HCAP Partners on Wednesday said it had ended its investment with Mission Healthcare and that Vistria Group had invested in the San Diego-based home health and hospice provider.
Terms of the deal with Vistria Group, a Chicago-based investment firm, were not disclosed, according to a news release.
“With HCAP Partners’ support, Mission Healthcare was in a great position to navigate major changes in the industry related to Medicare reimbursement and COVID-19. The flexibility HCAP provided gave us strong momentum to capitalize on changing market dynamics and pursue employee growth and development,” Mission Healthcare CEO Paul Ver Hoeve II said in a statement.
HCAP Partners, a California-based private equity firm, will help create and fund a benevolent fund that will offer short-term financial assistance for employees facing family crises, medical expenses or losing their family’s primary source of income, the release said.
“We are extremely pleased with Mission Healthcare’s extensive accomplishments since our initial investment. The company not only exhibited stellar growth but improved its quality of care and became a top workplace in San Diego during our investment holding period,” Nicolas Lopez, principal at HCAP Partners, said in a statement. “The company’s performance exceeded our expectations.”
Mission Healthcare, founded in 2009, has more than 600 employees and serves patients across southern California.