Aquiline Capital Partners, a private investment firm based in New York and London, has acquired Avera eCare, the telemedicine services division of Avera Health. As part of the acquisition, Aquiline will execute the carve-out of Avera eCare and rename the company Avel eCare.
“We are very proud that Avera’s innovation in the telehealth space created this nationally renowned telehealth company,” said Bob Sutton, President and CEO of Avera Health. “During the pandemic, people nationwide recognized the value of telehealth, and telehealth grew in significance. The time is right for us to fulfill this piece of our strategic plan so Avel eCare can scale and help even more people. Avera will continue its tradition of being an innovator in the virtual care space well into the future. And, Avera will maintain a relationship with Avel eCare as a recipient of telemedicine services.”
“Avel eCare has developed an innovative solution that provides critical services to underserved communities in the growing telemedicine market,” said Jeff Greenberg, chairman and CEO of Aquiline. “It aligns with our expertise in establishing corporate carve-outs and helping to build tech-enabled service businesses. We look forward to building on Avel eCare’s strengths and working closely with the management team to expand their services and enhance their offerings for clients around the country.”
“Over the past decade, Avera eCare, now Avel eCare, grew telehealth services to over 600 sites across 32 states,” said Deanna Larson, who will remain the CEO of Avel eCare. “We are proud of the team that pioneered this unique care model, cultivating thousands of clinician-to-clinician relationships in support of the bedside care teams. We are excited to be given the blessing of Avera’s founders, and the investment of Aquiline to build our program further and provide quality, compassionate care to even more individuals. We look forward to partnering with Aquiline and leveraging their experience in our pursuit of filling unmet needs in the health care system. We are thrilled with the opportunity to bring additional services to our customers in this next chapter of Avel eCare’s development.”
Avera engaged Ziegler, a national boutique investment bank, as its financial advisor and Foley & Lardner as legal counsel for this acquisition.