St. Croix Hospice Has Been Acquired by The Vistria Group
September 29, 2017
St. Croix Hospice (“the Company”), a leading regional hospice provider in the Upper Midwest and portfolio company of Stamford, CT-based Clearview Capital, has been acquired by private equity firm The Vistria Group (“Vistria”). St. Croix Hospice was Clearview Capital’s first investment and exit from Fund III ($325 million). The transaction closed on September 29, 2017.
Cain Brothers served as St. Croix Hospice’s lead financial advisor in connection with the sale. Cain Brothers ran a highly competitive auction process to identify the optimal partner for the Company and negotiated the key terms of the transaction.
Founded in 2008, Oakdale, MN-based St. Croix Hospice provides best-in-class hospice care via a network of 21 office locations serving ~1,100 patients on a daily basis across 210+ counties in five states (Minnesota, Iowa, Wisconsin, Nebraska and Kansas). During its four year partnership with Clearview, St. Croix has established a deep presence in the Upper Midwest and demonstrated a successful track record of geographic expansion by entering into three new states through a combination of de novo growth and strategic M&A resulting in nearly tripling of revenue and EBITDA.
Founded in 2013, Vistria is a Chicago, IL-based middle market private equity firm that focuses on investing in companies in the healthcare, education and financial services sector. St. Croix Hospice will be Vistria’s first investment out of Fund II. Debt financing for the transaction was provided by CIT Bank.
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