New Harbor Capital Portfolio Company Advent Home Medical Completes Acquisition of Aeratech Home Medical
The acquisition expands Advent’s presence in Ohio and Indiana markets
New Harbor Capital (“New Harbor”) announced today that its portfolio company, Advent Home Medical (“Advent”), has completed the acquisition of Aeratech Home Medical (“Aeratech”, or “the Company”), an Ohio and Indiana-based premier provider of home respiratory care and respiratory equipment technology. Aeratech marks Advent’s second acquisition in partnership with New Harbor and is highly complementary to Advent’s existing respiratory care services.
Aeratech was founded in 1999 by Roy Neely, a respiratory therapist who wanted to reduce prolonged hospital stays for patients with complex respiratory conditions. Today, Aeratech serves approximately 1,000 patients across Ohio and Indiana. Aeratech’s team of expert respiratory therapists has a combined 300+ years of experience treating complex respiratory diseases, working across nine offices to maintain the Company’s operations.
The partnership meaningfully advances both businesses’ goals of providing the highest quality home healthcare to more patients across the Midwest and beyond.
“This partnership is a perfect fit,” said Rob Hensley, CEO of Advent. “Aeratech’s commitment to patient care and focus on high-tech respiratory home care are perfectly aligned with Advent and Life Tech. We plan to continue to expand into new geographies, and we were able to quickly enter these contiguous states with this acquisition.”
“This acquisition is another highly strategic and valuable partnership for Advent, as it seeks to become the leading provider of comprehensive respiratory care in the home,” added Bo Mlnarik, Vice President at New Harbor Capital. “Aeratech is a leader in its Ohio and Indiana markets. We are excited to partner with their team and build upon that legacy.”
“We are thrilled to join the Advent team,” said Roy Neely, Founder of Aeratech. “This partnership will help us spread our mission of helping even more respiratory care patients receive expert care in their homes.”
McDermott, Will & Emery LLP, and RSM US LLP provided counsel and advice to New Harbor Capital and Advent. Hahn Loeser & Parks LLP served as counsel, and Signet Capital Advisors LLC acted as advisors to Aeratech on the transaction. Maranon Capital, L.P. provided financing support and was advised by Katten Muchin Rosenman LLP.
New Harbor Capital completed a majority equity investment in Advent in March 2021.
About Advent Home Medical
Advent Home Medical is a state of Michigan-based, Joint Commission Accredited, high-tech medical equipment company. Founded by a respiratory therapist, Advent’s home ventilator, home tracheostomy, and ventilator-weaning programs are designed to safely transition home the most complex respiratory patients of all ages. Advent works with the entire care team from the initial home assessment through the transition from an acute or sub-acute setting with ongoing support from its dedicated team of clinicians. For more information, visit www.AdventHomeMedical.com.
About Aeratech Home Medical
Aeratech Home Medical is an Ohio-based, premier provider of home respiratory care and respiratory equipment. The Company was founded in 1999 by Roy Neely, a respiratory therapist who sought to provide the proper equipment to patients with complex respiratory conditions to shorten prolonged hospital stays. Aeratech works closely with hospitals, physicians, and caregivers to better serve approximately 1,000 respiratory patients across Ohio and Indiana. Aeratech’s team of expert respiratory therapists has a combined 300+ years of experience treating complex respiratory diseases. For more about Aeratech and its services, visit www.Aeratech.com.