Candescent Partners is pleased to announce the formation of Candescent Healing to acquire a wound care company.
Candescent Partners recently acquired The Center for Wound Healing and Hyperbaric Medicine LLC and affiliated companies, a privately held operator of wound care centers in hospitals. will operate this business under the name Candescent Healing, LLC. Candescent Partners led the transaction and partnered with co-investors Gemini Investors of Boston, and Harbert Mezzanine Capital of Nashville. Brocair Partners, New York, represented the sellers.
Candescent Healing develops and operates comprehensive wound care centers utilizing a combination of traditional wound care and hyperbaric oxygen therapies for patients suffering from chronic wounds. The company's centers are located in hospitals in the Northeast, the Midwest and the Southeast. Candescent Partners, Harbert and Gemini acquired the business as a platform for continued growth and have capitalized the business to meet this objective.
Sandy McGrath of Candescent Partners stated that "The significant growth in the incidence of diabetes in this country is driving increasing demand for effective therapies to treat chronic non-healing wounds. By aggressively treating chronic wounds to reduce the number of amputations, the overall cost of treatment is greatly reduced and, of course, the patient's quality of life is significantly improved". He added that "Our plan is to selectively expand the base of units by targeting hospitals in markets with high risk populations. In this way, we can assist the hospital in serving the local market with high value services".
Candescent Partners was founded by Steve Jenks and Sandy McGrath and modeled to continue a long and successful track record of investing privately in excellent growth companies in the lower middle market. Candescent invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services.
(1) The Center for Wound Healing and Hyperbaric Medicine LLC and the other companies acquired by Candescent Healing, LLC are not affiliated with The Center for Wound Healing Inc. (OTCBB:CFWH), based in Tarrytown, New York.