Harris Williams & Co. Advises AdvoServ on its Sale to Wellspring Capital Management
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of AdvoServ to Wellspring Capital Management (Wellspring). AdvoServ is a leading residential service provider of scale with a 46 year history of serving individuals with the highest acuity intellectual and developmental disabilities. Harris Williams & Co. served as the advisor to AdvoServ, a portfolio company of GI Partners. The transaction was led by Cheairs Porter, Andy Dixon and Whit Knier of Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.
“It has been a pleasure to represent AdvoServ and GI Partners in this transaction,” said Cheairs Porter, a managing director at Harris Williams & Co. “AdvoServ is a clinical leader with a mission-driven focus on serving the complex needs of a specialized and underserved patient population.”
“AdvoServ offers unmatched clinical expertise in treating individuals with the highest acuity intellectual and developmental disabilities. The company’s demonstrated results in improving the quality of life for individuals under its care and their families is truly remarkable,” said Whit Knier, a director at Harris Williams & Co.
Andy Dixon, a director at Harris Williams & Co., added, “Kelly McCrann, Bob Bacon, Kathy Shea and the rest of the AdvoServ management team have a clear vision for the company’s future and we are confident in AdvoServ’s continued success in partnering with states to address the critical needs of underserved intellectual and developmental disability populations.”
AdvoServ was founded in 1969 and is a nationally recognized behavioral healthcare provider specializing in services for children and adults with intellectual and developmental disabilities, dual diagnoses and severe behavioral challenges. With over 46 years of service, they have established a strong reputation within the behavioral healthcare sector as a leading residential and educational community service provider. AdvoServ is highly regarded for its behavioral treatment techniques, which utilize comprehensive, individualized programs and advanced data analysis.
Founded in 2001, GI Partners is a leading private investment firm based in San Francisco. The firm currently manages over $12 billion in capital commitments through middle market private equity and select real estate strategies for recognized institutional investors across the globe. GI Partners is active in a number of key sectors, including technology, media and telecommunications, healthcare, retail and leisure, and financial and real estate services.
Wellspring, founded in 1995, is a leading middle market private equity firm that manages more than $3 billion of private equity capital. The firm’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience, financial expertise and access to resources.
Harris Williams & Co.’s HCLS Group has experience across a broad range of sectors, including healthcare staffing; outsourced clinical and practice management services; healthcare IT; alternate site care; managed care and cost containment services; medical devices, products and distribution; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams & Co. website.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.