MBF Healthcare Partners, a Florida-based healthcare specialist private equity firm, has sold its home-therapy equipment platform Medical Specialties Distributors to Chicago's Water Street Healthcare Partners.

Terms of the deal were not disclosed and calls seeking comment were not responded to by press time.

MBF bought the assets of Medical Specialties from its lenders in 2005 and over a four-year period tripled its Ebitda. Through the sale, MBF is locking in a 3.5x return on invested capital. The private equity firm had invested in Medical Specialties through its MBF I Fund, a vehicle with $225 million in equity targeting exclusively healthcare industry investments.

Jorge Rico, a managing director, worked on the deal for MBF Healthcare Partners and Rob Womsley and Jim Connelly, partners with Water Street, worked on the deal for the buyer.

MBF is still investing out of its debut fund, MBF Fund I, which was raised in 2005 with $225 million of capital under management. MBF also founded a special purpose acquisition company. After abandoning a deal for Kohlberg & Co.'s Critical Homecare Solutions in 2008, the SPAC was ultimately liquidated.

Other investments made by MBF include Atlantic Dental, Hospitalists of America LLC, Navarro Discount Pharmacies, Nutri-Force Nutrition LLC, Omni Home Health Services and Simply Healthcare Plans.

Water Street’s portfolio companies have been active as well, making multiple add-ons so far this year. In April, the firm’s Sierra Scientific was sold to listed, Israel-based Given Imaging.

Meanwhile, healthcare continues to be a favorite target among PE shops. Vestar Capital Partners took HealthGrades private in a $294 million deal, while Cerberus Capital Management, Irving Place Capital and Avista Capital Partners have all been active in the space recently.