ViaQuest — a Dublin, Ohio-based provider of intellectual and developmental disabilities (IDD), behavioral health and hospice services — has received an equity investment from Council Capital, a health care-focused private equity firm. Terms of the investment were not announced.
Operating in Ohio, Indiana and Pennsylvania, ViaQuest provides residential, day and employment services to individuals with IDD. It also provides behavioral health, home health, hospice and hospital-at-home services. Plus, ViaQuest can serve clients via telehealth.
Council Capital’s investment represents a trend of private equity firms flocking to the home health care market, one of the settings in which ViaQuest operates. According to financial data firm Grand View Research, the home health care market is estimated to be worth over $281 billion, with more growth expected over the next several years.
Rich Johnson, who currently leads the company as CEO, founded ViaQuest in 1999.
“We were drawn to partnering with the Council Capital team because of their experience in our markets and the expertise and support provided through their CEO Council, value creation team and network of portfolio companies,” said Johnson in a press release announcing the investment. “Our goal at ViaQuest is to provide health, happiness and hope to everyone we serve. With Council’s support, we believe we can continue to live this mission as we grow.”
The deal marks the first platform investment for Council Capital IV, Council Capital’s $200 million fund that has received financial support from strategic health care investors as well as pension funds, foundations and endowments, funds of funds and family offices.
Council Capital closed the fund last November. It currently invests in middle market health care services and health care IT companies.
“ViaQuest is highly regarded and well positioned within its service specialties, which are growing areas of the healthcare market and clearly fit our mandate of investing on the right side of change in healthcare,” Erik Keen, a general partner at Council Capital, said in the press release. “We have extensive experience in community and home-based care services and are passionate about bringing high quality healthcare to those markets and the individuals and families served. We are excited to leverage our CEO Council members and in-house resources to support ViaQuest as it continues to grow and expand.”