BOSTON, Jan. 24 /PRNewswire/ -- Provident Healthcare Partners, LLC announces that Market Street Medical, Inc., a subsidiary of private equity firm, Market Street Finance, LLC, has completed the acquisition of iCare Medical Supply, Inc. and affiliated companies. Provident acted as the exclusive financial advisor for iCare, a national provider of diabetic supplies and respiratory medications. The iCare transaction represents a platform acquisition for the investment firm and further aligns Market Street Medical, Inc. with its goal of investing in successful, high-growth companies.
Market Street Medical, Inc., a holding company formed to bring the five iCare companies under a single operating entity, is co-owned by the new equity partners, the existing owners, and the lenders. Market Street Medical will continue to operate the companies under the iCare brand and will seek to add both patients and new products which are well suited to the “direct to patient” model of distribution. Chris Baker, Co-CEO of the new company stated, “In its relatively short history, iCare has benefited greatly by creating a culture of customer and patient satisfaction coupled with an exceptional workplace environment. We feel this incredible base of existing patients and loyal employees provide us with a solid foundation for the future growth of iCare.”
Commenting for iCare, Buddy Tatum, its President, adds, “In evaluating potential investors, we concluded that Market Street Medical was best positioned to support iCare’s vision of national expansion and revenue growth. This partnership will give iCare the capital needed for continued development and will significantly increase iCare’s revenue and earnings.”
Commenting on the transaction for Provident, Bob Ciardi, Managing Partner stated, “iCare’s excellent reputation and strong patient base, make this an ideal opportunity for Market Street Medical to enter the evolving diabetic and respiratory markets. In addition, Market Street Medical will afford iCare the ability to expand its presence and patient base, while benefiting from the Company’s extensive resources and reputation.” By highlighting the post- closing value for Market Street, Provident was able to secure a significant premium over current market valuations for similar companies.
About iCare Medical Supply, Inc.
Based in Jupiter, Florida, iCare Medical Supply, Inc. is a full-service diabetic supply company providing a reliable source of diabetes testing supplies to patients. iCare Pharmacy, Inc. is located in Winter Park, Florida and is the sister company of iCare Medical Supply. iCare Pharmacy provides respiratory medications to patients suffering from a variety of respiratory diseases.
About Market Street Finance, LLC
Market Street Finance, LLC is a private equity firm primarily engaged in structuring finance for high growth companies and financing acquisitions. In addition, Market Street Finance seeks to acquire majority equity positions in companies that have significant growth opportunities requiring flexible capital, and performing leveraged recapitalizations allowing existing owners to experience liquidity events while retaining the opportunity to participate in a company’s future.
About Provident Healthcare Partners, LLC
Provident Healthcare Partners, LLC is a Boston-based investment banking firm specializing in the healthcare industry. The firm is comprised of senior-level healthcare and corporate finance professionals with in-depth knowledge and extensive transaction experience in all healthcare fields. The firm has successfully completed merger and acquisition transactions with companies operating in all sectors of the healthcare industry.
Provident Healthcare Partners, LLC
CONTACT: Kari Norton of Provident Healthcare Partners, LLC,+1-617-742-9800, x214, knorton@providenthp.com
Web site: http://www.providenthp.com/