to VSCP and Kirkland & Ellis served as legal counsel.

Elara Caring has acquired Assisted Daily Living, a 50-person skilled home health provider based in Warwick, Rhode Island. The acquisition gives Elara entry into Rhode Island and expands its Northeastern footprint, enabling deployment of its value-based home health, hospice and behavioral health platform into adjacent Connecticut and Massachusetts markets.

NMS Capital has partnered with Surplus Solutions’ management in a recapitalization of Surplus Solutions LLC; terms were not disclosed. The investment will support geographic and inventory expansion, strategic M&A, and investments in infrastructure and operations to drive the company's next phase of growth; Twin Brook Capital provided debt financing.

Millstone Medical Outsourcing, an Arlington Capital Partners portfolio company, acquired Ethide Laboratories on November 14, 2022. The acquisition adds Ethide's regulatory testing capabilities (EO residual, microbiology, sterility, package integrity) to Millstone's post-manufacturing service offering, broadening testing services and customer footprint.

Lab Logistics Management, a portfolio company of Atlantic Street Capital, has acquired The Allied Group from Compass Group Equity Partners. The Allied Group, a Cranston, Rhode Island–based provider of printing, kitting, assembly and fulfillment services for healthcare and life sciences (250+ employees), will expand Lab Logistics' product, kitting and international fulfillment capabilities; terms were not disclosed.

Bay State Physical Therapy has partnered with Rhode Island Rehab Physical Therapy, bringing the Rhode Island practice into Bay State’s regional network and rebranding the clinics under the Bay State name. The partnership expands Bay State’s outpatient physical therapy footprint across Greater Providence and eastern Rhode Island, enabling shared resources, continued local clinical leadership, and expanded patient access to Bay State’s care and education programs.

Denver-based private investment firm Rallyday Partners made a strategic growth investment in Performance Physical Therapy, a Providence, Rhode Island-based multi-clinic physical therapy platform. The capital will be used to support Performance's expansion across New England, invest in systems and infrastructure, and recruit and develop clinical and operational talent.

VillageMD, through its Village Medical subsidiary, has acquired Ocean State Healthcare from private equity firm New Harbor Capital. Ocean State Healthcare — a Rhode Island primary care network with 68 clinical providers across 12 locations serving ~200,000 patients annually — will become part of Village Medical as VillageMD expands its value-based primary care footprint in the state.

Upward Health, a Providence-based in-home medical group focused on high-risk, high-need populations, raised a growth equity financing led by Heritage Group with participation from existing investors Noro-Moseley Partners, the Blue Venture Fund and Windham Ventures. The capital will support Upward Health’s continued growth and national expansion of its risk-bearing, in-home care model integrating physical, behavioral and social services.

Vesey Street Capital Partners completed a recapitalization of QualityMetric, a provider of patient-reported outcome (PRO) surveys, enabling technology and health outcomes analytics. VSCP funds provided equity while First Eagle Alternative Credit and Morgan Stanley Credit Partners provided debt financing to support QualityMetric’s next phase of growth; terms were not disclosed.

Spiro Health Services, a PE‑backed home medical equipment and respiratory care platform, has acquired Absolute Respiratory Care (ARC), a Johnston, Rhode Island-based provider of sleep therapy solutions and respiratory equipment. The add-on expands Spiro’s geographic footprint across eight New England states and the District of Columbia and brings ARC’s wireless monitoring and telehealth capabilities into Spiro’s platform.

Behavioral Health Group (BHG) has acquired the Center for Treatment & Recovery (CTR), LLC in Pawtucket, Rhode Island; the clinic will operate as BHG Pawtucket Treatment Center. The outpatient opioid treatment program employs 23 clinicians and staff and expands BHG's network (now 71 locations across 15 states) to Rhode Island to increase access to Medication Assisted Treatment and behavioral health services.

APDerm, a physician-led dermatology group based in Acton, Massachusetts, has acquired Dermatology Professionals, Inc., adding DPI's headquarters in East Greenwich, Rhode Island and a second location in North Attleboro, Massachusetts. The deal expands APDerm's footprint across New Hampshire, Massachusetts and Rhode Island and increases its network to 24 locations and 69 providers.