November 22, 2021 – NEW YORK – Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, today announced the sale of StateServ Medical (“StateServ”) to WindRose Health Investors, LLC (“WindRose”). Terms of the transaction were not disclosed.
Based in Mesa, Arizona, StateServ is the leading durable medical equipment benefit management company supporting hospices and other post-acute care providers in the United States. Since Blue Wolf’s investment in the company in August 2017, StateServ has undergone a significant transformation, growing through its merger with Hospicelink in early 2018 and organically through operational efficiencies and expansion of the company’s customer base.
Jeremy Kogler, Partner at Blue Wolf, said, “When we first invested in StateServ, we believed there was a tremendous opportunity to grow the company given its value proposition for hospices and the low adoption of benefit management for durable medical equipment in the sector. In just four years, we successfully positioned StateServ to benefit from an ongoing industry shift toward capitated models of payment. Today’s announcement represents a great outcome for Blue Wolf LPs, as well as StateServ and its stakeholders and we believe the company is well positioned for future success under WindRose’s ownership.”
“Blue Wolf has been a great partner to StateServ and has provided us with invaluable industry and operating knowledge, as well as the resources needed to enhance our market leadership for the benefit of all our stakeholders,” commented Paul DiCosmo, Chief Executive Officer and co-founder at StateServ. “We thank the entire Blue Wolf team for their guidance and support, and we look forward to our next chapter as we join forces with WindRose and build upon our strong foundation.”
TripleTree served as financial advisor and Greenberg Traurig served as legal advisor to Blue Wolf in connection with this transaction.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
About StateServ Medical
Founded in 2004 and based in Mesa, AZ, StateServ is the leading provider of durable medical equipment (DME) benefit management solutions to the post-acute care market. StateServ’s technology-enabled platform provides DME cost containment solutions to hospices and other post-acute providers, delivering high quality patient care, tangible cost savings, and operational efficiencies. StateServ’s mission is to use technology and optimized processes to help its customers provide the best possible care for patients while giving them the tools they need to drive efficiency. For more information, please visit www.stateserv.com.
Contacts
Jenny Zhu
jenny@bluewolfcapital.com
212.488.3686
Joele Frank, Wilkinson Brimmer Katcher
Steve Frankel / Ed Trissel / Arielle Rothstein
212.355.4449