Bain Capital, J.h. Whitney Sell Down Aveanna Stake In $176m Offering 

Bain Capital- and J.H. Whitney Capital Partners-affiliated stockholders are selling some of their stock in Aveanna Healthcare Holdings (Nasdaq: AVAH) and will no longer own a majority stake in the company.

According to publicly available documents, sponsor affiliates associated with Bain Capital and J.H. Whitney Capital Partners are offering 15 million shares of Aveanna common stock at $11.75 per share, for total gross proceeds of $176.25 million.

“After the consummation of this offering, we will no longer be a controlled company within the meaning of the corporate governance standards of Nasdaq,” the document read. “Despite this, Bain Capital and J.H. Whitney Capital Partners … will continue to be able to strongly influence us.”

The offering price is below Aveanna’s reported Nasdaq sale price before the offering, which was $13.16 per share on Aug. 21. Aveanna will not receive any of the proceeds from the sale of the common stock.

Before the offering, the sponsor affiliates associated with Bain Capital and J.H. Whitney owned approximately 50.7% of Aveanna’s common stock. Following the offering, the sponsors will retain approximately 44.1% of outstanding shares.

Aveanna reported that it may use Nasdaq controlled-company governance exemptions for up to one year after losing controlled-company status. Some selling stockholders affiliated with Whitney Capital Partners have granted the underwriter a 30-day option for RBC Capital Markets to purchase up to an additional 2.25 million shares from the selling stockholders.

RBC Capital Markets is the sole underwriter for the deal.

Atlanta-based Aveanna operates in 39 states, offering pediatric and adult in-home care services, including home health, hospice and rehabilitation. The company recently expanded through the $175.5 million acquisition of Family First Homecare, which operates 27 locations in seven states.

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