Livingstone advises Life Tech on its sale to Advent Home Medical, a portfolio company of New Harbor Capital
Livingstone has advised on the sale of RehabTech Supply Corporation (“Life Tech” or the “Company”) to Advent Home Medical LLC (“Advent”), a portfolio company of New Harbor Capital Management (“New Harbor”). Livingstone acted as exclusive financial advisor to Life Tech. Transaction terms were not disclosed.
Life Tech, headquartered in Elmhurst, IL, is a leading full-service provider of high-tech home respiratory equipment and services to patients with complex medical needs throughout the Midwest. Life Tech’s proven ability to treat medically fragile pediatric patients is due to its high-touch service model and highly trained, dedicated respiratory therapists and technicians. Over the last 20 years, Life Tech has developed an award-winning reputation for treating the most complex cases, establishing itself as a trusted, preferred provider with its referral sources. Consequently, on the strength of its reputation, the Company has become a preferred provider for the region’s largest children’s hospitals, hospice, and palliative care centers.
“We are proud of what we have achieved at Life Tech. Livingstone provided us with the advocacy and support we needed every step of the way. We are grateful for their guidance and tireless work as we were able to find the right cultural fit and partner in Advent,” stated Brian Dacy, CEO of Life Tech. “Together, we will expedite the Company’s growth to expand our culture of caring excellence and high-touch patient approach to more children and families in need across the country.”
Founded in 2004 and based in Pontiac, MI, Advent Home Medical utilizes registered respiratory therapists to construct personalized care plans and deliver specialized hands-on support to acute respiratory patients in the home setting. Advent provides a full complement of durable medical equipment (“DME”) and supplies necessary to support these therapies. Advent is a leader in its market, conducting more than 3,500 patient home visits per year throughout the state of Michigan.
“The combination of Life Tech and Advent is a natural fit given our shared commitment to patient care excellence,” stated Rob Hensley, President of Advent. He added, “Combining our respective companies will create a market-leading platform to further expand our services in new and existing markets throughout the country.”
“We are proud to have advised Life Tech on this transaction, having previously represented Brian’s former business, Total Spectrum, on its sale to LEARN Behavioral in 2018,” commented Jim Moskal, Partner at Livingstone. “Brian and the Life Tech team built a remarkable company with an outstanding reputation in the market. As such, we generated significant interest from both strategic buyers and financial investors, allowing the team to pick the right partner for their next chapter. We are excited for the Company’s future.”
Life Tech marks Livingstone’s 36th global healthcare transaction completed since 2018. Additionally, Life Tech adds to Livingstone’s growing resume of successful transactions in the home health sector, including such transactions as SYNERGY HomeCare, Option 1, and Infinity HomeCare.
Levenfeld Pearlstein, LLC and Chuhak & Tecson served as legal counsel while Miller Cooper & Co., Ltd. provided transaction-related accounting services to Life Tech. McDermott Will & Emery LLP served as legal counsel and RSM US LLP provided transaction-related accounting services to Advent and New Harbor.
