There's no place like home to heal when you're sick. Critical Homecare Solutions and its subsidiaries specialize in intravenous home therapies, including pharmaceuticals, nutrients, equipment, and clinical support. Founded in 2006, the company offers intravenous treatments such as pain management and antibiotic therapy for patients with both acute and chronic conditions. Through its home nursing unit, it also offers skilled nursing, hospice, physical therapy, and related services. Critical Homecare Solutions operates through about 70 locations in 22 states in the eastern and southern US. The company is owned by specialty pharmaceutical distribution firm BioScrip.
BioScrip acquired the company in 2010 in a $340 million deal designed to widen its geographic presence and expand its offering of infusion products and services. Critical Homecare received access to BioScrip's broad avenues of distribution, including mail-order, community pharmacy, and benefits management services through the deal. Kohlberg & Co. (former majority owner of the BioScrip) retained a 24% stake in BioScrip through the transaction.
Prior to its acquisition by BioScrip, the company went through several failed ownership change attempts. Critical Homecare filed an IPO in 2007, but withdrew the filing early the following year when it instead agreed to be acquired by MBF Healthcare, a special purpose acquisition (blank-check) company. MBF agreed to purchase Critical Homecare from Kohlberg in a deal worth $420 million, but the two entities mutually terminated the deal in November 2008.
The company was founded by CEO Robert (Bob) Cucuel and CFO Mary (M.J.) Graves. Since its founding, Critical Homecare has acquired about a dozen independent home care agencies to broaden its network. Service offerings have expanded to include specialty pharmacy, respiratory therapy, and home equipment offerings. – less