Almost four years to the day since its acquisition, Clearview Capital Fund III, LP announced the sale of its majority interest in St. Croix Hospice, LLC to an affiliate of The Vistria Group. The transaction closed on September 29, 2017.
Based in Oakdale, MN, St. Croix is a leading provider of hospice services to patients affected by a life-limiting illness. The company operates from 21 office locations across Minnesota, Wisconsin, Iowa, Nebraska and Kansas.
“During our four-year partnership with St. Croix’s management team, we made significant investments in new office locations, closed one highly complementary acquisition, and invested in a new electronic medical record platform to support future growth,” said Matt Blevins, Principal of Clearview Capital. “The result was a near tripling of revenue and EBITDA while expanding the company’s geographic presence from two states to five, further solidifying St. Croix’s position as the leading hospice care provider in the Upper Midwest.”
“We were very fortunate to have a partner like Clearview as our first institutional capital provider,” commented Heath Bartness, Chief Executive Officer of St. Croix. “Since St. Croix was founded in 2008, the company has grown tremendously and Clearview was instrumental in encouraging us to invest in our people and technology to ensure the long-term scalability of the business.”
“St. Croix was our first investment from Fund III, so it’s only appropriate that the company also serves as our first Fund III exit,” said Calvin A. Neider, Co-Founder and Managing Partner of Clearview Capital. “We couldn’t have asked for a better management team to partner with and we wish management and The Vistria Group continued success.”
Clearview Capital’s other holdings include Wilson Orchard and Vineyard Supply, LLC, a distributor of orchard and vineyard equipment, irrigation systems, and related agricultural supplies; Controlled Products, LLC, a manufacturer and distributor of premium quality synthetic turf; Advanced Medical Personnel Services, Inc., a provider of nationwide healthcare staffing solutions; Xcellence, Inc. d.b.a. Xact Data Discovery, a provider of discovery and data management services; Northwest Cosmetic Laboratories, LLC, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Derby Building Products, Inc. f.k.a. Novik, Inc., an innovator, manufacturer and distributor of polymer building products; GCR, Inc., a professional services firm delivering technology solutions to governmental and commercial clients; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice, the country’s largest provider of prescribed pediatric extended care centers for medically complex children; and Pyramid Healthcare, Inc., a provider of substance abuse and mental health treatment programs for adults and adolescents.
