Tampa, Florida – July 31, 2023 – HealthEdge Investment Partners, LLC (“HealthEdge”) and United Western Group (“United Western”) announced today that in partnership with Advantage Capital Holdings, LLC (“A-CAP”), they have completed a recapitalization of Veridian Healthcare, LLC (“Veridian” or the “Company”), a leading outsourced manufacturer of private label and branded in-home diagnostic, pain care management, and personal care products. 

Veridian, which was founded in 2009 and is based in Gurnee, IL, has distinguished itself as a preeminent distributor of home health and diagnostic products for leading national and regional chain stores, pharmacies, wholesalers, distributors, and e-commerce businesses. The Company’s custom private labeling capabilities, robust overseas procurement knowledge and relationships, purchase volumes, and well-established supplier relationships enable Veridian to deliver highly competitive pricing and unmatched service across its wide breadth of product categories. Furthermore, the Company's end-to-end procurement solutions adeptly manage quality testing, compliance, shipping, warehousing, and other logistical intricacies, relieving customers of these administrative burdens. These differentiators underpin Veridian's long-term success and impressive growth rate.

Veridian’s products are sold into the large and growing retail in-home diagnostic and pain care management consumer end markets. These categories have demonstrated strong historical growth which is expected to continue due to multiple market tailwinds. These include the COVID-19 impact on increased monitoring of consumers’ health at home, a growing interest in personal care, an increasing prevalence of chronic disease states, and an aging US population. 

Veridian’s Founder and President Steve Bisulca retained a meaningful ownership position in the Company and will continue in his role as Veridian’s President. Concurrent with the recapitalization, United Western operating partners Robert Friedberg and John Aldridge will also undertake key C-suite roles at Veridian. Mr. Friedberg will serve as Chief Executive Officer with vast experience leading healthcare delivery platforms, including hospitals, health systems, physician practices, and ancillary services ranging from $50M to $1.3B in revenue. Mr. Aldridge will serve as Chief Digital Health Officer, expanding Veridian’s capabilities and client base in the digital health sector through deep experience in remote patient monitoring and healthcare IT.

Scott Heberlein, Partner with HealthEdge added, “We are excited to add Veridian and its talented team as the second platform investment in our fourth fund. The Company, its market position, historical growth, and future potential represent many of the attractive attributes we seek with our investments. We believe the addition of United Western’s experienced operators, Robert and John, will help drive Veridian into new, growing markets, and provide key healthcare constituents with cost effective solutions for monitoring patients in the home, ultimately driving superior outcomes.”

Holland & Knight LLP served as lead legal counsel to United Western Group. Shumaker, Loop & Kendrick, LLP served as legal counsel to HealthEdge. William Blair and Company, LLC served as exclusive financial advisor to Veridian Healthcare, LLC. Dentons US, LLP served as legal advisor to Veridian Healthcare, LLC.

ABOUT HEALTHEDGE

HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit healthedgepartners.com.

ABOUT VERIDIAN

Veridian Healthcare is a nationally recognized distributor of in-home diagnostics and pain relief products. Since its establishment in 2009, Veridian has consistently provided innovative products to the growing healthcare market, focusing on brand development and strategic partnerships while expanding its blue-chip wholesale and retail customer portfolio. Veridian offers over 50 years of combined management and sales experience, providing competitively priced and high-quality products designed to meet the standards of today’s healthcare professionals. For more information on Veridian, visit www.veridianhealthcare.com.