“SV is a great partner.”
“When I looked to fund my new venture, Jet Health, Tom Flynn was the first person I reached out to. He and SV have been terrific partners from the start. Within a few weeks of our initial discussion, the SV professionals had a list of ten potential acquisition targets that met the profile we identified, that would enable us to enter the skilled home health business. Within four months of starting the project, we signed a letter of intent with our first acquisition target, and we closed that transaction shortly thereafter. Along the way, I felt like I had a team of dedicated professionals to support me – through diligence, legal counsel, debt sourcing and capital expansion. And that same level of support remains in place as we continue to build the platform.”
– Jim Glynn, Jet Health CEO
A push to reduce healthcare costs, strong patient preference for at-home care, and an aging population – all these factors are driving demand for home health services. Among the companies striving to meet the demand is Jet Health. The company is a full-service, Medicare-certified home health platform. It provides skilled nursing, therapy, rehabilitative care, medical social services, personal care, and companion services to 1,300 patients in Texas, New Mexico and Colorado.
Jet Health was on SV’s radar thanks to managing partner Tom Flynn, who has known Jet Health CEO Jim Glynn for over a decade. Jim is a seasoned, highly accomplished home health care executive. He has deep expertise in building, acquiring, and growing home health care and home infusion businesses. Tom had backed Jim as the CEO of Amerita, Inc., a specialty home infusion provider. After Jim sold the business to a strategic acquirer, he expressed interest in working with Tom again. The result was that Jim joined SV as a venture partner in the fall of 2015.
Jim continued to see the market opportunity in home health. SV helped him develop and refine an investment thesis. The plan was to build a premier regional home health company that championed local brands and operating expertise, while sharing best practices and leveraging centralized corporate functions. We worked with Jim to identify and evaluate dozens of potential investment opportunities in home health. The search went on for over three months before we found our first acquisition – a business that served as a platform for the creation of Jet Health. Founded in 2006 and based in Fort Worth, Texas, the target was a clinician- and founder-led home health company that had been growing at more than 20 percent year over year, and was looking for a partner to help it scale. The acquisition closed in April 2016. Jet Health quickly became the foundation for the acquisition of other home health services companies.
As part of the transaction, and to support Jim’s vision for the platform, we recruited a co-investor and brought in a lender to provide financing support. Since then, SV has helped Jim build an executive team and board. Tom Flynn joined as chairman. We have supported Jim in developing and executing a growth plan, and we have assisted in various business development and partnership initiatives. Most recently, we sourced an add-on acquisition, a Colorado-based home health business, to the Jet Health platform.
Jet Health grew revenue more than 20 percent in the first year following SV’s initial investment. Today the Jet Health team is focused on developing new programs and service offerings, and is actively pursuing additional acquisition targets.