Kinderhook Invests $105 million in AbsoluteCare
January 7, 2021
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced today an investment of $105 million in AbsoluteCARE (“AbsoluteCARE” or the “Company”). AbsoluteCARE represents Kinderhook’s 16th healthcare services platform since inception. Additional terms of the transaction were not disclosed.
Headquartered in Baltimore, Maryland, AbsoluteCARE is a leading value-based integrated healthcare provider, focused on providing comprehensive and preventative care to the most vulnerable populations. AbsoluteCARE operates a patient-centered ambulatory intensive caring unit delivery model that becomes the primary care provider for the most complex and highest utilizing patients. AbsoluteCARE currently operates out of five facilities: Atlanta, Georgia, Baltimore, Maryland (2), Prince George’s County, Maryland and Philadelphia, Pennsylvania. Since 2000, the Company has treated tens of thousands of high-acuity, chronically ill patients by leveraging innovative population health management tools with a unique “wrap-around” care model. AbsoluteCARE recognizes that comprehensive primary care is just one piece of working with complex populations and lives up to its mission that care goes beyond medicine. Integrated primary care & care management for the most complex populations must include assessments of, and treatment for, past trauma, addiction, food insecurity, and housing instability.
“This partnership will enable AbsoluteCARE to provide even more interventions that address social determinants of health for the most vulnerable populations across the nation,” said Gregory Foti M.D., Chief of Innovative Operations at AbsoluteCARE. “The Company aims to identify, engage, and transform members through a holistic suite of services which is dedicated to improving outcomes by offering quality care, social and behavioral counseling and extensive patient outreach.”
Alan Cohn, Chief Executive Officer of AbsoluteCARE, stated, “We are excited to partner with Kinderhook to expand the work we do to ensure those who need it get the best care possible. AbsoluteCARE has a proven track record of being able to lower costs for our insurance partners by improving the lives of our members. We are excited to be able to deliver that care to more people.”
“AbsoluteCARE’s model significantly improves quality and outcomes, while also reducing costs. We are thrilled to be able to leverage Kinderhook’s expertise and relationships to help accelerate our growth and reach,” said Josh Cohn, Chief Development Officer at AbsoluteCARE.
“AbsoluteCARE represents a unique opportunity to invest in a growing and innovative primary care provider that is among the first movers in value-based care in the Medicaid and Medicare market,” said Chris Michalik, Managing Director at Kinderhook and former Chairman of WellCare Health Plans, Inc. “AbsoluteCARE is the most advanced patient care provider I have seen that focuses on high acuity Medicaid and Medicare members. The Company’s integrated and all-hands-on-deck approach to patient care is proven to both bend the healthcare cost curve and help its members live healthier and happier lives. An AbsoluteCARE center should be in every major city in America.”
“The Company’s model integrates a number of powerful healthcare themes including the need to address the social determinants of health as well as the importance of primary care in driving outcomes,” said Michael Zoch, Managing Director at Kinderhook. “We are excited to partner with AbsoluteCARE to expand this proven care model to serve patient populations throughout the U.S.”
Kirkland & Ellis LLP served as legal counsel and Bass, Berry & Sims PLC served as regulatory counsel to Kinderhook. Cain Brothers served as financial adviser and Quarles & Brady LLP served as legal counsel to AbsoluteCARE.
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $3.3 billion of committed capital. We have made in excess of 250 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.
For more information, please visit: www.kinderhook.com
About AbsoluteCARE
Headquartered in Baltimore, Maryland, AbsoluteCARE is a leading integrated healthcare provider, focused on providing comprehensive and preventative care to the most vulnerable and highest utilizing patients. AbsoluteCARE has a holistic approach to healthcare and believes that its value proposition lies in its ability to provide treatment for the whole person rather than one disease to provide the best healthcare outcomes. The Company has five facilities located in: Atlanta, Baltimore (2), Prince George’s County, and Philadelphia.
For more information please visit: www.absolutecare.com