Bain Capital Double Impact, the impact investing business of Bain Capital, announced Thursday that it has acquired HealthDrive, which as provided on-site dentistry, optometry, podiatry and audiology services to residents of assisted living communities, skilled nursing facilities and other long-term care settings for more than 25 years.
Boston-based Bain acquired Wellesley, MA-based HealthDrive from Riverside Partners, a Boston-based private equity firm. Financial terms of the private transaction were not disclosed.
HealthDrive expects to expand its services under the partnership.
“We are excited to partner with Bain Capital Double Impact and to leverage their mission-oriented approach to driving better health outcomes by improving access to quality care for the vulnerable patients that we serve,” HealthDrive CEO Dan Baker said in a statement. “They share our vision of expanding our geographic reach and adding new service offerings as we continue to build HealthDrive into the premiere provider for ancillary medical services for the long-term care population.”
HealthDrive was founded in 1989 and now serves residents in more than 2,000 facilities across the country.
“Dan and the management team have done an exceptional job recognizing the need for cost-effective on-site physician services and providing an effective and impactful solution,” Peter Spring, a managing director at Bain Capital Double Impact, said in a statement. “This partnership is another step in pursuing our mission to deliver meaningful and lasting social impact to vulnerable populations in the healthcare system.”