HealthDrive in Massachusetts will acquire New England Geriatrics, the companies announced last week. Financial terms were not disclosed.
It is the first acquisition for HealthDrive as a portfolio company of Bain Capital Double Impact. NEG serves more than 13,500 Massachusetts and Connecticut residents in more than 120 long-term care facilities, along with a handful of inpatient geriatric psychiatric units.
NEG clinicians give evaluations and medication management, including evaluation of patients for inpatient psychiatric hospitalization.
“Our acquisition of New England Geriatrics is an important step in our goal to expand our lines of specialty healthcare services as we build the leading provider of cost-effective, mission-driven care to the frail elderly population while prioritizing our clinical providers satisfaction,” said Dan Baker, CEO of HealthDrive. “The comprehensive psychiatric healthcare expertise that New England Geriatrics brings will help to advance that approach and reinforce our shared roots in Massachusetts.”
The transaction is anticipated to close in the first half of this year.