Stout Advises on Majority Sale of Advent to New Harbor Capital

March 16, 2021

Stout announced today that its client, Advent Home Medical, Inc. and Advicare Pharmacy, Inc. (“Advent” or the “company”) has received a majority equity investment from Chicago-based New Harbor Capital. Stout served as exclusive financial advisor to Advent in connection with this transaction.

Advent was founded by Carlia Cichon in 2004 and is headquartered in Pontiac, MI. The company is a leading provider of durable medical equipment, pharmacy, and homecare services to complex respiratory patients that need advanced life support technology and clinical care. The company has grown rapidly due to the success of its clinically focused patient care model and quality of service, which greatly differentiates it from the competition. Patients are increasingly being moved out of hospitals and into the home setting earlier in the continuum of care to reduce healthcare costs and improve patient outcomes, which will drive continued homecare industry growth and the need for additional services in the future.

New Harbor Capital is a leading lower-middle market private equity firm focused on healthcare, education, and tech-enabled services that partners with founder-owned companies like Advent.

“Stout provided excellent advice and worked tirelessly in guiding us through all stages of this transaction, culminating in a successful outcome for our team and company,” said Carlia Cichon, Founder of Advent.

“The way that Stout marketed our company was incredible. From the initial teaser, to the management presentation, the creativity and quality of the material portrayed our company in the best possible way. They also helped us analyze and come to understand our business in new ways,” said Advent President Rob Hensley.

“We could not be happier for Carlia and the team as their clinically focused business model and unwavering dedication to quality of care for their patients has been the engine of the company’s success, a true win-win. We are excited to see how the company grows in the future and believe that its’ stable and growing patient census make the platform highly scalable into other related healthcare services, new customers and geographies,” said Stout Managing Director and Head of Healthcare Investment Banking John Calcagnini, who led the transaction.

Stout’s Chris Hannah and Alec Wittenberg assisted in executing the deal.

Clark Hill served as legal counsel to Advent. McDermott Will & Emery served as legal counsel to New Harbor Capital.

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