Key Takeaways
- • Renovus Capital Partners, a lower middle-market private equity firm with over $2.5 billion in assets under management, announced a strategic partnership with Aspire Home Health Care, a Chicagoland-area 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.
- • Renovus describes Aspire as its sixth healthcare talent platform and plans to invest in technology and AI-enabled tools, including revenue cycle management, to reduce administrative burden and accelerate billing and collections.
- • The partnership is intended to support expansion across Illinois and into new Midwest markets, citing structural demand from an aging population and payor-driven shifts of post-acute care into the home.
Summary
Renovus Capital Partners ("Renovus") has announced a strategic partnership with Aspire Home Health Care ("Aspire"), a provider of orthopedic and traditional home health services in the Chicagoland area, according to a Business Wire release. Renovus, founded in 2010 and based in the Philadelphia area, is a lower middle-market private equity firm focused on the Knowledge and Talent industries, managing over $2.5 billion across several sector-focused funds. Its portfolio includes more than 30 U.S.-based businesses in education, workforce development, and the technology, healthcare, and professional services markets. The firm typically makes control buyouts of founder-owned businesses.
Aspire, based in Morton Grove, Illinois, provides skilled nursing and therapy services to patients recovering at home from orthopedic procedures, surgeries, and complex medical conditions. Since its founding in 2013, the company has served more than 80,000 patients across 23 counties in Illinois and Wisconsin. Aspire is accredited by The Joint Commission and holds a 4-star CMS quality rating and a 5-star CMS patient survey rating. The company is led by Co-Chief Executive Officers Michael Simms and Richard Si.
The release cites 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: a 2025 PHI report projects direct care workers, including home health aides, will add more new jobs than any other U.S. occupation from 2024 to 2034, with an estimated 9.7 million total job openings. HRSA's 2024 projections forecast a national registered nurse shortage of roughly 10% in 2027 persisting through 2037. Renovus framed its clinical recruitment and retention capabilities as central to the investment thesis.
Pat Heath, Principal at Renovus, said Aspire's leadership has built a strong position in Chicagoland home health through a clinical and talent-first culture and relationships with leading referring surgeons and health systems. He said Aspire is Renovus's sixth healthcare talent platform and that the firm plans to invest in technology and AI-enabled tools, including revenue cycle management, to cut administrative burden and speed billing and collections. Co-CEO Michael Simms said the partnership will help Aspire build on its reputation with surgeons, health systems, and patients, while Co-CEO Rich Si said Renovus's home health experience will help the company serve more patients and families in the region.
Brentwood Capital Advisors served as exclusive financial advisor to Aspire, and BakerHostetler acted as its legal counsel. Greenberg Traurig served as legal counsel to Renovus. Financial terms were not disclosed.
Aspire, based in Morton Grove, Illinois, provides skilled nursing and therapy services to patients recovering at home from orthopedic procedures, surgeries, and complex medical conditions. Since its founding in 2013, the company has served more than 80,000 patients across 23 counties in Illinois and Wisconsin. Aspire is accredited by The Joint Commission and holds a 4-star CMS quality rating and a 5-star CMS patient survey rating. The company is led by Co-Chief Executive Officers Michael Simms and Richard Si.
The release cites 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: a 2025 PHI report projects direct care workers, including home health aides, will add more new jobs than any other U.S. occupation from 2024 to 2034, with an estimated 9.7 million total job openings. HRSA's 2024 projections forecast a national registered nurse shortage of roughly 10% in 2027 persisting through 2037. Renovus framed its clinical recruitment and retention capabilities as central to the investment thesis.
Pat Heath, Principal at Renovus, said Aspire's leadership has built a strong position in Chicagoland home health through a clinical and talent-first culture and relationships with leading referring surgeons and health systems. He said Aspire is Renovus's sixth healthcare talent platform and that the firm plans to invest in technology and AI-enabled tools, including revenue cycle management, to cut administrative burden and speed billing and collections. Co-CEO Michael Simms said the partnership will help Aspire build on its reputation with surgeons, health systems, and patients, while Co-CEO Rich Si said Renovus's home health experience will help the company serve more patients and families in the region.
Brentwood Capital Advisors served as exclusive financial advisor to Aspire, and BakerHostetler acted as its legal counsel. Greenberg Traurig served as legal counsel to Renovus. Financial terms were not disclosed.
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.