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WindRose Health Investors Invests in StateServ Medical

NEW YORK, November 22, 2021-- WindRose Health Investors, LLC ("WindRose"), the New York-based healthcare private equity firm, announced that it has completed the recapitalization of StateServ Medical ("StateServ" or the "Company"), the leading provider of durable medical equipment ("DME") benefit management solutions to the post-acute care market in the United States. Through a national network of 2,300 DME provider locations and 34 company-owned direct service locations, StateServ offers the leading technology-enabled DME cost containment solution to over 600 customers in the hospice, PACE, and skilled nursing markets. Terms of the transaction were not disclosed.

WindRose partnered with StateServ's executive team to recapitalize the business and to provide additional capital to support future growth. With WindRose's investment, StateServ will be able to accelerate its next phase of expansion, drawing on WindRose's extensive experience investing in innovative healthcare services companies, including those in the post-acute benefit management space. Existing StateServ management will continue to lead the company and remain active shareholders going forward.

"We are excited to partner with WindRose as StateServ enters its next phase of growth," said Paul DiCosmo, StateServ's Chief Executive Officer and co-founder. "We believe that our partnership with WindRose will further empower us to continue to drive meaningful value for our customers while developing additional solutions to address the complex needs of the post-acute care community and their patients. With the post-acute care industry at an inflection point, we believe that WindRose's experience and relationships will help us to capitalize on the opportunities that are ahead of us."

"Thanks to its market leadership, commitment to high quality patient care, and exceptional customer service, StateServ is uniquely positioned to take advantage of the sector tailwinds in its core markets," said Alex Buzik, Partner with WindRose. "We believe StateServ offers a compelling value proposition to all constituents it serves and has significant growth potential as the company expands in existing and new markets. We are excited to partner with Paul and his team as they continue to build upon the differentiated platform they created."

SVB Leerink acted as the financial advisor to WindRose and TripleTree acted as the exclusive financial advisor to StateServ. McDermott Will & Emery LLP acted as legal advisor to WindRose and Greenberg Traurig, LLP acted as legal advisor to StateServ.

About WindRose Health Investors

WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $1.2 billion in investments and is currently investing out of its fifth fund. WindRose is based in New York City and invests in companies throughout the United States. For more information, please email us at info@windrose.com.

About StateServ Medical

Founded in 2004 and based in Tempe, AZ, StateServ is the leading provider of durable medical equipment (DME) benefit management solutions to the post-acute care market. StateServ's technology-enabled platform provides DME cost containment solutions to hospices and other post-acute providers, delivering high quality patient care, tangible cost savings, and operational efficiencies. StateServ's mission is to use technology and optimized processes to help its customers provide the best possible care for patients while giving them the tools they need to drive efficiency. For more information, please visit www.stateserv.com.

Contact:
Media Contacts:
For StateServ
Liz Bradford
lbradford@bradfordpr.com
(214) 202-8830

For WindRose
Jennifer Hurson
jhurson@lambert.com
(845) 507-0571


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