Key Takeaways
- • Renovus Capital Partners, a Philadelphia-area lower middle-market private equity firm managing over $2.5 billion, announced a strategic partnership with Aspire Home Health Care, a Morton Grove, Illinois-based provider of orthopedic and traditional home health services.
- • Aspire has served more than 80,000 patients across 23 counties in Illinois and Wisconsin since its founding in 2013, and is led by Co-CEOs Michael Simms and Richard (Rich) Si.
- • Financial terms of the transaction were not disclosed; Brentwood Capital Advisors advised Aspire as exclusive financial advisor.
- • Aspire is the sixth healthcare talent platform in the Renovus portfolio, and Renovus plans to invest in technology and AI-enabled tools, including revenue cycle management.
- • The deal is positioned to support expansion across Illinois and into new Midwest markets, backed by demand from an aging U.S. population and payor pressure to shift post-acute care into the home.
Summary
Renovus Capital Partners ("Renovus") announced a strategic partnership with Aspire Home Health Care ("Aspire"), a leading provider of orthopedic and traditional home health services in the Chicagoland area, according to a Business Wire release. Financial terms of the transaction were not disclosed. Brentwood Capital Advisors served as exclusive financial advisor to Aspire, with BakerHostetler as legal counsel. Greenberg Traurig served as legal counsel to Renovus.
Aspire provides skilled nursing and therapy services to patients recovering at home from orthopedic procedures, surgeries, and complex medical conditions. The company, founded in 2013, has served more than 80,000 patients across 23 counties in Illinois and Wisconsin. It is accredited by The Joint Commission, holds a 4-star CMS quality rating and a 5-star CMS patient survey rating, and has been recognized as a Top Workplace in the country for three consecutive years. Aspire is led by Co-Chief Executive Officers Michael Simms and Richard Si.
The release cites structural demand drivers, including an aging U.S. population and payor pressure to move post-acute care out of facilities and into the home. It also references workforce constraints: PHI's 2025 Key Facts report projects direct care workers, including home health aides, will add more new jobs than any other U.S. occupation from 2024 to 2034, while HRSA's 2024 workforce projections forecast a national registered nurse shortage of roughly 10% in 2027 persisting through 2037.
Pat Heath, Principal at Renovus, said the firm plans to support Aspire's growth into new Midwest communities and to invest in technology and AI-enabled tools, including revenue cycle management, to reduce administrative burden and speed billing and collections. Heath described Aspire as the sixth healthcare talent platform in the Renovus portfolio. Renovus, founded in 2010, typically makes control buyout investments in founder-owned businesses and manages a portfolio of more than 30 U.S. businesses across education, workforce development, technology, healthcare, and professional services.
Aspire provides skilled nursing and therapy services to patients recovering at home from orthopedic procedures, surgeries, and complex medical conditions. The company, founded in 2013, has served more than 80,000 patients across 23 counties in Illinois and Wisconsin. It is accredited by The Joint Commission, holds a 4-star CMS quality rating and a 5-star CMS patient survey rating, and has been recognized as a Top Workplace in the country for three consecutive years. Aspire is led by Co-Chief Executive Officers Michael Simms and Richard Si.
The release cites structural demand drivers, including an aging U.S. population and payor pressure to move post-acute care out of facilities and into the home. It also references workforce constraints: PHI's 2025 Key Facts report projects direct care workers, including home health aides, will add more new jobs than any other U.S. occupation from 2024 to 2034, while HRSA's 2024 workforce projections forecast a national registered nurse shortage of roughly 10% in 2027 persisting through 2037.
Pat Heath, Principal at Renovus, said the firm plans to support Aspire's growth into new Midwest communities and to invest in technology and AI-enabled tools, including revenue cycle management, to reduce administrative burden and speed billing and collections. Heath described Aspire as the sixth healthcare talent platform in the Renovus portfolio. Renovus, founded in 2010, typically makes control buyout investments in founder-owned businesses and manages a portfolio of more than 30 U.S. businesses across education, workforce development, technology, healthcare, and professional services.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.