(Reuters) – Providence Service Corp <PRSC.O>, the largest provider of non-emergency medical transportation services in the United States, is exploring a sale after attracting interest from private equity firms, three people familiar with the matter said on Monday.
The acquisition interest in Providence Service offers the latest example of the appeal of the healthcare industry for private equity, as an ageing population and a rise in chronic diseases fuel a boom in healthcare spending.
Providence Service, whose subsidiary LogistiCare LLC helps organise and manage the trips of patients to their doctors, is working with an investment bank as it negotiates with potential acquirers, the sources said.
The sources cautioned that no deal was certain and asked not to be identified because the matter is confidential. A Providence Service spokesman did not immediately respond to a request for comment.
(Reporting by Carl O’Donnell and Joshua Franklin in New York, Editing by Rosalba O’Brien)