Advantage Capital Partners, a venture capital and small business finance firm, has provided USD3.3m in financing to Hospice Partners of Texas.
The funding, raised in connection with the Texas Certified Capital Company programme, will allow the company to expand through the acquisition of Alamo Hospice, maintaining 70 full-time staff and a dozen part-time staff in the San Antonio region.
Further growth is expected in the coming months, as Hospice Partners intends to expand Alamo Hospice and create additional jobs.
"Advantage Capital is pleased to support Hospice Partners in their effort to provide caring, quality hospice services to terminally ill patients in Texas," says Les Alexander, senior vice president at Advantage Capital. "This Texas CAPCO programme funding will enable Alamo to retain good jobs in San Antonio, with additional growth expected as the company expands and offers hospice care to more patients."
Gary Merchant, chief executive of Alamo Hospice, adds: “The hospice industry is currently experiencing tremendous growth due to many factors, including an aging baby boomer population; increased acceptance of hospice care by physicians, patients and their families; higher usage rates; and pressure to move toward more cost-effective care.”
Alamo Hospice provides its services to terminally ill patients with cancer, AIDS, emphysema, heart failure and other life-limiting illnesses. Hospice services allow patients to be taken care of in the comfort of their homes, rather than in the hospital.
Advantage Capital’s investment in Hospice Partners of Texas was made in connection with the Texas Certified Capital Company programme, which encourages the flow of investment capital to promising companies located in the state. The companies, in turn, develop innovative technologies and services, create jobs, and increase economic activity throughout their communities.
