A Search Fund Journey to $350m

Yeah, so we are roughly 7,000 employees, mostly employees, a few contractors and we serve 6,500, 6,000 patients or clients in their home.

Well, we're going to return to the realities of that. That's just, that's an enormous scale. Let's turn now to how you've, how you've grown so much.

Yeah. So the, A big driver of our growth has been M and A. Basically taking the strategy that the former owner had developed and fueling that with more gasoline using a pipeline of software customers as M and A targets, which is I think a very unique thing to our business model. And then developing a, building out a BD team effectively that's looking for the right businesses for us.

And we quickly realized that we needed to diversify the business geographically because Medicaid in one state is Medicaid in one state. And when you're in multiple states, you really diversified. The stroke of the pen risk, which is what everyone is scared of with Medicaid and Medicare is your rates get chopped in half.

So we quickly moved to Pennsylvania which was a very large TAM for the IDD space. Followed on with New Jersey and then most recently Michigan and so M and A geographic growth has been a big fuel of our growth engine. The second thing is expanding business lines.

I mentioned earlier, we started with just ID'd care. Now we offer pediatric nursing care and personal care for the elderly. So further diversifying kind of our payer mix within a state has been another piece of our growth path.

And then the third is organic growth, being a really good partner to our referral sources. Building a big enough brand in each of our states standing for high quality, being very good at matching caregivers with patients based on the need of both sides of that supply and demand equation. So it's been M and A geographic service line and then driving organic growth in our, in our current market.

And if you had to attribute the revenue growth so reminder to everybody. You started at 60, 50, call it 60, 5560 and are now at 3 50, 375. So that's a, that's a 6x6 to 7x growth in revenue.

How would you attribute that between M and A and organic growth?

Yeah, so probably 75% of that is M&A. And then 25 to 30% of that. Excuse me, is organic growth.

Wow, okay, so those acquisitions. Yeah. Obviously 75% of your growth has been, has been in those acquisitions. And yeah, you're so this, so two, two things here.