Houlihan Lokey Advises Bluestone Physician Services

Houlihan Lokey is pleased to announce that Bluestone Physician Services (Bluestone) has been recapitalized by WindRose Health Investors, LLC (WindRose). The transaction closed on April 5, 2021.

Headquartered in Stillwater, Minnesota, Bluestone is the largest on-site primary care provider to assisted living communities in the country. The company provides an integrated care delivery model to more than 22,000 high-risk, chronically ill patients residing in senior living, community, and home-based settings. The company deploys its multidimensional care model to provide on-site primary care, care coordination, and behavioral health services to complex geriatric and disabled patients in multiple states, including Minnesota, Wisconsin, Florida, and Virginia.

WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $1.2 billion in investments and is currently investing out of its fifth fund. WindRose is based in New York City and invests in companies throughout the United States.

Houlihan Lokey's Healthcare Group is among the largest dedicated healthcare investment banking groups in the country. In 2020, the group closed 22 transactions and was ranked the No. 1 M&A advisor for U.S. healthcare transactions under $1 billion by Refinitiv.

Houlihan Lokey served as the exclusive financial advisor to Bluestone and assisted in initiating, structuring, and negotiating the transaction on its behalf.