A Henrico County-based company founded 25 years ago to help provide health care supplies for people to age at home or recover from medical problems at home has taken on a new majority partner.
Home Care Delivered Inc. said Tuesday that it has received a majority equity investment from BPOC, a Chicago-based private equity firm that invests mainly in companies in the health care industry.
Financial terms of the deal were not disclosed, but Gordy Fox, the founder and CEO of Home Care Delivered, said the investment will help the company expand its operations.
“Home Care Delivered has evolved to be a much larger organization than our early days,” Fox said. “We have built a very sophisticated platform to manage people’s medical supply needs on a much larger scale. To really take advantage of what we built, we really needed to accelerate the growth to become larger. This partnership allows us to do that.”
Fox founded the company to sell home medical products primarily used by the elderly or people recovering from medical problems.
“The idea came from growing up in a caregiving home,” said Fox, whose father suffered from Parkinson’s disease and whose grandmother moved in with his family in 1975 for caregiving when he was 10 years old.
“It was all about helping them stay at home with the family they love and care for,” Fox said.
The company has grown to employ about 230 people and works with insurers around the nation — primarily in the Mid-Atlantic and Midwest regions — to supply medical products that can be used at home such as diabetic, incontinence and wound-care products.
“We will be growing faster and hiring,” Fox said. “We have grown 25% over the last couple of years, and we anticipate that rate of growth for the foreseeable future.”
The company, which has about 150 employees in the Richmond area, uses 30,000 square feet of office space on West Broad Street in Henrico. It also has an additional 40 employees at a 10,000-square-foot customer service center in Clarksville. Many of its employees are now working from home because of the COVID-19 pandemic.
“We will continue to grow and acquire space as needed but also expand our work-from-home model which has been an excellent program for our teammates and gives them flexibility. I don’t see that going away.”
Other companies in the BPOC portfolio include Health Management Associates, a Michigan-based provider of consulting and advisory services to the health care industry, and D4C Dental Brands Inc., a dental support organization focused on specialist pediatric and orthodontic dental care with supported practices across the South, Midwest and Mid-Atlantic regions.