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HealthEdge Investment Partners, LLC ("HealthEdge") and United Western Group ("United Western") announced today that in partnership with Advantage Capital Holdings, LLC ("A-CAP"), they have completed a recapitalization of Veridian Healthcare, LLC ("Veridian" or the "Company"), a leading outsourced manufacturer of private label and branded in-home diagnostic, pain care management, and personal care products.
Veridian, which was founded in 2009 and is based in Gurnee, IL, has distinguished itself as a preeminent distributor of home health and diagnostic products for leading national and regional chain stores, pharmacies, wholesalers, distributors, and e-commerce businesses. The Company's custom private labeling capabilities, robust overseas procurement knowledge and relationships, purchase volumes, and well-established supplier relationships enable Veridian to deliver highly competitive pricing and unmatched service across its wide breadth of product categories. Furthermore, the Company's end-to-end procurement solutions adeptly manage quality testing, compliance, shipping, warehousing, and other logistical intricacies, relieving customers of these administrative burdens. These differentiators underpin Veridian's long-term success and impressive growth rate.
Veridian's products are sold into the large and growing retail in-home diagnostic and pain care management consumer end markets. These categories have demonstrated strong historical growth which is expected to continue due to multiple market tailwinds. These include the COVID-19 impact on increased monitoring of consumers' health at home, a growing interest in personal care, an increasing prevalence of chronic disease states, and an aging US population.
Veridian's Founder and President Steve Bisulca retained a meaningful ownership position in the Company and will continue in his role as Veridian's President. Concurrent with the recapitalization, United Western operating partners Robert Friedberg and John Aldridge will also undertake key C-suite roles at Veridian. Mr. Friedberg will serve as Chief Executive Officer with vast experience leading healthcare delivery platforms, including hospitals, health systems, physician practices, and ancillary services ranging from $50M to $1.3B in revenue. Mr. Aldridge will serve as Chief Digital Health Officer, expanding Veridian's capabilities and client base in the digital health sector through deep experience in remote patient monitoring and healthcare IT.
Jacob Atkinson, Managing Partner of United Western Group, commented, "We are privileged to partner with the Veridian Healthcare management team, HealthEdge, and A-CAP to expand Veridian's capabilities into digital healthcare through the development of remote patient monitoring, kitting, and telehealth programs. Veridian is highly regarded for its expansive SKU portfolio, strong supply chain, and logistical support. They have proven themselves to be an industry leader with a strong management team and an exceptional employee-centric culture."
Scott Heberlein, Partner with HealthEdge added, "We are excited to add Veridian and its talented team as the second platform investment in our fourth fund. The Company, its market position, historical growth, and future potential represent many of the attractive attributes we seek with our investments. We believe the addition of United Western's experienced operators, Robert and John, will help drive Veridian into new, growing markets, and provide key healthcare constituents with cost effective solutions for monitoring patients in the home, ultimately driving superior outcomes."
Holland & Knight LLP served as lead legal counsel to United Western Group. Shumaker, Loop & Kendrick, LLP served as legal counsel to HealthEdge. William Blair and Company, LLC served as exclusive financial advisor to Veridian Healthcare, LLC. Dentons US, LLP served as legal advisor to Veridian Healthcare, LLC.