Telehealth monitoring specialist VRI has been taken over by Pamlico Capital, noting it is well positioned for future growth through new and strategic customer relationships.
Pamlico (Charlotte, NC, USA) has acquired a majority interest in the company but says chief executive Chris Hendriksen and president Andy Schoonover will retain significant stakes and continue to manage the growth of the company.
Detailed terms of the transaction were not revealed.
VRI (Jamison, PA, USA) is one of the biggest US providers of telehealth monitoring, monitored medication adherence solutions and medical alert systems, with a user base of more than 100,000 actively monitored clients.
The company claims that its services allow the chronically ill and those with disabilities to maintain their independence and avoid long-term care facilities and hospitalization.
“Andy and I are proud of the growth and success that the business and our employees have achieved and are excited about taking this next step with Pamlico,” said Hendriksen. “The team at Pamlico has significant knowledge of our business and a strong appreciation for VRI’s core goal of helping to extend and improve quality of life for our clients.”
Schoonever said VRI was well positioned for customer growth thanks to the ongoing adoption of remote-patient monitoring.
“The Pamlico team brings knowledge of the space and ongoing capital for additional investment and acquisitions, and we are excited about what this could do for VRI’s employees and customers,” he said.
Pamlico said it had moved for VRI after being impressed with the quality of its service offering and unique channel strategy.
“VRI represents a compelling growth platform and we believe there are numerous opportunities to build on its historical success,” said Pamlico Principal Stuart Christhilf.
Pamlico currently manages over $2 billion in assets.